According to Coherent Market Insights, the global cardiac implantable electronic device market is estimated to be valued at US$ 22,576.22 million in 2020 and is expected to exhibit a CAGR of 7.7% during the forecast period (2020-2027).
Key Trends and Analysis:
The global cardiac implantable electronic device market is expected to witness significant growth, owing to adoption of advanced technologies in cardiac pacemakers such as MRI safe-pacemakers and pacemakers with improved battery life that delay the progression of persistent atrial fibrillation (AF) in patients suffering from bradycardia and wireless automated technologies. These advancements are gaining significant traction from various market players of implantable cardiac pacemakers with affordable costs, which in turn is expected to drive growth of the market. For instance, in February 2017, Abbott received the U.S. Food and Drug Administration (FDA) approval for its MR-conditional labeling for both of its products, Assurity MRI pacemaker and the Tendril MRI pacing lead.
Moreover, various key players are engaged in obtaining product approval from regulatory authorities to expand their geographical reach. For instance, in September 2017, LivaNova PLC and MicroPort Scientific Corporation stated that their Shanghai-based joint venture MicroPort Sorin Cardiac Rhythm Management Co. Ltd. received the product approval for its family of RegaTM pacemakers from the China Food and Drug Administration. The company’s Rega pacemakers are the smallest pacemakers present in the China cardiac pacemakers market.
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Key Market Takeaways:
The global cardiac implantable electronic device market is expected to exhibit a CAGR of 7.7% during the forecast period (2020-2027). Key players in the market are focused on adopting strategies such as collaborations, mergers, and acquisitions to retain leading position in the market. For instance, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sell LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. The LivaNova PLC Company’s CRM product portfolio includes pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices.
North America is expected to witness high demand for cardiac implantable electronic devices. The increasing number of acquisitions by key players for expansion of cardiovascular devices product portfolio is expected to drive the market growth. For instance, in January 2017, Abbott acquired St. Jude Medical, Inc. The acquisition of St. Jude Medical strengthened Abbott’s presence in the global medical device industry while offering innovative products to address more areas of care, in a large number of hospitals across the world.
Key players operating in the global cardiac implantable electronic device market—
Medtronic plc., Biotronik, Boston Scientific Corporation, Shree Pacetronix Ltd., CCC Medical Devices, Cook Group Incorporated, Braile Biomédica, Abbott Laboratories, Sorin Group, Osypka Medical GmbH, Galix Biomedical Instrumentation Inc., and Oscor Inc.
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Market Segmentation:
- Global Cardiac Implantable Electronic Device Market, By Type:
- Implantable Pacemakers
- External Pacemakers
- Global Cardiac Implantable Electronic Device Market, By Application:
- Arrhythmia
- Heart Block
- Others
- Global Cardiac Implantable Electronic Device Market, By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Care Settings
- Global Cardiac Implantable Electronic Device Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
Related Market Intelligence Report:
Cardiac Prosthetic Devices Market, By Product Type (Heart Valves (Mechanical Heart Valves, Tissue Heart Valves, Transcatheter Heart Valves), Pacemaker (Implantable Pacemaker, External Pacemaker)), By End User (Hospital, Specialty Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Read more: https://www.coherentmarketinsights.com/market-insight/cardiac-prosthetic-devices-market-3862
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200629005507/en/
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Cardiac Implantable Electronic Device Market to Surpass US$ 38,027.8 Million Globally by End of 2027, Says CMI - Yahoo Finance
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