Increase in sedentary lifestyle, rapid increase in public-access defibrillators and training programs on ICDs, and increase in prevalence of cardiac diseases are some key factors expected to drive market growth
According to Emergen Research, the global implantable cardioverter defibrillator market size was USD 7.11 Billion in 2020 and is expected to reach USD 8.81 Billion in 2028 and register a revenue CAGR of 2.7 % during the forecast period, 2021-2028.
Implantable cardioverter-defibrillator (ICD) is a battery-powered device that is placed in human chest to detect and stop irregular heartbeats (arrhythmias). An ICD continuously monitors heartbeat and, if necessary, administers electric shocks to restore normal cardiac rhythm. An ICD constantly checks for abnormal heartbeats, even if the patient is not near a hospital. This has further boosted demand for implantable cardioverter defibrillator and is expected to drive market revenue growth over the forecast period.
Increasing investments from government and private agencies in advanced technologies such as Artificial Intelligence (AI) and robotics to support advanced ICD and promote latest generation of ICDs is another key factor expected to drive market revenue growth over the forecast period. In addition, increase in number of patients suffering from cardiovascular diseases, emergence of MRI-compatible ICD, and rapid adoption of subcutaneous ICDs are expected to further contribute to market revenue growth.
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However, risks associated with implantable cardioverter defibrillator in healthcare industry, lack of skilled professionals and high cost can hamper market growth to a certain extent over the forecast period. Risks include infection at the implant site; can lead to swelling, bruising or bleeding; can cause damage to blood vessel; possible chances of bleeding around heart, and chances of collapsed lung (pneumothorax). These factors can limit adoption of ICDs and restrain marker growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Subcutaneous ICD (S-ICD) Segment Revenue to Expand at a Rapid CAGR:
Subcutaneous ICD (S-ICD) segment is expected to register a rapid revenue CAGR over the forecast period attributed to numerous advantages. The preservation of central venous circulation and absence of leads within the heart are key benefits of the S-ICD, making it an excellent choice for children with congenital heart problems or patients without venous access who were not suitable for transvenous ICD.
Hospitals & Clinics Segment to Register Significant Revenue Growth:
Hospitals & clinics segment is expected to register significant revenue growth over the forecast period due to continuous advancements in medical infrastructure, and government initiatives to improve healthcare facilities, especially after COVID-19. Hospitals are regarded as major point of treatment for various heart diseases, including cardiac arrest.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rapid adoption of advanced technologies such as AI and ML in surgical procedures, availability of advanced healthcare equipment, rising number of clinical trials, and rising government investment in ICDs for due to increase in number of cardiac patients in the region.
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Major Companies in the Market Include:
- Boston Scientific Corporation
- Abbott Laboratories
- Biotronik, Medtronic PLC
- LivaNova PLC
- MicroPort, Sorin Group
- Koninklijke Philips N.V.
- Fukuda Denshi Co. Ltd.
- Physio-Control, Inc.
For the purpose of this report, Emergen Research has segmented the global implantable cardioverter defibrillator market based on product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Transvenous ICD
- Single Chamber ICD
- Dual Chamber ICD
- CRT-D (cardiac resynchronization therapy-defibrillator)
- Subcutaneous ICD
- Transvenous ICD
End-use Channel Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgery Centers
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Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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