Implantable Cardioverter-defibrillators Market: Size, Growth, Regional Analysis, And Market Analysis

Implantable Cardioverter-defibrillators:

An implantable cardioverter-defibrillator (ICD) is a device that can do cardioversion, defibrillation, and correct cardiac pacing and is implanted inside the body. The ICD is used to treat cardiac arrhythmias, ventricular fibrillation, and pulseless ventricular tachycardia that cause sudden cardiac arrest. As a result, the gadget is capable of rectifying the majority of life-threatening cardiac arrhythmias. The procedure for implanting an ICD is similar to that of implanting a pacemaker. When the heart is beating dangerously rapidly, an ICD is used to stimulate the cardiac muscle with a high-energy shock in order to reestablish a normal rhythm.

Market Analysis:

The Implantable Cardioverter-defibrillators Market was worth USD 9.3 billion in 2019 and is expected to increase to USD 12.1 billion by 2027, with a CAGR of 3.34 percent from 2020 to 2027.

Demand for implantable defibrillators is predicted to rise globally due to a rapid increase in the geriatric population and an increase in the frequency of sudden cardiac arrest (SCA). However, market growth is expected to be hampered by reasons such as a lack of understanding about the benefits of utilizing implantable defibrillators, the high cost of implantable defibrillators, and unfavorable reimbursement policies. The increased demand for ICDs for patients with nonischemic cardiomyopathy lowers the risk of death by around 23%, presenting new potential for Implantable Cardioverter-defibrillators Market competitors.

Subcutaneous ICD technology is advancing at a rapid pace, paving the path for profitable prospects in the Implantable Cardioverter-defibrillators Market economy. Boston Scientific's Emblem S-ICD became the first subcutaneous ICD to be approved by the FDA. The Extravascular (EV) ICD system, invented by Medtronic, is a subcutaneous ICD. It had no major issues and was capable of sensing, pacing, and defibrillating the heart. The next generation of ICDs may be able to act as a pacemaker as well.

The higher expense of the ICD device, as well as a lack of understanding about ICD deployment, are two factors that will limit market expansion. The dangers of device failure and lifestyle restrictions are expected to stifle market growth.

Regional Analysis:

Because of the rising frequency of cardiac disorders, North America dominates the Implantable Cardioverter-defibrillators Market with a share of more than 41%, followed by Asia Pacific. The implantable cardioverter defibrillator market in North America is growing because of technical developments, an ageing population, and a growing number of innovative products.

However, due to the high prevalence of heart failures, increasing technological advancements, increasing demand for quality medical care, and rising awareness about the effectiveness of defibrillators, the Implantable Cardioverter-defibrillators Market in Asia-Pacific is expected to grow at a faster CAGR from 2020 to 2025.

Key Players:

Imricor Medical Systems, Boston Scientific Corporation, Inc., Liva Nova PLC Company, Micro Port Scientific Corporation, Mayo Clinic US, Medtronic plc, St. Jude Medical, Inc., and MRI Interventions, Inc are the major key players of Implantable Cardioverter-defibrillators Market.