Cardiac Implants Market Growth Strategies 2022 - Forecast 2028, Export, Import, Growth Ratio | Boston Scientific Corporation, Abbott Laboratories, Vitatron Holding B.V., Shree Pacetronix Ltd.,

Increasing Prevalence of Cardiovascular Diseases to Propel Growth of the Cardiac Implant Market

The global cardiac implant market is estimated to be valued at US$ 34,783.4 million in 2018 and is expected to exhibit a CAGR of 11.6% over the forecast period (2018-2027), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cardiac implants, including pacemakers, cardioverter defibrillator, biventricular pacemakers, and cardiac loop recorders, are designed to control or to monitor irregular heartbeats in people with certain heart rhythm disorders and heart failure. An implantable cardioverter defibrillator (ICD) is a small electronic device used to continuously monitor and help regulate potentially fast and life-threatening electrical problems with the heart. While, pacemaker is a small device that's placed (implanted) in the chest to help control the heartbeat. It's used to prevent the heart from beating too slowly. Moreover, cardiac implants are used to treat arrhythmias, myocardial ischemia, and acute myocardial infraction.

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Competitive Landscape:

Major players operating in the global cardiac implant market are Cordis Inc., Qinming Medical, LivaNova PLC, MEDICO S.p.A., Shree Pacetronix Ltd., Vitatron Holding B.V., Medtronic Plc. Abbott Laboratories, Boston Scientific Corporation, and Lepu Medical Technology Co Ltd.,
Key Market Drivers:

Increasing prevalence of cardiovascular diseases and growing geriatric population worldwide is expected to boost the growth of the cardiac implant market during the forecast period. For instance, according to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year.

Moreover, increasing regulatory approval for cardiac implants is expected to augment growth of the cardiac implant market. For instance, in August 2019, the Food and Drug Administration (FDA) approved the Barostim Neo System for the improvement of symptoms in patients with advanced heart failure who are not suited for treatment with other heart failure devices, such as cardiac resynchronization therapy.

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COVID-19 Impact Analysis:

Most of the markets, including the cardiac implants market, witnessed decline in growth rate due to the outbreak of COVID-19, including the cardiac implants market. Moreover, according to WHO, older people, and people with underlying medical problems such as cardiovascular disease, are at higher risk of developing serious illness from COVID-19. This in turn has had a dual impact on the growth of the market.

Key Takeaways:

• The cardiac implant market is expected to exhibit a CAGR of 11.6% during the forecast period owing to the rise in adoption of cardiac implants and introduction of novel products. For instance, in October 2020, Abbott launched next-generation heart rhythm management devices in India. Abbott has introduced its ICD and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices for people with abnormal heart rhythms and heart failure.

• Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the cardiac implant market due to the high prevalence of cardiovascular diseases, growing geriatric population worldwide, rise in demand for cardiac implants, and frequent approvals and launches of novel products in these regions.

• For instance, in February 2020, Abbott received CE Mark for the new Gallant Implantable Cardioverter-Defibrillator and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices, with the most advanced heart rhythm management capabilities.

• Moreover, according to the Centers for Disease Control and Prevention (CDC), CVDs are one of the leading cause of death in the United States. One person dies every 36 seconds from cardiovascular disease in the U.S.

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About US:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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This release was published on openPR.