Inside the Global Implantable Cardioverter Defibrillator (ICD) Market; MRFR Releases the Forecast for 2020-2027

Implantable Cardioverter Defibrillator (ICD) Market is expected to grow at a CAGR of 5.96% over 2027, Global Implantable Cardioverter Defibrillator Market Report categorizes the Global Market by Type, by End-Use and Region

Global Implantable Cardioverter Defibrillator (ICD) Market Research Report: By Product (Regular ICD, CRT-D, Subcutaneous-ICD, Others), By Indication (Myocardial ischemia, Acute myocardial infarction, Electrolyte imbalance and drug toxicity) and By End User (Hospitals and clinics, Ambulatory surgical centers) – Forecast to 2027

Implantable Cardioverter Defibrillator (ICD) monitors heart rhythms in the treatments of heart failure cases. ICD sends small electrical impulses to the lower chambers of the heart to help them beat in more synchronized patterns and reduce symptoms. Thus, ICD provides a treatment option to correct heart rates that are too fast and can lead to sudden cardiac arrest. The global implantable cardioverter defibrillator (ICD) market is growing at a rapid pace. 

The growth attributes to the rising prevalence of coronary heart diseases. Besides, reported cases for myocardial ischemia and acute myocardial infarction are providing suitable backgrounds for the market to grow. Also, it is reported that the increased prevalence of diabetes has been fueling market growth. Increased success rates of implantable cardioverter-defibrillators in the treatment of coronary heart disease and myocardial ischemia exponentially increase the adoption of ICDs. 

According to Market Research Future (MRFR), the global implantable cardioverter defibrillator (ICD) market is expected to garner a valuation of 10,425.96 MN by 2025. MRFR also states that in 2018, the global ICD market value had reached USD 6,952.2 MN, which would appreciate further at 5.96%CAGR over the review period (2019-2025). Growing awareness about the benefits that ICDs provide in the treatment of heat-related diseases disorders is major tailwinds pushing the market growth. 

The rapid increase in the global economy acts as a major driving force behind the growth of the market. Improving economic conditions worldwide are increasingly availing quality care by improving per capita healthcare expenditures. Additionally, substantial investments by public and private organizations made in the developments of advanced implantable cardioverter defibrillator, drive the market growth. Also, technological advances boost market growth, increasing the patient’s preference. 

The subcutaneous ICD technology offers minimally invasive procedures that have a high success rate in the treatment of myocardial ischemia acute myocardial infarction. Conversely, the high cost of ICDs involved in therapeutic surgeries acts as a major growth impeder for the market. Also, stringent government regulations for product approvals restrict market growth, delaying launches of advanced products. Besides, side-effects related to medications are projected to restrain market growth during the forecast period.

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Implantable Cardioverter Defibrillator (ICD) Market – Segments

The report is segmented into four dynamics;

By Product                        : Regular ICD, Cardiac Resynchronization Therapy Defibrillators (CRT-D), Subcutaneous-ICD (S-ICD), and others.

By Indication        : Myocardial Ischemia, Acute Myocardial Infarction, Electrolyte Imbalance, Drug Toxicity, and others.

By End User          : Ambulatory Surgical Centers, Hospitals Clinics, and others.

By Regions                        : Americas, Europe, Asia Pacific, and Rest-of-the-world.

Global ICD Market – Regional Analysis

North America dominates the global implantable cardioverter defibrillator (ICD) market. The largest market share attributes to the high adoption rates of cardiac implantable electronic devices in the treatment of prevailing cardiac diseases. Besides, factors such as the presence of many notable players and well-established healthcare sectors in the region positively impact market growth. 

Moreover, high healthcare reimbursements and aging populaces are driving the growth of the ICD market in the region. The North American ICD market is expected to retain its leading position throughout the forecast period.

Europe stands second in the global implantable cardioverter defibrillator market. The market growth is majorly driven by the rapidly growing prevalence of cardiac diseases.  According to the European Cardiovascular Disease Statistics, in 2017, around 45% of deaths occurred in Europe were due to Cardiovascular Diseases (CVD).

Also, factors such as the augmenting demand for cardiac treatments and preventive screening, foster the regional market growth. Germany, heading with its large medical devices industry, dominates the ICD market in Europe. The European ICD market is expected to create a substantial revenue pocket over the assessment period.

The Asia Pacific implantable cardioverter defibrillator market is projected to grow rapidly. Factors such as the changing regulatory scenario, rising healthcare expenditures, and increasing prevalence of cardiovascular diseases drive the regional market growth. Besides, high incidences of diabetes that lead to cardiovascular diseases such as myocardial ischemia in the region are estimated to fuel the market growth.

Furthermore, major ICD players operating at a global level that are focusing on mergers and acquisitions support the growth of the regional market. China provides a huge impetus to the ICD market in the Asia Pacific region, followed by India. The APAC ICD market is estimated to grow at a phenomenal CAGR during the review period.

Implantable Cardioverter Defibrillator Market – Competitive Landscape

Highly competitive, the ICD market appears fragmented, due to the presence of several major players. The extensive fragmentation is resulting in higher price competition and a fall in profit margin. Hence, to remain at the front of the competition, players incorporate strategies such as mergers acquisitions, collaborations, expansion, and product/ technology launch. However, the market is commoditized, and there exists little room for differentiation strategies. 

Manufacturers stay focused on product development and invest substantially to drive RD, clinical trial, and regulatory approvals to tackle this. Another strategy adopted by manufacturers is to develop close relationships with cardiac hospitals and service agreements. They use a variety of distributions channels to generate significant sales of their product. Companies are also focusing on developing regions, especially India, is experiencing a sharp growth in ICD demand. 

Browse Detailed TOC with COVID-19 Impact Analysis at:  https://www.marketresearchfuture.com/reports/implantable-cardioverter-defibrillator-market-8243 

Major Players:

Players leading the global ICD market include Abbott Laboratories (US), BIOTRONIK (Germany), Boston Scientific Corporation (US), Medtronic (Ireland), MicroPort Scientific Corporation (China), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), Progetti Srl (Italy), Fukuda Denshi Co., Ltd (Japan), Getinge (Sweden), and ZOLL Medical Corporation (US), among others. 

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