Subcutaneous Implantable Defibrillator (S-ICD) System Market to Grow on the Back of Increasing Prevalence of Cardiovascular Diseases During 2021-2028; The Market in North America to Hold the Largest Share by 2028
Research Nester published a report titled “Subcutaneous Implantable Defibrillator System Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the global subcutaneous implantable defibrillator system market in terms of market segmentation by product type, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Subcutaneous implantable defibrillator (S-ICD) systems are a type of defibrillator which provides protection against sudden cardiac arrest. These systems function by leaving the heart and vasculature untouched. The Food and Drug Administration (FDA) of the United States approved the first entirely subcutaneous implantable defibrillator in the year 2012. S-ICD system uses a pulse generator which is known to deliver life-saving therapy. The global subcutaneous implantable defibrillator system market is anticipated to register a significant CAGR over the forecast period, i.e., 2021-2028. This growth can be attributed to the increasing cases of cardiovascular diseases worldwide. Additionally, factors such as increasing geriatric population, sedentary lifestyle of people, increasing alcohol consumption, smoking, and others, which contribute to different types of cardiovascular disorders, is further anticipated to contribute to the growth of the global subcutaneous implantable defibrillator system market in the coming years. The World Health Organization (WHO), in one of its statistics stated that, globally, cardiovascular diseases are the primary cause of death which takes about 17.9 million lives each year.
The global S-ICD market is segmented by end user into hospitals, clinics, cardiac catheterization laboratory, ambulatory surgical centers, and others, out of which, the hospitals segment is estimated to account for the largest market share over the forecast period. This growth can be attributed to the serious complications such as increased heart-beat, shortness of breath, heart palpitations, chest pain, and others associated with various cardiovascular disorders including arrhythmias, congenital heart disease, heart attack, and others.
Regionally, the subcutaneous implantable defibrillator system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these regions, the market in North America is predicted to hold the leading share in S-ICD market on account of the availability of advanced treatment options, rising geriatric population, and the initiatives taken by the government to spread awareness regarding cardiovascular diseases. For instance, the government of the United States had taken an initiative taken known as, Million Hearts 2022, which began in 2017 with the goal to prevent 1 million heart attacks and strokes by 2022.
Increasing Concern for the Rising Number of Cardiovascular Disorders and the Benefits of S-ICD Over Traditional ICD to Propel the Market Growth
In the other statistics of the WHO, around three quarters of deaths which are caused owing to cardiovascular disorders, take place in low and middle-income countries.
Various cardiovascular disorders including coronary artery disease, heart attack, arrhythmias, and others are the primary cause of deaths globally. The WHO stated that around 80% of the CVD deaths are caused due to heart attack and strokes. The incidents of cardiovascular diseases are increasing at a significant rate, which is anticipated to create growth opportunities for the global S-ICD system market over the coming years.
On the other hand, S-ICD has numerous advantages over a traditional ICD. In S-ICD, the wires, which run from the device to the heart are implanted under the skin instead of the veins. Moreover, severe complications associated with transvenous leads such as infection in the bloodstream and the process of replacing or removing the leads in the heart can be avoided by using S-ICD. Such factors are anticipated to drive the growth of the global subcutaneous implantable defibrillator (S-ICD) system market over the forecast period.
However, concerns regarding the affordability for the high deployment and maintenance cost of S-ICD is anticipated to act as a challenging factor towards the growth of the global subcutaneous implantable defibrillator (S-ICD) system market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global subcutaneous implantable defibrillator system market which includes company profiling of Boston Scientific Corporation (NYSE: BSX) and Medtronic (NYSE: MDT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global subcutaneous implantable defibrillator system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies accordingly to the ongoing and expected trends in the future.