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Having experienced strong growth in recent years, the implantable cardiac devices market exhibits no signs of slowing down. From $11.36 billion in 2023, the market size is projected to grow to $12.34 billion in 2024, at a compound annual growth rate of 8.7%. This growth trend owes much to improvements in medical technology, an increasing prevalence of cardiovascular diseases, the growing aging population, advancements in device reliability and longevity, and rising awareness for the need for early diagnosis of heart conditions.
Looking forward, how will the implantable cardiac devices market grow?
The trajectory for the implantable cardiac devices market indicates more robust growth in the coming years. Projected to rise to $17.31 billion in 2028, indicating a compelling compound annual growth rate of 8.8%. This burgeoning growth can be attributed to varied reasons such as technological advancements in device functionality, the rising demand for minimally invasive procedures, an increase in the geriatric population, and a surge in healthcare spending. Emerging markets' healthcare infrastructure expansion also contributes significantly to this growth. Exciting trends such as the integration of digital health and remote monitoring, the development of next-generation devices with enhanced features and an emphasis on cost-effectiveness and value-based healthcare, are all expected to drive the market.
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What's driving the implantable cardiac devices market?
The driving force behind the market's strong growth is the escalating incidence of heart diseases. The rise in heart diseases is due to increased prevalence of risk factors such as a poor diet, sedentary lifestyle, obesity, and chronic conditions like diabetes and hypertension. The aging population and rising stress levels contribute to the higher incidence of cardiovascular conditions. Implantable cardiac devices, used to manage and treat conditions such as heart failure, arrhythmias, and coronary artery diseases, are seeing an increased demand, accelerating the development of new and improved cardiac devices for the growing patient population.
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How is the implantable cardiac devices market segmented?
The market landscape is segmented into:
1 By Type: Pacemaker, Implantable Cardioverter Defibrillator ICD, Biventricular Implantable Cardioverter Defibrillator BI-V ICD
2 By Application: Bradycardia, Tachycardia, Heart Failure, Other Applications
3 By End User: Hospitals, Specialty Clinics, Other End Users
How are major companies staying competitive in the market?
Major companies operating in the implantable cardiac devices market are capitalizing on technological advancements to improve patient safety and extend device lifespan. Focusing on compatibility with diagnostic tools such as AutoMRI in implantable cardiac defibrillators allows for safe operation during MRI scans. This enhances patient care, giving them access to advanced imaging technology. For example, MicroPort CRM, a France-based medical device company, launched ULYS implantable cardioverter defibrillator ICD and INVICTA defibrillation leads in Japan in October 2023. The devices feature advanced technologies with low current consumption, extended device lifespan, and MRI compatibility.
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