The Cardiac Implant Devices Market is estimated to hit $61.90 billion by 2025.
According to the new market research report by IndustryARC, “Cardiac Implant Devices Market: By Devices (CRT, ICD, ICP, Coronary Stents [DES, BMS, Bio-Absorbable], Heart Valves, TAVI); By Geography - (2020-2025)”, the market is driven by technological advancements and availability of better treatment facilities.
Americas continues to lead the market share during 2020-2025
Americas and Europe occupied a substantial market share of 60% and 22% respectively, in 2018. It is observed that Asia-Pacific is growing at a higher rate as compared to the developed countries, but generating lesser revenues due to detrimental factors like cost and reimbursement policies. The cardiac implant device market is aggressively penetrating the Asia-Pacific region due to the introduction of better treatment options available at cost-effective and economical prices. Americas contribute the highest market share of $17.9 billion, growing at a CAGR of 11.8%. The maximum growth in the CAGR was observed in the Asia-Pacific region of about 13.5%.
The Asia-Pacific region is experiencing robust economic growth in terms of increased GDP and rise in disposable income. With rising healthcare costs in developed countries such as the U.S. and Europe, the Asia-Pacific region is becoming a hot-spot for medical tourism. With the increasing prevalence of chronic diseases, the inflow of patients requiring surgical intervention will keep growing in the future. Asia Pacific region will drive the future growth for cardiac implants market.
Selected / Sample Analysis done in the full Report:
Developing countries like China, Japan presents favorable opportunities for Cardiac Implants Devices Market. Widespread urbanization, rapidly aging population and growing economy are the driving factors for the growth of Cardiac Implant Devices Market in China. The global stent market has reached maturity level elsewhere, whereas, in China, it is a growing market and presents fascinating opportunities for stent manufacturers in the future.
The United States is currently the leading market of implantable cardiac devices, but due to strict regulatory compliance and reduction in Centers for Medicare and Medicaid Services (CMS), reimbursements are needed for the use of biomedical devices.
Bio-absorbable stents have emerged as a new and effective treatment option in coronary intervention procedures. It is new to the market and is commercially less available currently. Patients generally prefer a temporary implant as compared to permanent implants. Bio-absorbable stents due to its disappearing nature is a preferred choice among patients, and therefore, holds a huge potential for growth in the future.
Excerpts on Market Growth Factors Mentioned in the Full Report:
The rise in aging population, coupled with an increase in age-related chronic diseases results in the substantial growth for the Cardiac Implant Devices Market.
Technological advancements are expected to drive the Cardiac Implant Devices Market growth.
The rise in aging population, coupled with an increase in age-related chronic diseases results in the substantial growth for the Cardiac Implant Devices Market.
Technological advancements are expected to drive the Cardiac Implant Devices Market growth.
Improved treatment facilities will foster market growth in the upcoming years.
The increasing demand and adoption of high cost cardiac implantable devices will act as a driving factor for cardiac implants devices market.
Untapped markets in the region of Asia-Pacific and Latin America offer a huge potential driver for the cardiac implant devices market.
Key Players of the Cardiac Implant Devices Market:
Medtronic Inc., St. Jude Medical Inc., Boston Scientific Corporation, Abbott Vascular Inc. and Edwards Lifesciences Corporation are the key players that accounted for major share in the Cardiac Implantable Devices market.
Abbott Vascular Inc. and Medtronic Inc. are the two companies that have invested a significant amount of revenue in R&D activities for expanding and improving their product portfolio. Bio-absorbable stents have emerged as a new and effective treatment option in coronary intervention procedures. New subcutaneous ICD (S-ICD), a novel device, was introduced to the market in 2012 by Boston Scientific Corporation.
