The global MRI safe implantable defibrillator devices market is set to enjoy a valuation of US$ 890 million in 2022 and further expand at a CAGR of 6.7% to reach US$ 1.7 billion by 2032-end.
Due to changing lifestyle preferences, high incidence of degenerative & chronic diseases, increase in the number of elderly people, and technological advancements in implantable devices such as high-field MRI, superconducting magnets, software applications, and open architecture, the global market for MRI-safe implantable devices is expanding rapidly across geographies.
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MRI Safe Implantable Defibrillator Devices Market: Drivers & Restraints
Several product advancements, rising geriatric population, increase in cardiac diseases and number of eligible population are some of the factors supporting the market growth of MRI safe implantable defibrillator devices. Furthermore, rising evidence about safety of these systems and effective marketing campaigns by various manufacturers supports the market growth of MRI safe implantable defibrillator devices. However, high product pricing and stringent regulatory issues for product approval lowers its market growth over the forecast period. Reimbursement issues, lack of skilled professionals in several countries are also limiting the market progress.
MRI Safe Implantable Defibrillator Devices Market: Segmentation
Segmentation by Product Type:
- Single Chamber Defibrillator
- Dual Chamber Defibrillator
Segmentation by Modality:
- MR Conditional Defibrillator
- MR Safe Defibrillator
Segmentation by End User
- Ambulatory Surgical Centers
MRI Safe Implantable Defibrillator Devices Market: Overview
There are very few companies involved in the manufacturing of devices with MRI compatibility. The products are launched in the market only few years back. Medtronic announced the CE Mark and European launch of first MRI safe implantable defibrillator devices to allow for full-body MRI Scans in April 2014. USFDA has also approved the first MRI compatible ICD manufactured by Medtronic recently in September 2015. Despite the launch of MRI safe implantable defibrillator devices, most of the population is still present with the non-MRI compatible devices.
Companies in this direction are investing on research and development activities for advancement in these device types to improve therapy outcomes and manufacturing of low cost MRI safe implantable defibrillator devices. Top 3 companies in this market represent most of the market share globally for these MRI safe implantable defibrillator devices due to their strong presence, product approvals, brand strength and lack of competitors.
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MRI Safe Implantable Defibrillator Devices Market Treatment Market: Key Players
- Medtronic plc
- Zimmer Holdings Inc.
- Abbott Laboratories
- Cochlear Ltd.
- Boston Scientific Corporation
- Jude Medical Inc
- Smiths Medical
- AbbVie, Inc.
- TriVascular2, Inc.
- Stryker Corporation
- Smith & Nephew Plc
- Johnson & Johnson
The MRI Safe Implantable Defibrillator Devices market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing MRI Safe Implantable Defibrillator Devices?
- How does the global MRI Safe Implantable Defibrillator Devices market looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of Forecasted period?
- What innovative products are being introduced by the players in the global MRI Safe Implantable Defibrillator Devices market?
- Which regions are showing the fastest market growth?
Crucial insights in the MRI Safe Implantable Defibrillator Devices market research:
- Underlying macro- and microeconomic factors impacting the growth of the market.
- Basic overview of the MRI Safe Implantable Defibrillator Devices, including market definition, classification, and applications.
- Scrutinization of each market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of MRI Safe Implantable Defibrillator Devices across various industries.
- Important regions and countries offering lucrative opportunities to market stakeholders.
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What Makes North America a Profitable Market for MRI Safe Implantable Defibrillator Producers?
Geographically, North America dominates the market for MRI safe implantable defibrillator solutions because of the region’s sophisticated medical facilities, high rate of implants, and favourable reimbursement environment. In 2022, North America is expected to account for 24.1% of the global market share.
Western European nations adhere to this because the CE approves these devices more quickly than the USFDA. Growth is encouraged by the region’s high rate of implanted defibrillator use. Due to the lower acceptance rate of these gadgets, Eastern Europe does not represent a sizable market share.
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