Implantable Defibrillators Market Size Targets to Grow at a CAGR of 4.9% & to Hit $8,449 Million and Industry Forecast By 2027
Pune, Maharashtra, India, September 12 2020 (Wiredrelease) Allied Analytics –:Rise in the incidence of heart disorders and advancement in the technology such as S-ICDs developed as an alternative to conventional T-ICDs with less potential hazards drive the market growth
Implantable Defibrillators Market Report, published by Allied Market Research, forecasts that the global market was valued at $6,006 million in 2015 and is expected to garner $8,449 million by 2022, registering a CAGR of 4.9% during the forecast period 2019 – 2027. Transvenous implantable cardioverter defibrillators (T-ICDs) segment accounted for more than half of the global market.
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The key players operating in the global implantable defibrillators market include Boston Scientific Corporation, LivaNova PLC Company, Imricor Medical Systems, MicroPort Scientific Corporation, Mayo Clinic US, Medtronic plc, MRI Interventions, Inc., St. Jude Medical, Inc., Biotronik Se & Co.KG, and Sorin Group.
>Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
>However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
>Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Implantable defibrillators are used to prevent sudden death in patients who sustained atrial fibrillation or ventricular tachycardia. These devices are implanted inside the patients body and are able to perform defibrillation, pacing of the heart, and cardioversion. The irregular heart rhythms that require ICD implant include bradycardia, ventricular tachycardia, and ventricular fibrillation.
Surge in geriatric population; increase in prevalence of chronic health conditions such as cardiac arrhythmia, ventricular fibrillation, and pulseless ventricular tachycardia, growth in preference for S-ICDs, and rise in in awareness among patients about implantable defibrillators are expected to drive the market growth. However, lack of awareness towards the availability of implantable defibrillator to prevent sudden cardiac arrest (SCA) and adoption of these devices in low- and middle-income economies are projected to hamper the market growth.
Transvenous implantable cardioverter-defibrillator (T-ICDs) segment dominated the global market in 2015, in terms of value, and is expected to maintain this trend throughout the analysis period. T-ICDs are the most commonly for the treatment of heart disorders for higher precision and targeted functioning. However, in terms of volume, CRT-D is projected to lead the market, reaching 1,127 thousand units by 2022, registering a CAGR of 8.9%.
North America led the global market in 2015, and is expected to maintain its dominance during the forecast period. This is attributed to the rise in incidence of sudden cardiac arrest (SCA), increase in adoption of S-ICDs, high purchasing power, and availability of advanced healthcare facilities.
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