Cardiac implantable electronic devices are implantable devices that help regulate abnormal heart rhythms or arrhythmias and improve the quality of life of patients with hear conditions. Cardiac implantable electronic devices include pacemakers and implantable cardioverter defibrillators (ICDs) that treat life-threatening cardiac arrhythmias and help lower the risk of death from cardiac arrest.

The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising cardiovascular diseases prevalence across the globe, particularly in the developing nations, has contributed significantly to the growth of the cardiac implantable electronic device market. According to the World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Growing geriatric population base also susceptible to developing cardiovascular diseases has augured well for the demand of cardiac implantable electronic devices over the forecast period.

SWOT Analysis
Strength: Cardiac implantable electronic devices have increased life expectancy and quality of life of patients with cardiac conditions. They help detect and treat cardiac arrhythmias, heart failure and other cardiac complications.

Weakness: High costs associated with implantable devices and procedures limit accessibility. There are also risks of recall, infection, device failure or migration post-implantation.

Opportunity: Rising prevalence of cardiovascular diseases worldwide presents significant growth opportunities. Technological advancements in remote monitoring capabilities and miniaturization of devices will further drive demand.

Threats: Stringent regulatory framework delays new product approvals. Reimbursement policies also vary across regions posing challenges. Dependence on a few large players makes supply chain vulnerable.

Key Takeaways

The Global Cardiac Implantable Electronic Device Market Size  is expected to witness high growth over the forecast period of 2024 to 2031. The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2031.

North America currently dominates the market due to high incidence of cardiovascular diseases and favourable reimbursement environment. However, Asia Pacific is expected to emerge as the fastest growing regional market owing to rising healthcare expenditure, growing medical tourism and availability of low-cost devices.

Key players operating in the cardiac implantable electronic device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. These players are focused on developing advanced devices, expanding their geographic presence through acquisitions, strategic collaborations and strengthening distribution networks worldwide.

For more Insights, Read –

https://www.rapidwebwire.com/the-cardiac-implantable-electronic-device-market-is-estimated-to-witness-high-growth-owing-to-rising-prevalence-of-cardiovascular-diseases/