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Cardiac Implant Market Insights

Cardiac implants are designed to monitor irregular heartbeats in people suffering from heart rhythm disorders. These abnormalities are caused by problems with the heart’s electrical system, which signals the heart to contract and pump blood throughout the body. Cardiac implant devices include pacemakers, implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy, implantable hemodynamic monitoring, and implanted heart rhythm monitors that are also known as loop recorders. These implants are used for treating myocardial ischemia, arrhythmias, and acute myocardial infraction. Aging population and demographic changes across the world are expected to increase prevalence of heart disease, which in turn, is expected to increase demand for cardiac implants over the forecast period. According to the American College of Cardiology, as of 2017, cardiovascular diseases account for around 800,000 deaths in the U.S, and it remains the leading cause of death in the country.

The global cardiac implant market was valued at US$ 34,783.4 million in 2018, and is expected to witness a CAGR of 11.6% during the forecast period (2019–2026).

Figure 1. Global Cardiac Implant Market value Analysis (US$ Mn), By Device

Source: Coherent Market Insights Analysis (2019)

Increasing regulatory approval for cardiac implants is expected to drive growth of the global cardiac implant market

Most of the hospitals and healthcare organizations indicates cardiovascular implants in patients at risk of cardiac disorder, in order to provide artificial control on the patient’s heart beat in the long term. Increasing number of regulatory approvals for innovative and advanced cardiac implant devices is expected to facilitate growth of the cardiac market in the near future. For instance, in February 2017, Abbott received the U.S. Food and Drug Administration approval for its Assurity MRI pacemaker, which is the smallest, long-lasting wireless MRI-compatible pacemaker. Patients implanted with Assurity MRI pacemaker can undergo full body magnetic resonance imaging (MRI) scans, if required.

Moreover, rising incidence of cardiovascular diseases around the world is expected to boost growth of the cardiac implant market over the forecast period. According to the World Health Organization, in 2015, around 17.7 million deaths were caused by cardiovascular diseases, out of which around 7.4 million deaths were caused due to coronary heart disease, and 6.7 million deaths due to stroke.

Cardiac Implant Market- Restraints

Infections associated with implantable pacemakers in cardiac patients is likely to dissuade patients from opting for these products, which may restrain demand for cardiac implants. For instance, according to Medtronic Plc, risks associated with an implantable cardioverter defibrillators (ICD) implant include surgical site infections, sensitivity to the device material, failure to deliver therapy when it is needed, and receiving extra therapy when it is not needed. Moreover, after receiving an ICD therapy, patient will have limitations with respect to electromagnetic and magnetic radiation.

Cardiac Implant Market- Regional Analysis

Regional segmentation of the global cardiac implant market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold a dominant position in the market, owing to rising demand for pacemakers. According to the American Heart Association (AHA), 2017, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease, or after-effects of stroke. The AHA report also stated that direct and indirect costs of cardiovascular diseases and stroke are estimated to account for US$ 316 billion, including health expenditures and lost productivity.

The Asia Pacific cardiac implant market is expected to witness significant growth during the forecast period owing to increasing preference for technologically advanced products for cardiac rhythm management, coupled with rising healthcare concerns for stroke prevention associated with atrial fibrillation. According to the Japanese Heart Rhythm Society, in 2017, the Asian population with atrial fibrillation (AF) is estimated to reach 72 million by 2050, of which 2.9 million may suffer from AF-associated strokes.

Europe is expected to show significant growth rate, owing to rising number of approvals by the European Drug regulatory authorities for cardiac implants for various purposes. For instance, in 2015, EBR Systems received the CE marking for its WiSE leadless pacemaker. The device is intended to improve the left ventricular function. Moreover, in February 2017, Medtronic Plc. received the CE marking for a suite of quadripolar cardiac resynchronization therapy pacemakers (CRT-Ps) that also allow patients to receive MRI (magnetic resonance imaging) scans.

Figure 2: Global Cardiac Implant Market Value (US$ Mn), By Region

Source: Coherent Market Insights Analysis (2019)

Cardiac Implant Market - Competitive Landscape

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