Implantable Cardiac Devices Market Report 2024 - Implantable Cardiac Devices Market Size

"The Business Research Company recently released a comprehensive report on the Global Implantable Cardiac Devices Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The implantable cardiac devices market size has grown strongly in recent years. It will grow from $11.36 billion in 2023 to $12.34 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to advances in medical technology, increasing prevalence of cardiovascular diseases, growing aging population, improvements in device reliability and longevity, rising awareness, and early diagnosis of heart conditions.

The implantable cardiac devices market size is expected to see strong growth in the next few years. It will grow to $17.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to technological advancements in device functionality, increasing demand for minimally invasive procedures, growing geriatric population, rising healthcare expenditures, and expansion of healthcare infrastructure in emerging markets. Major trends in the forecast period include integration of digital health and remote monitoring, development of next-generation devices with enhanced features, growth in personalized and patient-specific cardiac solutions, emphasis on cost-effectiveness and value-based healthcare, increasing focus on preventive cardiology, and early intervention.

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Market Drivers and Trends:
The rising incidence of heart diseases is expected to propel the growth of the implantable cardiac devices market. The rise in heart diseases can be attributed to the increasing prevalence of risk factors such as poor diet, sedentary lifestyle, obesity, and chronic conditions like diabetes and hypertension. Additionally, aging populations and rising stress levels further contribute to the higher incidence of cardiovascular conditions. Implantable cardiac devices are used to manage and treat conditions such as heart failure, arrhythmias, and coronary artery disease. This increased need accelerates innovation and investment in developing new and improved cardiac devices to address the growing patient population and enhance treatment outcomes. For instance, in May 2024, according to the Singapore Heart Foundation (SHF), a Singapore-based non-profit organization, ischemic heart disease resulted in 5,302 deaths, showing a slight increase from 5,290 deaths in 2022. Therefore, the rising incidence of heart disease drives the growth of the implantable cardiac devices market.

Major companies operating in the implantable cardiac devices market focus on enhancing compatibility with diagnostic tools such as AutoMRI to extend device lifespan and improve patient safety. The AutoMRI function in implantable cardiac defibrillators automatically adjusts the device settings to ensure safe operation during MRI scans, enhancing patient care while allowing access to advanced imaging technology. For instance, in October 2023, MicroPort CRM, a France-based medical device company, launched the ULYS implantable cardioverter defibrillator (ICD) and INVICTA defibrillation leads in Japan, featuring advanced technology with low current consumption for extended device lifespan and MRI compatibility. The ULYS ICD incorporates the PARAD+ arrhythmia discrimination algorithm and AutoMRI functionality, while the INVICTA lead delivers precise pacing and defibrillation therapy, demonstrating a 100% implantation success rate and 97.4% complication-free rate in clinical trials.

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Major Key Players of the Market:
Johnson & Johnson, Abbott Laboratories, Medtronic plc, Koninklijke Philips N.V., Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Edwards Lifesciences Corporation, Biotronik SE & Co. KG, Zoll Medical Corporation, Nihon Kohden Corporation, LivaNova plc, Lepu Medical Technology, MicroPort Scientific Corporation, AtriCure Inc., LifeTech Scientific Corporation, Berlin Heart GmbH, EBR Systems Inc., Defibtech LLC, CVRx Inc., Progetti Srl, Endotronix Inc., Jarvik Heart Inc., Xeltis AG, Carmat SA, Windmill Cardiovascular Systems Inc

Implantable Cardiac Devices Market 2024 Key Insights:
• The implantable cardiac devices market size is expected to see strong growth in the next few years. It will grow to $17.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Incidence Of Heart Diseases Fuels Growth In The Implantable Cardiac Devices Market
• Technological Innovations in Implantable Cardiac Devices
• North America was the largest region in the implantable cardiac devices market in 2023

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