The Cardiac Implantable Electronic Device (CIED) Market comprises pacemakers, implantable cardioverter defibrillators, and cardiac resynchronization therapy systems. CIEDs help regulate abnormal heart rhythms and provide electrical impulses to help synchronize the chambers of the heart in patients suffering from bradycardia, tachycardia, and heart failure. They have advantages over medications as they can accurately detect and treat abnormal heart rhythms in real-time. The global demand for CIEDs is driven by the rising incidence of cardiovascular diseases caused by lifestyle changes, rapidly aging population, and increasing adoption of remote monitoring devices for better management of cardiac disorders.
The Global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Cardiac Implantable Electronic Device are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. Boston Scientific Corporation held the largest market share in 2022 owing to its wide product portfolio and global presence.
The demand for CIEDs is growing significantly due to the rising global prevalence of cardiovascular diseases and increasing government expenditures on healthcare infrastructures across countries. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths annually worldwide.
The market is expanding globally due to new product launches, rising medical tourism in low-cost countries, and increasing awareness regarding effective cardiac device technologies in developing nations. The Asia Pacific region is estimated to be the fastest-growing market during the forecast period.
Market key trends
One of the key trends in the Cardiac Implantable Electronic Device Market Demand is remote monitoring. It allows continuous monitoring of patients outside healthcare facilities through wireless communication between implantable cardiac devices and external monitoring devices. This helps clinicians to detect any abnormalities early and prevent hospitalizations. It improves patient care while reducing costs for providers. Remote monitoring devices are gaining widespread adoption due to their benefits of timely therapy and safety.
Porter’s Analysis
Threat of new entrants: New players face high manufacturing costs from developing the required technology and expertise to enter this market.
Bargaining power of buyers: Buyers have considerable bargaining power as there are many players offering similar devices in this market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the specialized components and manufacturing processes required.
Threat of new substitutes: There is a low threat from new substitutes due to lack of innovative technologies that could replace existing cardiac implantable electronic devices.
Competitive rivalry: Competition is high among the major players to gain market share through new product launches and advanced technologies.
Geographical Regions
North America currently holds the largest market share in terms of value for the cardiac implantable electronic device market due to the strong presence of leading manufacturers and advanced healthcare infrastructure in the region.
Asia Pacific is expected to showcase the fastest growth over the forecast period due to rising per capita healthcare expenditure, increasing disease prevalence, growing medical tourism industry and rapidly developing economies in the region.
Get more insights on- Cardiac Implantable Electronic Device Market
Check more trending articles related to this topic: Scottish Whisky Market
