Implantable Cardioverter Defibrillator (ICD) monitors heart rhythms in the treatments of heart failure cases. ICD sends small electrical impulses to the lower chambers of the heart to help them beat in more synchronized patterns and reduce symptoms. Thus, ICD provides a treatment option to correct heart rates that are too fast and can lead to sudden cardiac arrest. The global implantable cardioverter defibrillator (ICD) market is growing at a rapid pace.
The growth attributes to the rising prevalence of coronary heart diseases. Besides, reported cases for myocardial ischemia and acute myocardial infarction are providing suitable backgrounds for the market to grow. Also, it is reported that the increased prevalence of diabetes has been fueling market growth. Increased success rates of implantable cardioverter-defibrillators in the treatment of coronary heart disease and myocardial ischemia exponentially increase the adoption of ICDs.
According to Market Research Future (MRFR), the global implantable cardioverter defibrillator (ICD) market is expected to garner a valuation of 10,425.96 MN by 2025. MRFR also states that in 2018, the global ICD market value had reached USD 6,952.2 MN, which would appreciate further at 5.96%CAGR over the review period (2019-2025). Growing awareness about the benefits that ICDs provide in the treatment of heat-related diseases & disorders is major tailwinds pushing the market growth.
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The rapid increase in the global economy acts as a major driving force behind the growth of the market. Improving economic conditions worldwide are increasingly availing quality care by improving per capita healthcare expenditures. Additionally, substantial investments by public and private organizations made in the developments of advanced implantable cardioverter defibrillator, drive the market growth. Also, technological advances boost market growth, increasing the patient’s preference.
Major Players:
Players leading the global ICD market include Abbott Laboratories (US), BIOTRONIK (Germany), Boston Scientific Corporation (US), Medtronic (Ireland), MicroPort Scientific Corporation (China), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), Progetti Srl (Italy), Fukuda Denshi Co., Ltd (Japan), Getinge (Sweden), and ZOLL Medical Corporation (US), among others.
Segmentation:
The global implantable cardioverter defibrillator (ICD) market is segmented based on Type, Indication and End user.
- By Type, the global implantable cardioverter defibrillator (ICD) market is segmented into Regular ICD, Cardiac Resynchronization Therapy Defibrillators (CRT-D), Subcutaneous-ICD (S-ICD), Others
- By Indication, the global implantable cardioverter defibrillator (ICD) market is segmented into Myocardial Ischemia, Acute Myocardial Infarction, Electrolyte Imbalance and Drug Toxicity and Others
- By End User, the global implantable cardioverter defibrillator (ICD) market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers and Others
Regional Analysis
North America dominates the global implantable cardioverter defibrillator (ICD) market. The largest market share attributes to the high adoption rates of cardiac implantable electronic devices in the treatment of prevailing cardiac diseases. Besides, factors such as the presence of many notable players and well-established healthcare sectors in the region positively impact market growth.
Moreover, high healthcare reimbursements and aging populaces are driving the growth of the ICD market in the region. The North American ICD market is expected to retain its leading position throughout the forecast period.
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Europe stands second in the global implantable cardioverter defibrillator market. The market growth is majorly driven by the rapidly growing prevalence of cardiac diseases. According to the European Cardiovascular Disease Statistics, in 2017, around 45% of deaths occurred in Europe were due to cardiovascular diseases (CVD).
The Asia Pacific implantable cardioverter defibrillator market is projected to grow rapidly. Factors such as the changing regulatory scenario, rising healthcare expenditures, and increasing prevalence of cardiovascular diseases drive the regional market growth. Besides, high incidences of diabetes that lead to cardiovascular diseases such as myocardial ischemia in the region are estimated to fuel the market growth.
