The cardiac implant devices market is projected to grow during the forecast period 2018-2023
The recent study titled “Cardiac implant devices Market - Forecasts From 2018 TO 2023” on the cardiac implant devices market covers in-depth analysis of the market on the basis of product type, and geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2018-2023. The report has segmented the cardiac implant devices market by product type (implantable closure devices, pacemaker implants, implantable cardioverter defibrillator (ICD), implantable cardiac loop recorder, left atrial appendage closure device, coronary stents, left ventricular assist device (LVAD), prosthetic heart valves, insertable cardiac monitor (ICM), implantable heart pump, total artificial heart) and by geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). The demand for cardiac implant devices market is growing during the forecast period owing to the prevalence of cardiovascular diseases, growing technological innovations, rising healthcare expenditure, and prevalence of high geriatric population. Furthermore, the growing medical tourism and rising adoption of minimally invasive surgeries in addition to the growing healthcare infrastructure worldwide will further emanate the market growth in the forecast period and beyond.
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Prevalence of cardiovascular diseases (CVDs) is driving the growth of the cardiac implant devices market during the forecast period.
CVDs are the number 1 cause of death globally: more people die annually from CVDs than from any other cause. An estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Over three-quarters of CVD deaths take place in low-and-middle-income countries. Out of the 17 million premature deaths (under the age of 70) due to noncommunicable diseases in 2015, 82% are in low-and-middle-income countries, and 37% are caused by CVDs (source: World Health Organization). This growing prevalence is mainly attributed to tobacco use, the adoption of unhealthy living conditions leading to physical inactivity which further give rise to hypertension, type-2 diabetes and other diseases which result in cardiovascular diseases. Thus, fuelling the growth of the cardiac implant devices market in the forecast period.
North America is expected to hold a noteworthy market share.
The North America cardiac implant devices market is estimated to hold a significant market share, with the United States being a major contributor. This is due to the highest healthcare spending of the country, early adoption of innovations, and high cardiovascular disease prevalence. In the United States, every year, there are more than 100,000 implantable cardioverter defibrillators (ICDs) and 300,000 pacemakers implanted (source: National Institutes of Health). In addition, around thousands of heart surgeries are conducted every day in the United States. Furthermore, the government bodies are investing in research and development activities for the development of advanced cardiac implant devices to replace the traditional ones. Other drivers include a well-developed healthcare infrastructure and many of the major players have their base in this region and hold a significant share on a global level.
Some of the major players discussed in the reports are Medtronic, Abbott, Boston Scientific Corporation and STENTYS SA, among others.
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