PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455684
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455684
Implantable cardioverter defibrillators Market size was valued at USD 3,945.56 Million in 2023, expanding at a CAGR of 7.41% from 2024 to 2032.
The implantable cardioverter defibrillator (ICD) is an electronic medical device utilized for monitoring and controlling heart rhythms in individuals vulnerable to life-threatening arrhythmias like ventricular tachycardia as well as ventricular fibrillation. Market growth drivers encompass technological advancements, increasing occurrences of sudden cardiac arrest, rising public awareness, and supportive governmental and healthcare organizational policies. Emerging players' innovation efforts, exemplified by MicroPort Scientific Corporation's receipt of a CE mark for its INVICTA line of defibrillation leads in July 2022, also contribute to market expansion. With the escalating prevalence of cardiovascular diseases (CVDs), the demand for advanced cardiac care solutions, including ICDs, is anticipated to surge, presenting opportunities for healthcare sector expansion and advancements.
Implantable cardioverter defibrillators Market- Market Dynamics
Technological progress and product innovations to propel market demand
Technological progress and product inventions, including Medtronic's Epsila EV MRI SureScan along with Aurora Extravascular (EV)-ICD MRI SureScan, offer promising solutions with reduced complications and improved placement techniques. The ongoing technological advancements, particularly the commendable success rates witnessed in recent years for ICDs, are expected to propel further market growth. For instance, in August 2022, Medtronic PLC presented clinical research demonstrating the efficacy of an innovative minimally invasive defibrillator implant, the Medtronic EV ICD system, aimed at preventing sudden cardiac arrest. This extravascular implantable defibrillator scheme, with its main component located beneath the left armpit, delivers holdup pacing therapy to reduce vibrations, prevent tachycardia, and assist patients in avoiding defibrillation shock. Such advancements significantly contribute to the market by enhancing patient outcomes, mitigating risks, and highlighting the industry's commitment to advancing cardiac care technologies. Moreover, the increasing adoption of ICDs within healthcare facilities is poised to be a significant market expansion driver. For instance, in December 2021, Cleveland Clinic successfully conducted leadless pacemaker defibrillator system implants in the first two patients globally as part of an international clinical trial. This innovative device, designed to address both low and elevated heart rates, integrates leadless pacemaker End User with subcutaneous ICDs. Consequently, the growing acceptance of implantable defibrillators and the rising prevalence of cardiac rhythm disorders in the region are expected to drive market growth.
Implantable cardioverter defibrillators Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.41% over the forecast period (2024-2032)
Based on product type segmentation, transvenous implantable cardioverter-defibrillators was predicted to show maximum market share in the year 2023
Based on Device type segmentation, biventricular devices was the leading type in 2023
Based on NYHA Class Type segmentation, NYHA Class II was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Implantable cardioverter defibrillators Market is segmented on the basis of Product Type, Device type, NYHA Class Type, End User, and Region.
The market is divided into two categories based on product type: transvenous implantable cardioverter-defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillator segments (S-ICDs) based on product type. In 2023, the T-ICDs segment held the dominant position in the market. This dominance is attributed to the valuable advantages offered by T-ICDs in managing life-threatening ventricular arrhythmias, as well as in reducing procedural complications and medical costs associated with invasive surgeries. T-ICDs cater to the needs of patients with ventricular fibrillation (VF) and ventricular tachycardia (VT) through features like permanent pacing, cardiac resynchronization therapy (CRT), and anti-tachycardia pacing.
The market is divided into three categories based on Device type: single-chamber ICDs, dual-chamber ICDs, and biventricular devices. In 2023, the biventricular devices segment emerged as the market leader. Factors such as the increasing prevalence of sudden cardiac deaths and its dual functionality as a pacemaker and a defibrillator are anticipated to drive the demand for CRT-D devices. The ability to promptly report adverse conditions, combined with enhanced pacing performance, contributes to reducing mortality rates. Moreover, major players are concentrating on enhancing these devices. For instance, in March 2019, BIOTRONIK introduced the smallest CRT-D and ICD devices globally in the European market, which were approved for 3 Tesla full-body MRI scans. Additionally, technological advancements in this segment, such as MRI compatibility, Bluetooth capability, and quadripolar leads, have the potential to enhance adoption rates. For example, in July 2020, Abbott announced FDA approval for its next-generation Bluetooth-enabled CRT-D and ICD devices.
Implantable cardioverter defibrillators Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies operating in the implantable cardioverter defibrillators (ICD) market are employing various strategies to enhance their offerings. These strategies encompass technological advancements aimed at improving device efficacy and patient outcomes, such as miniaturization to enable less invasive procedures and prolonging battery life. Furthermore, companies are concentrating on the development of intelligent devices equipped with remote monitoring capabilities to facilitate proactive patient management and data-driven decision-making. Collaborations with healthcare providers and research institutions play a pivotal role in fostering continuous innovation and ensuring the integration of the latest medical advancements. Additionally, efforts directed towards regulatory compliance and adherence to stringent quality standards serve to reinforce consumer trust and enhance market penetration, thereby fostering sustained growth in the ICD market.
In June 2023, BIOTRONIK SE & Co. KG entered into a partnership with Royal Philips aimed at expanding the latter's admission to cardiovascular devices. Philips SymphonySuite, the primary entity solution available for cardiovascular care in Ambulatory Surgery Centers (ASCs) and office-based labs, stands as a testament to this collaborative effort.
GLOBAL IMPLANTABLE CARDIOVERTER DEFIBRILLATORS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Abbott
Medtronic
BIOTRONIK SE & Co. KG
Boston Scientific Corporation
MicroPort Scientific Corporation.
LivaNova PLC.
Others