SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global cardiac implant market was valued at US$ 34,783.4 million in 2018, and is projected to exhibit a CAGR of 11.6% during the forecast period (2019 – 2026).
Key Trends and Analysis of the Global Cardiac Implant Market:
Rising regulatory approvals for cardiac implantable devices which may result in an increasing number of product developments, is expected to drive growth of the cardiac implant market. For instance, in April 2016, the U.S. Food and Drug Administration approved the pacemaker named Micra Transcatheter Pacing System, developed by Medtronic Plc. The system does not require the use of wired leads to establish an electric connection between the pulse-generating device and the heart. The device functions like a pacemaker to regulate the heart rate. The device is implanted directly in the right ventricle chamber of the heart.
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Moreover, technological innovations are supporting growth of the cardiac implant market. For instance, in May 2019, Abbott launched the Confirm RX Implantable Cardiac Monitor, a new, smarter heart monitor for better arrhythmia detection. The device is designed for patients who are at risk of irregular heartbeats. Abbots received the CE marking for the Confirm RX Implantable Cardiac Monitor (ICM) in May 2017, to market the product in the Europe market.
Thus, increasing focus of manufacturers on continuous development of cardiac implantable devices has contributed to improvement in patient outcomes, which in turn, has led to an increase in demand for cardiac implantations. These factors are expected to contribute to the market growth in the near future.
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Furthermore, increasing adoption of inorganic growth strategies such as partnerships and collaboration by key players and healthcare providers in order to enhance their product portfolio is expected to drive demand for cardiac implants over the forecast period. For instance, in December 2018, Ochsner Health System and Geneva Health Solutions (GHS) entered into a strategic partnership. Under this partnership, GHS’ cloud-based technology platform and remote monitoring service for patients with cardiac implants will be utilized by Ochsner’s patients in specific states including Louisiana, Arkansas, Mississippi, Alabama and Georgia.
Among regions, Europe is anticipated to witness lucrative growth in the cardiac implant market, due to increasing government investment in the healthcare sector. For instance, according to the U.K. health statistics 2018 (Finder UK), in 2016, he government in UK invested US$ 283.756 billion in the healthcare sector. Moreover, increasing product approvals from regulatory authorities is also contributing to growth of the Europe cardiac implant market. Moreover, in February 2017, Medtronic Plc received the CE marking for its quadripolar cardiac resynchronization therapy pacemakers (CRT-Ps) that also allow patients to receive MRI (magnetic resonance imaging) scans.
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Key Market Takeaways:
- The global cardiac implant market is projected to witness CAGR of 11.6% during the forecast period (2019 – 2026), owing to increasing number of product developments. For instance, in October 2018, Endotronix, Inc.’s Cordella Pulmonary Artery (PA) Pressure Sensor was utilized for human implantation, and the SIRONA First-in-Human (FIH) clinical trial was also initiated. The SIRONA FIH clinical trial has been designed to evaluate the safety and performance of the Cordella PA Pressure Sensor in the treatment of patients with advanced heart failure.
- Among region, Europe is expected to show significant cardiac implant market growth, owing to increasing number of product approvals in this region. For instance, in October 2014, Boston Scientific Corporation received the CE approval for its ACCOLADET pacemaker. The new device enables patients to receive full-body MRI scans in both 1.5 Tesla and 3.0 Tesla systems.
- Major players operating in the global cardiac implant market include Medtronic Plc, Inc. Boston Scientific Corporation, Abbott Vascular Inc., Edwards LifeScience Corporation, Thoractec Corporation, Syncardia systems, Inc, Biotronik, B. Braun Melsungen AG, and LivaNova PLC.
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