USD 14.33 Billion
Cardiac Implants Market Size, Share, Growth Analysis, By Application(Arrhythmias, acute myocardial infarction, myocardial ischemia, and other applications), By End user(Hospitals, cardiology centres, and other end users), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2355 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Cardiac Implants Market Insights
Cardiac Implants Market size was valued at USD 15.23 Billion in 2022 and is poised to grow from USD 16.18 Billion in 2023 to USD 26.39 Billion by 2031, at a CAGR of 6.30% during the forecast period (2024-2031)
The global cardiac implants market is witnessing significant growth and is driven by several factors. The market for cardiac implants is primarily fueled by the rising prevalence of cardiovascular diseases, technological advancements in implantable devices, and an increasing aging population. One of the key drivers of the global cardiac implants market is the growing prevalence of cardiovascular diseases worldwide. Factors such as sedentary lifestyles, unhealthy dietary habits, and the increasing burden of risk factors like obesity, diabetes, and hypertension contribute to the rising incidence of cardiovascular disorders. This drives the demand for cardiac implants as an effective treatment option to improve the quality of life and prolong survival for patients with cardiac conditions. Technological advancements in implantable devices have also played a crucial role in the growth of the cardiac implants market. Innovations such as miniaturisation, wireless connectivity, and advanced materials have led to the development of more efficient and user-friendly cardiac implants.
These advancements have improved the accuracy, durability, and functionality of devices like pacemakers, implantable defibrillators, and cardiac resynchronization therapy devices, driving their adoption in clinical practice. However, the global cardiac implants market is not without its challenges. One of the primary challenges is the high cost associated with these devices. Cardiac implants are often expensive, making them inaccessible to patients in low- and middle-income countries or those without adequate health insurance coverage. Affordability issues can hinder the widespread adoption of cardiac implants and limit access to advanced cardiac care. Another challenge is the stringent regulatory requirements for the approval of cardiac implant devices. Stringent regulatory processes and lengthy approval timelines can delay the introduction of new technologies into the market, affecting innovation and market growth. Compliance with regulatory standards and requirements poses challenges for manufacturers, impacting product development and market entry. Additionally, there are concerns related to the long-term performance and durability of cardiac implants. Device complications, such as infection, malfunction, or device-related adverse events, can pose risks to patient safety and require additional interventions or device replacements. These challenges highlight the need for continuous monitoring, post-market surveillance, and advancements in device design to ensure patient safety and optimise the effectiveness of cardiac implants.
US Cardiac Implants Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
6.30% CAGR
Global Cardiac Implants Market ($ Bn)
Country Share for North America Region (%)
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Cardiac Implants Market Segmental Analysis
The global cardiac implants market is segmented on the basis of application, end user, and region. By application, the market is segmented into arrhythmias, acute myocardial infarction, myocardial ischemia, and other applications. By end user, the market is segmented into hospitals, cardiology centres, and other end users. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cardiac Implants Market Analysis By Application
The global cardiac implants market can be segmented by application into arrhythmias, acute myocardial infarction, myocardial ischemia, and other applications. Among these segments, arrhythmias are the dominant application, while acute myocardial infarction is the fastest-growing segment. Arrhythmias, which refer to abnormal heart rhythms, hold a dominant position in the global cardiac implants market. Cardiac implantable electronic devices (CIEDs), including pacemakers and implantable cardioverter-defibrillators (ICDs), are widely used to manage various types of arrhythmias. These devices help in regulating heart rhythm, preventing dangerous arrhythmias, and improving the overall cardiac function. The high prevalence of arrhythmias and the increasing adoption of CIEDs contribute to the dominance of arrhythmias in the cardiac implants market. On the other hand, the segment of acute myocardial infarction is experiencing rapid growth and emerges as the fastest-growing application in the global market. Acute myocardial infarction, commonly known as a heart attack, occurs when there is a sudden blockage of blood flow to the heart. Cardiac implants, such as coronary stents, are crucial in restoring blood flow and preventing further damage to the heart muscle. With the increasing incidence of acute myocardial infarction and the growing emphasis on timely and effective interventions, the demand for cardiac implants for this application is witnessing substantial growth.
Cardiac Implants Market Analysis By End user
The global cardiac implants market can be segmented by end users into hospitals, cardiology centres, and other end users. Among these segments, hospitals are the dominant end user, while cardiology centres are the fastest-growing segment. Hospitals hold a dominant position in the global cardiac implants market. Hospitals play a central role in the diagnosis, treatment, and management of cardiovascular diseases, making them a primary user of cardiac implant devices. They have well-equipped facilities, specialised cardiac departments, and a comprehensive range of cardiac services. Hospitals serve as the primary point of care for patients with cardiovascular conditions, performing implantation procedures and providing follow-up care. The large patient volume and the availability of skilled healthcare professionals in hospitals contribute to their dominance in the cardiac implants market.
On the other hand, cardiology centres are experiencing rapid growth and emerge as the fastest-growing segment in the global market. Cardiology centres are specialised healthcare facilities that focus on the diagnosis and treatment of cardiovascular diseases. These centres often have advanced cardiac imaging capabilities, interventional cardiology units, and dedicated cardiac rehabilitation services. Cardiology centres are gaining prominence as they provide specialised care and expertise in managing complex cardiovascular conditions. The increasing demand for specialised cardiac services, technological advancements in diagnostic and interventional procedures, and the growing awareness of preventive cardiology drive the growth of cardiology centres as end users of cardiac implants.
Global Cardiac Implants Market By End user
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Cardiac Implants Market Regional Insights
North America is the dominant market, while Asia Pacific is the fastest-growing region. North America holds a significant share in the global cardiac implants market, primarily due to advanced healthcare infrastructure, high healthcare expenditure, and a large patient population with cardiovascular diseases. The region is at the forefront of technological advancements in cardiac implants and has well-established regulatory frameworks. Moreover, the presence of key market players, research and development activities, and collaborations with healthcare institutions contribute to the dominance of North America in the cardiac implants market.
On the other hand, Asia Pacific is experiencing rapid growth and emerges as the fastest-growing region in the global market. The region's growth can be attributed to factors such as a large population base, increasing disposable income, and the rising prevalence of cardiovascular diseases. Economic growth, urbanisation, and lifestyle changes contribute to the growing burden of cardiovascular conditions in countries like China, India, and Japan. Additionally, improving healthcare infrastructure, increasing awareness about advanced treatment options, and the adoption of innovative technologies drive the demand for cardiac implants in the region. The expanding medical tourism industry and government initiatives to enhance healthcare facilities further fuel the growth of the cardiac implants market in Asia Pacific.
Global Cardiac Implants Market By Region
- Largest
- Fastest
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Cardiac Implants Market Dynamics
Cardiac Implants Market Drivers
Increasing Prevalence of Cardiovascular Diseases
- The rising prevalence of cardiovascular diseases, including heart failure, arrhythmias, and coronary artery disease, is a major driver for the global cardiac implants market. Factors such as sedentary lifestyles, unhealthy dietary habits, and the aging population contribute to the growing burden of cardiovascular conditions, creating a higher demand for cardiac implants.
Technological Advancements in Implantable Devices
- Continuous advancements in implantable device technologies drive the growth of the cardiac implants market. Innovations in device miniaturisation, wireless connectivity, and improved battery life have led to the development of more efficient and advanced cardiac implants. These technological advancements enhance patient outcomes, improve device functionality, and contribute to the overall growth of the market.
Cardiac Implants Market Restraints
Stringent Regulatory Approval Processes
- The stringent regulatory approval processes for cardiac implant devices pose challenges for market growth. Compliance with regulatory standards, such as obtaining approvals from regulatory bodies like the U.S. Food and Drug Administration (FDA) or the European Medicines Agency (EMA), can be time-consuming and costly. These regulatory processes can delay the introduction of new technologies into the market, impacting innovation and market growth.
Device-Related Complications and Risks
- Cardiac implants, like any medical device, carry risks and can be associated with complications. Device-related complications, such as infections, malfunctions, or adverse events, can impact patient safety and require additional interventions or device replacements. These risks and complications can impact market growth by raising concerns among patients, healthcare providers, and regulatory authorities.
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Cardiac Implants Market Competitive Landscape
The global cardiac implants market features a competitive landscape with numerous players vying for market share. The market is characterised by the presence of both established multinational companies and smaller regional players. These companies focus on research and development activities to introduce innovative cardiac implant devices, enhance their product portfolios, and stay competitive in the market. Competition in the cardiac implants market is driven by factors such as technological advancements, product differentiation, pricing strategies, and geographic reach. Companies strive to offer a diverse range of cardiac implants, including pacemakers, implantable defibrillators, stents, heart valves, and other devices, to cater to the specific needs of patients and healthcare providers. Partnerships and collaborations play a crucial role in the competitive landscape of the cardiac implants market. Companies often engage in strategic alliances with healthcare institutions, research organisations, and academic centres to foster innovation, develop new technologies, and improve patient outcomes. These collaborations facilitate knowledge exchange, enhance research capabilities, and drive advancements in cardiac implant devices. Additionally, companies focus on building strong customer relationships through comprehensive after-sales support, technical assistance, and educational programs for healthcare professionals. Customer satisfaction and service quality are vital in establishing a competitive edge and gaining market share.
Cardiac Implants Market Top Player’s Company Profile
- Edwards Lifesciences Corporation - US
- Biotronik - Germany
- St. Jude Medical (Abbott) - US
- LivaNova PLC - UK
- Terumo Corporation - Japan
- MicroPort Scientific Corporation - China
- BIOTRONIK SE & Co. KG - Germany
- Lepu Medical Technology (Beijing) Co., Ltd. - China
- Berlin Heart GmbH - Germany
- Jarvik Heart, Inc. - US
- CryoLife, Inc. - US
- Braile Biomédica - Brazil
- Sorin Group (LivaNova PLC) - Italy
- Cook Medical - US
- Cardinal Health, Inc. - US
- Nipro Corporation - Japan
- Berlin Heart, Inc. - US
Cardiac Implants Market Recent Developments
- In January 2023, Medtronic announced the launch of its new CardioMEMS HF System. The system is a wireless implant that monitors heart failure patients and sends their data to their doctor's office for remote monitoring.
- In February 2023, Abbott announced the launch of its new MitraClip System. The system is a minimally invasive procedure that repairs mitral valve regurgitation, a condition that can cause heart failure.
Cardiac Implants Key Market Trends
- Remote Monitoring and Digital Health Solutions: The integration of remote monitoring and digital health solutions in cardiac implants is gaining traction. These technologies enable healthcare providers to remotely monitor patients' cardiac health and device performance, allowing for timely interventions and personalised care. Remote monitoring also helps in reducing hospital readmissions and improving patient management.
- Focus on Personalized Medicine: Personalised medicine is becoming increasingly important in the cardiac implants market. The ability to tailor treatment strategies, device selection, and therapy management based on individual patient characteristics and needs is gaining attention. This trend is driven by advancements in genetics, imaging techniques, and data analytics, enabling a more personalised and precise approach to cardiac implant procedures.
Cardiac Implants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global cardiac implants market analysis, North America is the dominant region in the global cardiac implants market, driven by advanced healthcare infrastructure, high healthcare expenditure, and technological advancements. Meanwhile, Asia Pacific is the fastest-growing region, propelled by a large patient population, rising prevalence of cardiovascular diseases, improving healthcare infrastructure, and increasing awareness. The rising prevalence of cardiovascular diseases, advancements in implantable device technologies, and the aging population contribute to the expansion of the market. The demand for cardiac implants, including pacemakers, defibrillators, stents, and heart valves, is driven by the need to treat various cardiovascular conditions and improve patient outcomes.
Technological innovations, such as minimally invasive procedures, remote monitoring capabilities, and the integration of artificial intelligence and machine learning, are shaping the market dynamics and driving the development of more efficient and personalised cardiac implant solutions. The market is also influenced by the shift towards value-based healthcare and the increasing emphasis on cost-effectiveness and outcome-based evaluations. Additionally, the growing adoption of bioresorbable implants and the integration of digital health solutions are key trends shaping the market. With a highly competitive landscape, companies are investing in research and development activities and strategic collaborations to stay at the forefront of innovation and maintain a competitive edge. Overall, the global cardiac implants market holds promising opportunities for growth, driven by technological advancements, evolving healthcare needs, and the continuous pursuit of better patient care in the field of cardiovascular medicine.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 15.23 Billion |
| Market size value in 2031 | USD 26.39 Billion |
| Growth Rate | 6.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cardiac Implants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cardiac Implants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cardiac Implants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cardiac Implants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cardiac Implants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cardiac Implants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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