Market Forecast
Global Implantable Cardioverter Defibrillator (ICD) Market is expected to grow from USD 6,952.2 Million in 2018 to 10,425.96 Million by 2025 at a CAGR of 5.96%.
Implantable Cardioverter Defibrillator (ICD) is used to record the heart's activity and treat dangerous ventricular arrhythmias with an electrical shock or pulse to the heart. If an arrhythmia is detected, the ICD delivers a high voltage shock to correct the irregularity in that chamber. A dual-chamber ICD monitors the electrical activity in two chambers of the heart (an atrium and a ventricle) and delivers electric pulses to one or both chambers in the event of an arrhythmia.
Approximately 80% of the patients in the US aged 65 or above survived for at least two years after receiving ICD after sudden cardiac or near-fatal arrhythmia in 2018.
This is a higher rate than the one found in past trials performed to demonstrate the efficacy of devices in this situation. The study also found that 65.4% of patients were hospitalized after receiving an ICD, ranging from 60.5% in those less than age 70 to 71.5% in those aged 80 and older. In addition to this, approximately 13.1% among those less than 70 years old and 21.9% of those 80 and older were admitted to a skilled nursing facility. The study was conducted on 12,420 Medicare beneficiaries from almost 1,000 hospitals in the US.
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According to a study published in the Endocrinology, Diabetes & Metabolism Case Reports in 2018, more than 26% of the patients diagnosed with type 2 diabetes were estimated to suffer from Silent Myocardial Ischemia (SMI). Moreover, it is reported that the prevalence of diabetes has increased. This is illustrative by the fact sheet of the World Health Organization published in 2018. According to the report, the global prevalence of diabetes among individuals aged 18 years or more was about 8.5% in 2018. Thus, it is interpreted that the rising prevalence of diabetes provides a necessary driving force for the myocardial ischemia segment and ICD market to expand during the forecast period.
According to a study published in the Endocrinology, Diabetes & Metabolism Case Reports in 2018, more than 26% of the patients diagnosed with type 2 diabetes were estimated to suffer from Silent Myocardial Ischemia (SMI). Moreover, it is reported that the prevalence of diabetes has increased. This is illustrative by the fact sheet of the World Health Organization published in 2018. According to the report, the global prevalence of diabetes among individuals aged 18 years or more was about 8.5% in 2018. Thus, it is interpreted that the rising prevalence of diabetes provides a necessary driving force for the myocardial ischemia segment and ICD market to expand during the forecast period.
Market Influencers
Higher success rates of implantable cardioverter defibrillators for the treatment of patients suffering from myocardial ischemia and acute myocardial infarction would fuel this market.
Technological advancements in subcutaneous ICD technology help in minimally invasive procedures and have high success rate for the treatment of myocardial ischemia and acute myocardial infarction. This is likely to boost the market during the forecast period.
Market Drivers
- Rise in the prevalence of coronary heart diseases – Coronary heart disease or coronary artery disease is characterized by the hardening and narrowing of the arteries that supply blood to the heart muscle due to plaque buildups (atherosclerosis). This reduces the flow of blood to the heart and may result in partial to complete blockage of heart's arteries. Therefore, the disease is reported to be seen as a major cause of myocardial ischemia. In recent years, the prevalence of coronary heart disease has increased. According to the updated fact sheet of the Centers for Disease Control and Prevention in 2017, coronary heart disease was estimated to be the most common type of heart disease within the regional boundaries of the US. Furthermore, it was illustrated that the disease killed approximately 366,000 people in 2015. Conclusively, it is estimated that such prevalence of coronary heart disease will increase the number of reported cases for myocardial ischemia, thus, providing suitable backgrounds for the market to grow.
- Increasing application of implantable cardioverter defibrillators due to higher success rates.
- Growing awareness about implantable cardioverter defibrillators.
Market Restraints
- High Cost of ICDs: High cost of therapeutic surgeries and side-effects related to medications are projected to restrain the market growth during the forecast period.
- Stringent government regulations and product approvals in major regions and countries such as European Medicines Agency in European Union, FDA in the US, CFDA in China, and other regulatory agencies in major companies make it difficult for a new entrant into the market further restricting the market growth.
Segmentation
By Product
- Regular ICD: These are small pager-sized devices placed in the patient’s chest and helps in reducing the risk of dying if the ventricles (lower chambers of heart) goes into dangerous rhythm and when patient undergoes cardiac arrest. This is the most common type of ICD.
- Cardiac resynchronization therapy defibrillators (CRT-D): These devices are composed of a small electronic device that is implanted surgically into a pocket of skin and helps in both ventricles contract together. They are also called biventricular pacemakers.
- Subcutaneous-ICD (S-ICD): Works by intensive observation of heart rhythms through wires inserted under the skin and above the heart. The advantage of these ICDs is that there are no wires in the body’s circulatory system, so the risk of serious infections is decreased. The major disadvantage of these ICDs is that it cannot pace the heart out of a dangerous rhythm and can only treat arrhythmias with shocks.
- Others: Covers accessories and small component parts of implantable cardioverter defibrillators.
By Indication
- Myocardial ischemia: Myocardial Ischemia is the largest as well as the fastest-growing segment by indication as ICDs are majorly used in the treatment of myocardial ischemia. Moreover, the prevalence rate of sudden cardiac arrests is rising. Myocardial ischemia is further segmented into symptomatic and asymptomatic. When symptoms such as chest pressure or pain, neck or jaw pain, shortness of breath, nausea, and vomiting are experienced by the patient, it is called symptomatic myocardial ischemia whereas, asymptomatic myocardial ischemia is a condition which occurs in the absence of symptoms such as chest pain and anginal equivalents (shortness of breath, sweating, extreme fatigue, and others). The American Heart Association reported that 3 to 4 million Americans have episodes of silent ischemia every year. Diabetic patients and people with a history of previous heart attacks develop silent myocardial ischemia. The asymptomatic (silent) myocardial ischemia segment held the largest share in the market in 2018.
- Acute myocardial infarction: It is also commonly called a heart attack. Acute myocardial infarction is a life-threatening condition that occurs when blood flow to the heart muscle is abruptly cut off, causing tissue damage. It is the second-largest segment in the market by indication.
- Electrolyte imbalance and drug toxicity: This segment is the third-largest in the market.
By End User
- Hospitals and clinics: Hospitals and Clinics is the largest segment owing to the rising number of surgeries in hospitals globally.
- Ambulatory surgical centers: Holds the second largest segment and is the fastest in terms of growth rate due to the increase in portable medical devices and increase in patient awareness.
By Region
- Americas
- Europe
- Asia-Pacific
- Middle East & Africa
Regional Analysis
- Americas: Expected to be the largest market during the forecast period. Americas is the largest growing region due to the growing prevalence of cardiac diseases, high adoption rates of cardiac implantable electronic devices, presence of a well-established healthcare sector, and growing geriatric population in the region.
- Europe: The European market for implantable cardioverter defibrillator is expected to be the second-largest during the forecast period with the moderate growth rate. According to the European Cardiovascular Disease Statistics 2017, 45% of deaths in Europe is due to Cardiovascular Diseases (CVD).
- Asia-Pacific: The fastest-growing market. Asia-Pacific is the fastest-growing region due to changing regulatory scenario, growing healthcare expenditure, and increasing prevalence of cardiovascular diseases. According to the Asian Diabetes Prevention Initiative, 60% of the world’s diabetic patient lives in Asia. Such high incidences of diabetes that lead to cardiovascular diseases such as myocardial ischemia are likely to fuel market growth. The major players operating in the market are particularly focusing on mergers and acquisitions, which is expected to support market growth.
- Middle East & Africa: The Middle East and Africa market is expected to observe slow growth due to less exposure to healthcare services and stringent government rules and regulations.
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