Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global cardiac implants market was valued at US$ 34,783.4 million in 2018, and is expected to demonstrate a CAGR of 11.6% during the forecast period (2019-2026).
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With the growing adoption of inorganic growth strategies, such as partnerships and collaborations, the leading healthcare providers across the globe are expanding their product portfolios, which in turn, is contributing to the growth of the global cardiac implants market. For instance, in December 2018, Ochsner Health System and Geneva Health Solutions (GHS) signed a strategic partnership agreement, under which the cloud-based technology platform and remote monitoring service for patients with cardiac implants of GHS were utilized by Ochsner.
In addition, the launch of innovative technologies supporting cardiac implants is majorly driving the global market expansion. For instance, in May 2019, Abbott launched the Confirm RX Implantable Cardiac Monitor. The new heart monitor is a smarter, more enhanced device for arrhythmia detection. Abbots received the CE marking for the Confirm RX Implantable Cardiac Monitor (ICM) in May 2017, which allowed the company to market the product across Europe.
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Growing investments by market players to develop innovative cardiac implantable devices is projected to significantly fuel the global cardiac implant market growth over the projected timeline. For instance, V-Wave, an Israel-based startup specializing in implantable devices for chronic heart failure (CHF), received a US$ 28 million fund from Johnson & Johnson Innovation (JJDC) in August 2016. The investment facilitated the clinical trials conducted for cardiac devices to obtain regulatory approvals in the U.S. Moreover, the V-Wave implant was developed in Israel, and since 2014 over 30 patients successfully were implanted with the device.
On the contrary, the ascending number of product recalls for cardiac implants is a major hindrance for the growth of the global cardiac implants market. For instance, in March 2019, U.S. Food and Drug Administration issued a product recall notice for implantable electrophysiology (EP) cardiac devices, developed by Medtronic Plc, due to some cybersecurity vulnerabilities in the wireless telemetry technology used for communication between the device and their programming and monitoring systems.
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Key Market Takeaways:
- The key market players have been taking initiatives to develop more advanced technologies for better patient outcomes. For instance, in March 2019, Biotronik launched the world’s smallest implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) in Europe. Both products are approved for 3 Tesla (3T) full-body MRI scans.
- In January 2017, Abbott acquired St. Jude Medical, Inc. in an effort to reinforce its presence in the global cardiac implants market, thereby offering innovative products to hospitals around the world.
- The renowned companies operating in the global cardiac implants market include Medtronic Plc, Inc. Boston Scientific Corporation, Abbott Vascular Inc., Edwards LifeScience Corporation, Thoractec Corporation, Syncardia systems, Inc., Biotronik, B. Braun Melsungen AG, and LivaNova PLC.
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