Implantable Cardioverter Defibrillator Market to Exhibit 2.8% CAGR, Growing Adoption of ICD Implants to Boost Prospects

The Implantable Cardioverter Defibrillator Market is projected to exhibit a CAGR of 2.8% during the forecast period. The primary factor driving the market is increasing cases of cardiovascular disorders in developing and developed countries. Moreover, ICD devices can effectively treat patients suffering from sudden cardiac arrests and arrhythmia. Fortune Business Insights in a new study, titled “Implantable Cardioverter Defibrillator (ICD): Global Market Analysis, Insights and Forecast, 2019-2026” predicts that rising incidence of cardiac arrests may result in rising demand for ICD devices.  As per the report, the global market was valued at US$ 6684.4 Mn in the year 2018 and is estimated to reach US$ 8343.4 Mn by 2026. Also, these ICD devices are programmed to detect any abnormal heart rate and deliver required electric shocks immediately.

Among companies, presently Medtronic leads the market and is expected to emerge dominant in the coming years.  The company holds a good position on account of specific customer reach and diverse product portfolio. In addition to this, presence of well-established brand helps the company to gain momentum rapidly. Medtronic, together with Boston Scientific Corporation, covers more than half of the share of ICD market in terms of revenue. Some of the other leading players operating in the ICD market are LivaNova PLC, Abbott, BIOTRONIK, and MicroPort. Companies such as Johnson and Johnson Services, Inc., Stryker, and Zimmer Biomet are likely to account for more than half of the market in terms of revenue. Among these, Zimmer Biomet is likely to lead the market in response to the launch of Persona Partial Knee System in the year 2017. Companies are continuously focusing on Mergers & Acquisitions (M&A), new product launches, and other strategic collaborations to earn more profits. Besides this, it is also expected that new entrants especially startups are entering into the market to capitalize on opportunities.  

Sedentary Lifestyle to Fuel Demand for ICD Devices

“The rising prevalence of obesity among population leads to cardiac arrests,” said a lead analyst at Fortune Business Insights. “This, coupled with rising adoption of sedentary lifestyle, is likely to drive the global market,” he continued. As per a study conducted by the American Heart Association (AHA), around 7000 children aged 18 years or above experience cardiac arrests annually.

Among different types of ICDs, subcutaneous ICD is likely to emerge dominant in the coming years as they are larger in size and need higher battery capacity than transvenous ICD. The subcutaneous ICDs help in reducing the risk of lead poisoning, thus increasing the adoption of automated ICDs or automated implantable cardioverter defibrillator. This segment is expected to be the fastest growing product among all by 2026.

Europe to Witness Higher Adoption of ICD Implants by 2026

In 2018, Europe covered a value of US$ 3376.8 Mn and is likely to remain dominant in the forecast years. This is mainly attributable to the rising prevalence of cardia arrests, which in turn, is increasing the adoption of ICD implants. Furthermore, this region offers favorable re-imbursement policies on healthcare, which is further propelling growth of ICD instruments such as ICD 10. Also, patients suffering from cardiac arrests or obesity are increasingly becoming aware about ICD indications. This is further expected to boost the ICD market in this region. Following Europe, North America is also projected to be the second most leading region as per revenue in the coming years. The market in Asia Pacific is likely to grow at a considerable rate owing to improving healthcare infrastructure and rising awareness about implantable cardioverter defibrillators.

Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/implantable-cardioverter-defibrillator-market-100474

The global implantable cardioverter defibrillator market can be segmented into the following categories: