Implantable Cardioverter Defibrillator Market - Forecast(2020 - 2025)

Report Code: HCR 0621 Report Format: PDF + Excel (Delivery in 48 Hrs)
Implantable Cardioverter Defibrillator (ICD) Market size is forecast to reach $7.92 billion by 2024, growing at a CAGR of 2.53% during the forecast period 2019-2024. Increasing prevalence of cardiac arrhythmias and technological advances such as the development of MRI safe ICDs are the factors driving the growth of the market. Rising number of training and awareness programs on defibrillators will further enhance the overall market demand of implantable cardioverter defibrillator during the forecast period. 
Key Takeaways
  • North America dominates the implantable cardioverter defibrillator market owing to increasing prevalence of cardiac diseases and favorable reimbursement policies.
  • The growing aging population for cardiovascular diseases and rising awareness about advantages of ICD Devices is likely to aid in the market growth of implantable cardioverter defibrillator market.
  • Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the implantable cardioverter defibrillator report.
  • High cost associated with the device and lack of skilled professionals will create hurdles for the implantable cardioverter defibrillator market.

Product Type - Segment Analysis

Cardiac Resynchronization Therapy Defibrillator (CRT-D) held the largest share in the implantable cardioverter defibrillator market in 2018 and will grow at a CAGR of 2.2% during the forecast period 2019-2024. This is mainly owing to the factors such as these devices are small in size and are easily placed under the collar bone to improve heart rhythm. These features has propelled the demand for CRT-D devices. Implantable cardioverter defibrillator treatment consists of defibrillation especially ventricular fibrillation. Ventricular tachycardia and atrial fibrillation are the general symptoms. However, Subcutaneous Implantable Cardioverter Defibrillators (S-ICDS) is estimated to be the fastest growing segment and will register a higher CAGR during the forecast period 2019-2024. This is mainly on account of their large size and greater battery capacity.

End Users - Segment Analysis

Hospitals holds a major share in the implantable cardioverter defibrillator market in 2018 and is estimated to grow at a CAGR of 3.6% during the forecast period 2019-2024. Hospitals are well equipped with ICD devices and automated ICDs. The support from the government policies for the adoption of ICD devices in the hospitals will help in the growth of this segment. Moreover, ambulatory surgical centers is estimated to be the fastest growing segment and will register a higher CAGR during the forecast period 2019-2024, owing to the rising cases of sudden cardiac arrest at out of hospital settings and increasing number of public access defibrillation programs across the globe.

Geography - Segment Analysis

North America dominated the implantable cardioverter defibrillator market with a share of more than 34.6%, followed by Europe. The growing prevalence of cardiac diseases is resulting in the high adoption of ICD devices. Rising awareness about advantages of ICD Devices and introduction of favorable reimbursement guidelines by the government will also help to foster the growth of market in this region. Increasing number of public defibrillation programs and availability of large number of healthcare professionals will help in the growth of the market in the Europe region

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is so because of the growing aging populations in countries such as Japan, China and increasing awareness among physicians and healthcare professionals about implantable cardioverter defibrillator. The increasing cases of cardiovascular diseases and improving research infrastructure along with rising disposable incomes will support the growth of the market in this region.

Drivers – Implantable Cardioverter Defibrillator Market  

  • Rising prevalence for cardiovascular disorders 
The growing pool of patients who are suffering from cardiovascular disease is one of the key factors augmenting the growth of implantable cardioverter defibrillator market. The rising prevalence of cardiac arrhythmias will increase the demand for cardiac implants, which will fuel the growth of the implantable cardioverter defibrillator (ICD) market during the forecast period. 

  • Technological Advancements in Defibrillators and Increasing training programs.
Rising technological advancements and the development of MRI safe ICDs, improvements in patient monitoring to avoid needless shocks, and the introduction of quadripolar lead devices have significantly improved the reliability and effectiveness of ICDs. Companies are introducing advanced features in ICDs to reduce the incidence of shocks. There are several training workshops for patients as well as for the surgeons regarding the implantable cardioverter defibrillator devices organized by various manufacturers of implantable cardioverter defibrillator devices which has also led to the increase in the awareness amongst the surgeon and the patients.

Challenges – Implantable Cardioverter Defibrillator Market 
  • High cost of devices & unfavorable reimbursement policies 
High cost associated with implantable cardioverter defibrillator in developing and under-developed countries has resulted in inadequate adoption in healthcare facilities. Lack of training or skilled professionals to operate and worries about its safety among different population groups may hamper the growth of the Implantable cardioverter defibrillator market over the forecast period. Unfavorable reimbursement policies in different regions of the world can also act as restrain to the market.

Implantable Cardioverter Defibrillator Industry Outlook:

Product launches, acquisitions and R&D activities are key strategies adopted by players in the Implantable Cardioverter Defibrillator industry. In 2018, the implantable cardioverter defibrillator share is consolidated by the top five players. Implantable Cardioverter Defibrillator top 10 companies present in the market are Boston Scientific Corporation, LivaNova PLC Company, Imricor Medical Systems, MicroPort Scientific Corporation, Mayo Clinic US, Medtronic plc, MRI Interventions, Inc., St. Jude Medical, Inc., among others. 

Acquisitions/Product Launches
  • In September, 2017, Boston Scientific Corp. launched the Resonate family of implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems featuring the HeartLogic Heart Failure Diagnostic to help physicians improve heart failure (HF) management.
  • In October 2019, Medtronic plc announced the start of a worldwide pivotal study evaluating its investigational Extravascular Implantable Cardioverter Defibrillator (EV ICD) system to treat dangerously fast heart rhythms.

1. Implantable Cardioverter Defibrillator - Market Overview
    1.1 Definitions and Scope
2. Implantable Cardioverter Defibrillator- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends
    2.2 Key Trends by Product Type 
    2.3 Key Trends by End Users
    2.4 Key Trends Segmented by Geography
3. Implantable Cardioverter Defibrillator– Industry Market Entry Scenario Premium
    3.1 Regulatory Framework Overview
    3.2 New Business and Ease of Doing business index
    3.3 Case studies of successful ventures
4. Implantable Cardioverter Defibrillator- Market Forces
    4.1 Market Drivers
    4.2 Market Constraints
    4.3 Market Opportunities
    4.4 Porters five force model
        4.4.1 Bargaining power of suppliers
        4.4.2 Bargaining powers of customers
        4.4.3 Threat of new entrants
        4.4.4 Rivalry among existing players
        4.4.5 Threat of substitutes 
5. Implantable Cardioverter Defibrillator Market – By Product Type (Market Size -$Billion)
    5.1 Subcutaneous Implantable Cardioverter Defibrillators
    5.2 Transvenous Implantable Cardioverter Defibrillators
    5.3 Cardiac Resynchronization Therapy Defibrillator
6. Implantable Cardioverter Defibrillator Market – By End Users (Market Size -$Billion)
    6.1 Hospitals
    6.2 Ambulatory Surgical Centers
    6.3 Others
7. Implantable Cardioverter Defibrillator Market -  By Geography (Market Size -$Million/$Billion)
    7.1 North America
        7.1.1 U.S
        7.1.2 Canada
        7.1.3 Mexico
    7.2 Europe
        7.2.1 UK
        7.2.2 Germany
        7.2.3 France
        7.2.4 Italy
        7.2.5 Spain
        7.2.6 Rest of Europe
    7.3 Asia-Pacific
        7.3.1 China
        7.3.2 Japan
        7.3.3 South Korea
        7.3.4 India
        7.3.5 Rest of APAC
    7.4 Rest of the World
        7.4.1 Middle East
        7.4.2 Africa
        7.4.3 South America
8. Implantable Cardioverter Defibrillator Market- Entropy
9. Implantable Cardioverter Defibrillator Market Company Analysis
    9.1 Market Share, Company Revenue, Products, M&A, Developments
    9.2 Company 1
    9.3 Company 2
    9.4 Company 3
    9.5 Company 4
    9.6 Company 5
    9.7 Company 6
    9.8 Company 7
    9.9 Company 8
    9.10 Company 9
    9.11 Company 10 and more
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