Global ICD Market to Expand at 2.8% CAGR, Demand for ICD devices to Rise Owing to their Ability to Treat Heart Diseases: Fortune Business Insights
— The global implantable cardioverter defibrillator market or ICD market is anticipated to expand at a reasonable growth rate in the coming years. The rising prevalence of cardiovascular disorders is the chief factor responsible for this growth. This information was published in a report, titled “ICD Market: Global Market Analysis, Insights and Forecast, 2018-2026” which offers insights into the factors enabling growth in the market.
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According to the report, the global market was valued at US$ 6684.4 Mn in the year 2017 an is estimated to reach US$ 8343.4 Mn by 2026.
• Research Scope
• Market Segmentation
• Research Methodology
• Definitions and Assumptions
KEY COMPANIES COVERED IN THE ICD Market
• Boston Scientific Corporation
• LivaNova Plc
Hospitals to Witness High Adoption of ICDs in the coming years
The availability of implantable defibrillators is expected to grow in hospitals more than among other end-users. In the coming years, hospitals are likely to be well-equipped with ICD devices and automated ICDs. Furthermore, governments may introduce several policies to support the adoption of ICD devices in hospitals. Different types of ICD products such as subcutaneous ICD and transvenous ICD are introduced in the report. Subcutaneous ICDs are expected to grow at a faster rate than transvenous ICDs. This is primarily on account of their large size and greater battery capacity. Moreover, Boston Scientific Corporation had launched the first subcutaneous ICD in the world in 2012. In 2018, transvenous ICD covered a significant share, but presently subcutaneous leads the ICD market.
Europe to Remain Dominant by Covering the Highest Share
Among regions, Europe is expected to lead the global ICD market in the forecast years owing to rising adoption of ICD devices. The growing prevalence of cardiac diseases is resulting in high adoption of these devices. Moreover, the region generated a value of US$ 3376.8 Mn in the year 2018 and continues to generate higher growth until 2026. In addition to this, rising awareness about advantages of ICD devices is likely to create growth opportunities for the market in this region. Introduction of favorable reimbursement guidelines by governments in Europe stimulates growth in the market. Besides Europe, North America is also expected to grow at a significant rate and become the second most leading region.
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• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Rising Adoption of ICDs Intended to Save Life of Patients from Sudden Cardiac Arrests
“The prevalence of cardiac arrhythmias is rising across the world as more people are opting to live with sedentary lifestyle,” observes a lead analyst at Fortune Business Insights. “ICD manufacturers are planning to develop ICD devices and save the quality life of such patients,” he adds. Fortune Business Insights predicts the demand for ICDs to increase as these devices can regulate irregular heartbeats of patients suffering from cardiac disorders. Another factor responsible for driving the ICD market is the rising cases of cardiovascular diseases in developing and developed regions. Further to this, the demand for ICDs or automated implantable ventilator defibrillators is increasing in regions such as Asia Pacific owing to the rising prevalence of cardiac arrests. The awareness about cardiac-related diseases in countries such as Brazil, India, and China is increasing, which is further expected to boost the market. Governments are conducting awareness and training programs for patients to encourage growth of ICD devices.
Medtronic and Boston Scientific Corporation to Cover Majority of the Share in the Market
The global ICD market covers some of the leading players which include LivaNova PLC, Medtronic, Abbott, BIOTRONIK, Boston Scientific Corporation, and MicroPort. Among these, Medtronic leads the market by covering majority of the share as per revenue. The company over the years has gained customers and built its brand recognition. Medtronic and Boston Scientific Corporation accounts for than more than half of the share in terms of revenue in the global market. Several companies are focusing on product launches to strengthen their global reach. For instance, Biotronik announced the launch of Acticor series in April 2019. These series consist of newly developed implantable defibrillator devices. Also, these devices help to reduce cost, time, and have less number of leads. Another company called Boiotronik launched defibrillators with ulta-high energy in December 2016. This launch was done in the U.S. market for the effective treatment of heart failure.
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Name: Ankit Dwivedi
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