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Cardiac Implants Market Future Scope, Opportunities with Strategic Growth and Top Players

(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 09:06 /Comserve / -- Cardiac Implants Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The Cardiac Implants Market studied is expected to grow with an estimated CAGR of 7.2%, over the forecast period.

The outbreak of COVID-19 has a great impact on every aspect of the medical device industry, which includes the cardiac implants devices market. The number of patient visits during the pandemic has drastically reduced despite having access to emergency in the cardiology department. Even the treatment proximity to infected patients with COVID 19 is a challenge for cardiologists. The access is restricted to essential care only and the temporary close of cardiology centers has drastically reduced cardiac surgeries as the total healthcare providers are engaged with COVID 19. Major players in the cardiac implants industry such as Medtronic Plc have reported a decline in revenue of 6 billion USD in Q4, 2020.

Diabetes, overweight and obesity, unhealthy diet, physical inactivity, excessive alcohol use are the main causes of heart diseases. The increase in the incidence of cardiovascular diseases and the geriatric population are the driving factors for the cardiac implants market. The World Health Organization stated that Cardiovascular diseases (CVDs) are the number one cause of death globally, which are a group of disorders of the heart and blood vessels that include coronary heart disease, rheumatic heart disease, cerebrovascular disease and other conditions. In December 2020, a study on 'CV Disease Burden, Deaths Rising Around the World' by American College of Cardiology reported that cardiovascular disease nearly doubled to 523 million in 2019 from 271 million in 1990. Cardiovascular disease deaths steadily increased to 18.6 million in 2019 from 12.1 million in 1990, with ischemic heart disease and stroke being the majority of cardiovascular disease deaths globally in 2019. They have also stated that the Global Burden of Diseases study continues to track and benchmark the progress of cardiovascular diseases and acts as a platform in the reduction/control of cardiovascular disease and risk factor burden.

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Cardiac implants are considered to be a great asset for heart patients, which regularly helps to monitor patient's heart beat and detect irregularities in the cardiac rhythms. Implantable Cardioverter-Defibrillator (ICD) is one such cardiac implant that supports the weak cardiac patients with the programs such as low-energy pacing, high energy shock. Increase in prevalence of cardiovascular diseases, advancements in surgical techniques, awareness on preventive care are propelling the market growth. Hence, owing to above mentioned factors, the market is expected to witness significant growth in the future.

Key Market Trends

Implantable Cardioverter-Defibrillators (ICDs) Segment is Expected to Grow Faster and Dominate the Market Over The Forecast Period

According to World Health Organization in 2020, it is estimated that 17.9 million people died from cardiovascular diseases each year which is 32% of all global deaths, out of which 85% were due to heart attack and stroke. They have also stated that by addressing behavioral risk factors such as tobacco use, physical inactivity, unhealthy diet and obesity, and harmful use of alcohol most cardiovascular diseases can be prevented, but it is important to detect cardiovascular diseases as early as possible to minimize their effect on individuals. Smoking is a major key factor that leads to heart diseases.

American Heart Association stated that in 2018, 53 895 deaths are caused due to arrhythmias as the primary cause. The prevalence of atrial fibrillation in the United States was estimated to be 12.1 million by 2030. Considering the fact that the increase in the prevalence of heart diseases and the increase in the geriatric population, the scope for heart procedures and especially cardiac implants is estimated to have a positive wave.

In May 2020, Philips has announced FDA approval for the product 'Philips HeartStart FR3 Defibrillator and Accessories'. The HeartStart FR3 models 861388 and 861389 are used to treat ventricular fibrillation which are said to be abnormal heart rhythms, the most common cause of cardiac arrest. In addition to this in 2019, Stryker Corporation which is one of the leading market player in cardiac implants has launched the product LIFEPAK CR2 defibrillator with LIFELINKcentral AED program manager, in the United States. Considering the above conditions the market is expected to pave a positive direction.

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North America Dominates the Market and is Expected to do Same in the Forecast Period

North America holds the major market share in Cardiac Implants Market. According to the Centers for Disease Control and Prevention (CDC), the number of deaths reported due to heart diseases was 659041 in 2019 has got increased to 690882 in 2020 in the United States. The Centers for Disease Control and Prevention (CDC) stated that the key risk factors for heart disease and stroke are high blood pressure, diabetes, high LDL (bad) cholesterol, and smoking.

According to American Heart Association, the prevalence of cigarette use has an increase by 2.3% in 2019 among middle and high school students in the United States. The use of electronic cigarettes has increased from 1.5% to 27.4% between 2011 and 2019, globally, which had caused 8.7 million deaths worldwide due to smoking, in the year 2019. Heart Diseases include stroke, congenital heart disease, rhythm disorders, subclinical atherosclerosis, coronary heart disease [CHD], heart failure [HF], valvular heart disease, venous disease, and peripheral artery disease.

The United States Food and Drug Administration in August 2019 approved the Barostim Neo System for patients with advanced heart failure. This is approved for those patients who are not suitable for treatment with other devices associated with heart failure for instance resynchronization therapy. Hence, considering to above-mentioned factors and technological advancements the cardiac implants market is expected to witness significant growth in the future.

Competitive Landscape

The Cardiac Implants Market is moderately competitive with several players across the globe. In terms of market share, few of the major players currently dominate the market. With the rising incidence of cardiovascular diseases along with rising awareness and use of cardiac implants, globally, many key players are expected to be part of the Cardiac Implants Market over the forecast period. Some of the major players of the market are Medtronic Plc, Boston Scientific Corporation, Stryker Corporation (Physio-Control Inc), Biotronik, Zoll Medical Corporation, Shree Pacetronix Ltd, etc.

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