Implantable Cardioverter Defibrillator Market to reach US$ 8,343.4 Mn by 2026
The global Implantable Cardioverter Defibrillator Market or ICD market is anticipated to expand at a reasonable growth rate in the coming years. The rising prevalence of cardiovascular disorders is the chief factor responsible for this growth. This information was published in a report, titled “Implantable Cardioverter Defibrillator ICD Market: Global Market Analysis, Insights and Forecast, 2018-2026” which offers insights into the factors enabling growth in the market. According to the report, the global market was valued at US$ 6684.4 Mn in the year 2017 an is estimated to reach US$ 8343.4 Mn by 2026.
Browse Complete Report Details with Table of Content
and Figures:
https://www.fortunebusinessinsights.com/industry-reports/implantable-cardioverter-defibrillator-market-100474
Hospitals to Witness High Adoption of ICDs in the
coming years
The availability of implantable defibrillators is
expected to grow in hospitals more than among other end-users. In the coming
years, hospitals are likely to be well-equipped with ICD devices and automated
ICDs. Furthermore, governments may introduce several policies to support the
adoption of ICD devices in hospitals. Different types of ICD products such as
subcutaneous ICD and transvenous ICD are introduced in the report. Subcutaneous
ICDs are expected to grow at a faster rate than transvenous ICDs. This is
primarily on account of their large size and greater battery capacity.
Moreover, Boston Scientific Corporation had launched the first subcutaneous ICD
in the world in 2012. In 2018, transvenous ICD covered a significant share, but
presently subcutaneous leads the ICD market.
Europe to Remain Dominant by Covering the Highest Share
Among regions, Europe is expected to lead the global
ICD market in the forecast years owing to rising adoption of ICD devices. The
growing prevalence of cardiac diseases is resulting in high adoption of these
devices. Moreover, the region generated a value of US$ 3376.8 Mn in the year
2018 and continues to generate higher growth until 2026. In addition to this,
rising awareness about advantages of ICD devices is likely to create growth
opportunities for the market in this region. Introduction of favorable
reimbursement guidelines by governments in Europe stimulates growth in the
market. Besides Europe, North America is also expected to grow at a significant
rate and become the second most leading region.
Rising Adoption of ICDs Intended to Save Life of Patients from
Sudden Cardiac Arrests
“The prevalence of cardiac arrhythmias is rising
across the world as more people are opting to live with sedentary lifestyle,”
observes a lead analyst at Fortune Business Insights. “ICD manufacturers are
planning to develop ICD devices and save the quality life of such patients,” he
adds. Fortune Business Insights predicts the demand for ICDs to increase as
these devices can regulate irregular heartbeats of patients suffering from
cardiac disorders. Another factor responsible for driving the ICD market is the
rising cases of cardiovascular diseases in developing and developed regions.
Further to this, the demand for ICDs or automated implantable ventilator
defibrillators is increasing in regions such as Asia Pacific owing to the
rising prevalence of cardiac arrests. The awareness about cardiac-related
diseases in countries such as Brazil, India, and China is increasing, which is
further expected to boost the market. Governments are conducting awareness and
training programs for patients to encourage growth of ICD devices.
Medtronic and Boston Scientific Corporation to Cover
Majority of the Share in the Market
The global ICD market covers some of the leading
players which include LivaNova PLC, Medtronic, Abbott, BIOTRONIK, Boston
Scientific Corporation, and MicroPort. Among these, Medtronic leads the market
by covering majority of the share as per revenue. The company over the years
has gained customers and built its brand recognition. Medtronic and Boston
Scientific Corporation accounts for than more than half of the share in terms
of revenue in the global market. Several companies are focusing on product
launches to strengthen their global reach. For instance, Biotronik announced
the launch of Acticor series in April 2019. These series consist of newly
developed implantable defibrillator devices. Also, these devices help to reduce
cost, time, and have less number of leads. Another company called Boiotronik
launched defibrillators with ulta-high energy in December 2016. This launch was
done in the U.S. market for the effective treatment of heart failure.
About Us:
Fortune Business Insights™ delivers accurate data and innovative
corporate analysis, helping organizations of all sizes make appropriate
decisions. We tailor novel solutions for our clients, assisting them to address
various challenges distinct to their businesses. Our aim is to empower them
with holistic market intelligence, providing a granular overview of the market
they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd
U.S.: +1 424 253 0390
U.K.: +44 2071 939123
APAC: +91 744 740 1245
Comments
Post a Comment