Cardiac Implantable Electronic Device Market Overview
As per MRFR analysis, the Cardiac Implantable Electronic Device Market Size was estimated at 30.65 (USD Billion) in 2023. The Cardiac Implantable Electronic Device Market Industry is expected to grow from 33.33 (USD Billion) in 2024 to 60.34 (USD Billion) by 2032. The Market CAGR (growth rate) is expected to be around 6.82% during the forecast period (2024 - 2032).
Key Cardiac Implantable Electronic Device Market Trends Highlighted
Advancements in technology are revolutionizing the cardiac implantable electronic device (CIED) market, driven by the rising prevalence of cardiovascular diseases. Demand for CIEDs is increasing due to their effectiveness in treating arrhythmias and heart failure.
Minimally invasive procedures, such as leadless pacemakers, are gaining popularity, reducing patient discomfort and recovery time. Additionally, remote monitoring capabilities of CIEDs empower patients with real-time data sharing with healthcare providers, enhancing patient management and outcomes.
The trend towards personalized medicine is shaping the CIED market. Advancements in sensing technology enable devices to adapt to individual patient needs, optimizing therapy and improving patient outcomes. Furthermore, the integration of artificial intelligence (AI) in CIEDs has the potential to enhance diagnostics, prediction, and treatment, leading to improved patient care.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Implantable Electronic Device Market Drivers
Rising Prevalence of Cardiovascular Diseases
Cardiovascular diseases (CVDs) are the leading cause of death globally, and their prevalence is on the rise. This is due to various factors, including the aging population, the increasing prevalence of obesity and diabetes, and the adoption of unhealthy lifestyles. As the number of people with CVDs increases, so does the demand for cardiac implantable electronic devices (CIEDs).
CIEDs can help to improve the quality of life for people with CVDs by managing their heart rhythm and preventing sudden cardiac death. The rising prevalence of CVDs is a major driver of growth in the cardiac implantable electronic device market.
According to the World Health Organization (WHO), an estimated 17.9 million people died from CVDs in 2019, representing 32% of all deaths. The WHO also estimates that by 2030, CVDs will be the leading cause of death worldwide. The increasing prevalence of CVDs is creating a significant unmet need for CIEDs. This is especially true in developing countries, where access to healthcare is often limited.
As a result, the demand for CIEDs is expected to grow rapidly in the coming years. The rising prevalence of CVDs is a major challenge, but it also presents a significant opportunity for the cardiac implantable electronic device market. By developing and marketing innovative CIEDs, companies can help to improve the lives of millions of people around the world.
Technological Advancements
Technological advances are another important driving factor affecting the cardiac implantable electronic device market. In general, recent developments have been made in the design and performance of CIEDs. These instruments have become more compact, reliable, and efficient for patients’ use.
For instance, one of the central advancements in the CIED field is the creation of leadless pacemakers. Unlike conventional models, leadless pacemakers are implanted directly into the heart, thus not requiring any leads or wires.
Therefore, they are less invasive and cozier for patients. Additionally, because of their nature, they are more resistant to any infection and potential complications. Moreover, another fundamental technological achievement is designing remote monitoring systems for all types of CIEDs.
This technology allows a doctor to examine the tools of their patients remotely and rapidly identify and solve any issue. As a result, unnecessary hospital visits would be reduced with this system in place. Finally, it is worth stating that through continuous technological development, the efficiency, and safety of CIEDs have been constantly improved, which leads to their more widespread usage.
Government Support
Government support is also playing a role in the growth of the cardiac implantable electronic device market. Governments around the world are increasingly recognizing the importance of CIEDs in improving the quality of life for people with CVDs. As a result, many governments are providing reimbursement for CIEDs and supporting research and development in this field.
Government support is essential for the growth of the cardiac implantable electronic device market. By providing reimbursement for CIEDs and supporting research and development, governments can help to ensure that these life-saving devices are available to everyone who needs them.
Cardiac Implantable Electronic Device Market Segment Insights
Cardiac Implantable Electronic Device Market Device Type Insights
The cardiac implantable electronic device market is segmented by device type into pacemakers, implantable cardioverter defibrillators, cardiac resynchronization therapy devices, and biventricular pacemakers.
Pacemakers are the most common type of cardiac implantable electronic device. Pacemakers are used to treat bradycardia, a condition in which the heart beats too slowly. ICDs are used to treat ventricular tachycardia and ventricular fibrillation, two potentially fatal heart rhythm disorders. ICDs can deliver a high-energy shock to the heart to restore a normal rhythm.
CRT Devices are used to treat heart failure. CRT devices coordinate the contractions of the heart’s ventricles, which can improve cardiac output and reduce symptoms of heart failure. Biventricular Pacemakers are a type of CRT device. The increased prevalence of cardiac arrhythmias and heart failure is contributing to the growth of this market.
The cardiac implantable electronic device market is dominated by five key players, Medtronic, Abbott, Boston Scientific, Biotronik, and St. Jude Medical. These companies are investing heavily in research and development to develop new and innovative cardiac implantable electronic devices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Implantable Electronic Device Market Indication Insights
The sub-segments of Indication in the cardiac implantable electronic device market are bradycardia, tachycardia, heart failure and stroke prevention. Based on the Indication, HF (Heart Failure) segment is expected to dominate the market in 2023 and reach a value of around 43% owing to the increase in heart failure cases across the globe. The Tachycardia segment is expected to be the fastest-growing segment during the forecast period. This is due to rising incidences of arrhythmia and advancement in implantable devices.Bradycardia segment is estimated to hold a significant portion of the market throughout the forecast period. Stroke Prevention is the other prominent segment in the Cardiac Implantable Electronic Device Market. There is growing awareness among people regarding the implants usage in regulating the strokes.
Cardiac Implantable Electronic Device Market Battery Insights
The cardiac implantable electronic device market is segmented by Battery type into Li-Ion, NiMH, and Zn-Air. The Li-Ion segment is expected to witness significant growth over the forecast period, owing to its high energy density, longer lifespan, and ability to deliver consistent power.
In 2023, the Li-Ion battery segment accounted for around 60% of the cardiac implantable electronic device market revenue. The NiMH segment is expected to hold a significant market share, due to its low cost and long cycle life. The Zn-Air segment is expected to grow at a moderate pace, owing to its low cost and ability to operate in harsh environments.
Cardiac Implantable Electronic Device Market Lead Type Insights
The cardiac implantable electronic device market is segmented by lead type into transvenous leads, subcutaneous leads, and epicardial leads. Transvenous Leads held the largest market share in 2023, accounting for over 60% of the market. This dominance is attributed to their long-standing use in cardiac pacing and defibrillation procedures, as well as their proven safety and efficacy.
Subcutaneous leads are gaining popularity due to their minimally invasive nature, which reduces the risk of complications and improves patient comfort. Epicardial leads are primarily used in patients who are not suitable for transvenous or subcutaneous leads, and their market share is expected to remain stable in the coming years.
Cardiac Implantable Electronic Device Market Regional Insights
The regional segmentation of the cardiac implantable electronic device market offers insights into the market's geographical distribution and growth patterns. North America held the largest market share in 2023, accounting for around 40% of the revenue. The region's well-established healthcare infrastructure, high prevalence of cardiovascular diseases, and favorable reimbursement policies contribute to its dominant position.
Europe follows closely behind, with a market share of approximately 35%. The region's aging population, increasing healthcare expenditure, and advancements in medical technology drive growth in this market. The Asia-Pacific region is projected to experience significant growth over the forecast period, with a CAGR of 5.2%. Factors such as rising disposable income, improving healthcare access, and increasing awareness about cardiac implantable electronic devices are fueling the market expansion in this region.
South America and the Middle East and Africa (MEA) represent smaller but growing markets for cardiac implantable electronic devices. The increasing prevalence of cardiovascular diseases, coupled with government initiatives to improve healthcare infrastructure, presents growth opportunities in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Implantable Electronic Device Market Key Players and Competitive Insights
In the cardiac implantable electronic device market, major players are working continuously on developing advanced technologies and expanding their product portfolio. In the sector, strategic partnership agreements, acquisitions, and mergers are being entered into for development and growth purposes. The prominent players operating in the cardiac implantable electronic device market are making large investments in research, technology, and development activities.
The market leaders are continuously making efforts to increase patient outcomes and to decrease costs of the healthcare sector. The cardiac implantable electronic device market is poised for further growth in the next years. This is due to the rising incidence of heart diseases and demand for minimally invasive procedures.
An important player in the market is Medtronic plc. The company meanwhile offers a wide range of products, such as pacemakers, defibrillators, and CRT devices. Medtronic plc is a good example, as not only is the company active in the segment of ICDs and pacemakers, but moreover in the field of leadless pacemakers and implantable hemodynamic monitors, for example. The company has a strong position in almost all important international markets with its products and is further expanding its position by entering into strategic acquisition and partnership agreements.
Another player is Boston Scientific Corporation. The company’s product portfolio comprises pacemakers, defibrillators, or cardiac ablation systems. Boston Scientific is a pioneer in the Slagman WATCHMAN devices, which are implanted in atrial appendages of the heart and provide protection against stroke. The company holds a strong position on the U.S. market. The company has both good expansion and innovation prospects and is committed to developing new technologies.
Key Companies in the Cardiac Implantable Electronic Device Market Include
Cardiac Implantable Electronic Device Market Developments
The cardiac implantable electronic device (CIED) market is anticipated to reach a valuation of USD 30.0 billion by 2032, exhibiting a CAGR of 2.41% from 2024 to 2032. The market growth is attributed to the rising prevalence of cardiovascular diseases, technological advancements in CIEDs, and increasing geriatric population.
Key recent developments include the FDA approval of Abbott's leadless pacemaker, the launch of Medtronic's Micra AV pacemaker system, and the acquisition of Boston Scientific by Stryker. Market participants are focusing on developing miniaturized and wireless devices, remote monitoring capabilities, and personalized therapies.
Cardiac Implantable Electronic Device Market Segmentation Insights
Cardiac Implantable Electronic Device Market Device Type Outlook
Cardiac Implantable Electronic Device Market Indication Outlook
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Bradycardia
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Tachycardia
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Heart Failure
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Stroke Prevention
Cardiac Implantable Electronic Device Market Battery Outlook
Cardiac Implantable Electronic Device Market Lead Type Outlook
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Transvenous Leads
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Subcutaneous Leads
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Epicardial Leads
Cardiac Implantable Electronic Device Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
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Report Attribute/Metric
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Details
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Market Size 2022
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30.65 (USD Billion)
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Market Size 2023
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33.33 (USD Billion)
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Market Size 2032
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60.34 (USD Billion)
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Compound Annual Growth Rate (CAGR)
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6.82% (2024-2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024-2032
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Historical Data
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2019-2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Sorin Group, Atricure, CryoCath Technologies, MicroPort Scientificalternativetext Corporation, Spectranetics, Shockwave Medical, Stryker, Edwards Lifescienc, Getinge AB, Boston Scientific, Biotronik, SJM Holdings, Abbott, Medtronic, LivaNova PLC
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Segments Covered
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Device Type, Indication, Battery, Lead Type, Region
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Key Market Opportunities
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Rising Prevalence of Cardiovascular Conditions
Technological Advancements
Increasing Geriatric Population
Rising Healthcare Expenditure
Expanding Reimbursement Policies
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Key Market Dynamics
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Increasing Prevalence of Cardiac Arrhythmias
Technological Advancements
Growing Geriatric Population
Rising Healthcare Expenditure
Favorable Reimbursement Policies
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The cardiac implantable electronic device market was valued at 30.65 billion USD in 2023.
The cardiac implantable electronic device market is expected to reach 60.34 billion USD in 2032.
The cardiac implantable electronic device market is expected to grow at a CAGR of 6.82% from 2024 to 2032.
North America is expected to have the largest market share in the cardiac implantable electronic device market in 2032.
Pacemakers are expected to have the largest market share in the cardiac implantable electronic device market in 2032.
Key competitors in the cardiac implantable electronic device market include Abbott, Boston Scientific, Medtronic, and Biotronik.
Key trends in the cardiac implantable electronic device market include the increasing prevalence of cardiovascular diseases, the growing demand for minimally invasive procedures, and the advancements in technology.
Challenges faced by the market include the high cost of devices, the lack of reimbursement coverage, and the potential for complications.
Opportunities for growth include the increasing demand for remote monitoring devices, the development of new technologies, and the expansion into emerging markets.
The regulatory landscape of the cardiac implantable electronic device market is complex and varies by country. Key regulatory bodies include the US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and the Japan Pharmaceuticals and Medical Devices Agency (PMDA).
