Remote Monitoring of Heart Diseases to Influence Global Cardiac Implants Market
Cardiac implants are medical devices implanted in the heart for monitoring and maintenance of normal functioning of the organ. They are used in the treatment of cardiac arrhythmia, myocardial infarction, and others. The global cardiac implants market report by Market Research Future (MRFR) looks at various developments in implants and the breakthroughs for keeping cardiovascular diseases at bay for the period of 2018 to 2023 (forecast period).
Market Scope
The global cardiac implants market can display a CAGR of 7.82% over the forecast period to touch a value of USD 38,054.3 million by 2023. Major factors driving the market growth are the large geriatric population and the prevalence of cardiovascular diseases. The elderly populace is susceptible to heart conditions due to aging and lead to coronary artery disease, atrial fibrillation, and others. According to the Center for Disease Control & Prevention (CDC), 2.7 to 6.1 million in the U.S. had atrial fibrillation in 2017.
But high costs of these implants and risks of these injections can hamper the market growth.
Segmentation
The global cardiac implants market has been segmented by device, indication, and end-user. By device, it is segmented into cardiac rhythm management devices, coronary stents, prosthetic heart valve devices, ventricular assist devices, implantable loop recorder/implantable cardiac monitor, and others.
By indication, the market has been segmented into arrhythmias, myocardial ischemia, acute myocardial infarction, heart failure, and others.
On the basis of end-user, the market has been segmented into hospitals, cardiac care centers, ambulatory centers & home care, academic institutes, and others. The hospitals segment accounted for a market value of USD 8,721.6 million in 2017.
Regional Analysis
The global cardiac implants market, based on region, is divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas had dominated the market owing to the large prevalence of cardiovascular diseases in North America and adoption of cardiac implantable devices in hospitals. Development of wireless systems as well as a large healthcare expenditure for the masses in North America can positively impact the regional cardiac implants market growth. According to the American Heart Association, nearly 92.1 million adults in the U.S. had suffered a cardiac attack.
Europe can register a remarkable growth rate during the forecast period due to funds from the government and rise of reimbursement schemes for heart patients. Italy, in particular, had accounted for 9.9% share in 2017. Approval of new products by regulatory bodies can be a victory for manufacturers making them easier to bring it to market in the coming years. Recently, Abbott attained its approval for its implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator implants.
APAC can showcase a stellar growth rate during the forecast period owing to the large geriatric populace, cases of cardiovascular diseases, and rise of medical tourism. Regulatory approval of devices for artificial control on a person’s heartbeat can drive the regional cardiac implants market growth. High demand of products for rhythm management and prevention for stroke will bode well globally.
Lastly, the MEA region is accountable for the lowest market share due to the slow growth of economies.
Competition Outlook
Edwards Lifesciences Corporation, LivaNova PLC, B. Braun Melsungen AG, Amg International, Biotronik, SynCardia Systems, Inc., Boston Scientific Corporation, Medtronic Plc, Abbott, and Terumo Corporation are reputed players of the global cardiac implants market.
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