Technology is getting better and better, and that’s making medical gadgets improve faster. Because of this, we’re getting better at treating heart problems, and more people are buying these medical devices.
New York, Sept. 27, 2023 (GLOBE NEWSWIRE) — According to a recent report by Market.us, the Global Implantable Cardioverter Defibrillator Market size is expected to be worth around USD 7.7 Billion by 2032 from USD 4.1 Billion in 2022, growing at a CAGR of 6.5% during the forecast period from 2023 to 2032.
The market size for the implantable cardioverter defibrillator was estimated to be around USD 4.1 billion for the year 2022. Implantable cardioverter defibrillators are medical devices central to the cardiac resynchronization therapy. They monitor heartbeat arrhythmia and deliver targeted electric impulses for restoration of heart rhythm. It works by stimulating the heart muscles when the heartbeat becomes dangerously irregular. An ICD is recommended for the patients with weak heart muscles and those suffering from ventricular arrhythmias or ventricular tachycardia.
The Implantable Cardioverter Defibrillator market is driven by factors such as increasing geriatric population, growing prevalence of cardiovascular diseases, technological advancements. According to World Heart Federation, over 20.5 million fatalities were caused by cardiovascular diseases in 2021, thus contributing to over one third of mortalities worldwide. Growing awareness regarding the prevention and treatment of cardiovascular diseases also influence the maket to a considerable extent.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View a PDF sample report @ https://market.us/report/implantable-cardioverter-defibrillator-market/request-sample/
Key Takeaways
Factors affecting the growth of the Implantable Cardioverter Defibrillator Market
Top Trends in Global Implantable Cardioverter Defibrillator Market
While the implantable cardioverter defibrillator and pacemaker are both similar in that they are used when the heart shows symptoms of arrhythmia, the ICD is more functionally advanced and can act as a pacemaker as well. It has become popular due to ICDs in combination with the pacemaker. Additionally, the size of ICD has undergone change as well, with the ICDs getting smaller. This has enabled chest implantation of ICDs to be feasible. Moreover, there has been an increase in the introduction of devices with heightened longevity and low power consumption. Such devices are being preferred over old models.
Market Growth
The market for implantable cardioverter defilbrillator has seen promising growth due to factors such as advancements in technology, increase in elderly population and increase in heathare facilities. With growing awareness of dangers that cardiovascular diseases present, the dynamics of the market have been influenced to a considerable extent.
Regional Analysis
North America is a prominent contributor to the implantable cardioverter defibrillator market. Factors such as increase in the geriatric population, presence of advanced facilities in healthcare centers and developed healthcare infrastructure contribute to the increase in demand for implantable defibrillators. Alternatively, the Asia Pacific region is estimated to experience discernible growth in the upcoming years. Since players in the region concentrate on cost-effective technologies, the accessibility of implantable cardioverter defilbrillator has improved, especially for patients from medium and low-income backgrounds. Lack of active lifestyle, poor nutrition, unhealthy habits such as smoking have led to an upsurge in the incidence of cardiovascular diseases, which has ultimately created opportunities for the growth of implantable cardiovascular defibrillator in this region.
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Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 4.1 Billion |
| Market Size in 2032 | USD 7.7 Billion |
| CAGR (2023 to 2032) | 6.5% |
| Europe Revenue Share | 27% |
| North America Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Technological advancements are one the major factors driving the implantable cardioverter defilbrillator market. With the development of MRI-safe ICDs, implantable cardioverter defilbrillators have experienced a boost in popularity. Population aging also contributes to the market significantly. Elderly population is quite susceptible to cardiovascular diseases. With an increase in the aged population, the implantable cardioverter defilbrillator market is predicted to experience a notable growth.
Market Restraints
While ICDs have been touted as safe, the ICD implant surgery is not without its complications. The risks associated with implanting procedures, such as bleeding, infection and tearing of heart muscle hamper the growth of the market. Further, the device needs to be replaced every 7 years. This deters patients from seeking treatment. Inadequate funding is also anticipated to restrict the growth of the market.
Market Opportunities
Based on the type of implantable cardioverter defilbrillator used, the longevity of the device is highly variable. Improving the battery life of the implantable cardioverter defilbrillator would certainly assist in the delivery of enhanced medical care. Further, development of devices that could aid in enhancing the durability of the implantable cardioverter defilbrillators is still a relatively unexplored area.
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Report Segmentation of the Implantable Cardioverter Defibrillator Market
Product Type Insight
The market for implantable cardioverter defilbrillator is segmented into subcutaneous implantable cardioverter defibrillators (S-ICDs), transvenous cardioverter defibrillators (T-ICDs), along with cardiac resynchronization therapy defibrillators (CRT-D) according to product type. The market for subcutaneous cardioverter defibrillators is expected to expand at a swift rate during 2023-2032, as the procedure is simple and causes fewer complications. The subcutaneous cardioverter defibrillator is a lightweight, small device that aids in the delivery of electric impulses to the other heart in patients experiencing symptoms such as angina, vertigo, nausea, and other similar symptoms. The second largest contributor to the market is the transvenous cardioverter defibrillator segment. This device assists in sensing critical arrhythmias. Further, it can detect inconcistent heartbeats and can work alongside devices such as pacemakers and nerve stimulators, to resynchronize the heartbeat. The cardiac segment is also expected to expand at a considerable rate. It is utilized in the treatment of diastolic and systolic cardiovascular breakdown.
End-User Insight
As far as end-user is considered, the implantable cardioverter defibrillator market is divided into 3 segments, namely ambulatory surgical centers, hospitals, and clinics. Hospitals constitute the leading segment in the market, a trend expected to continue, especially considering the increasing access to healthcare. Ambulatory’s surgical centers also show a significant growth rate.
Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View a PDF sample report @ https://market.us/report/implantable-cardioverter-defibrillator-market/request-sample/
Market Segmentation
Based on Type
Based on End-User
By Geography
Recent Development of the Implantable Cardioverter Defibrillator Market
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