Implantable Cardioverter Defibrillator By EMERGEN RESEARCH

Implantable cardioverter defibrillator is a small battery powered device placed on an individual’s chest to monitor heart rhythm and detect abnormal heartbeats. The device can deliver electric shocks via wires to fix heart arrhythmias. Rising prevalence of cardiovascular diseases and increase in global geriatric population are factors fueling growth of the market to a significant extent. Emergence of MRI-compatible implantable cardioverter defibrillator is also expected to contribute to market revenue growth. Upsurge in adoption of subcutaneous ICDs due to various benefits is also expected to fuel market revenue growth.

Large number of healthcare facilities are rapidly adopting advanced technologies into their patient monitoring programs. Latest generation of ICDs are compatible with automated, web-based, remote monitoring systems. Integration of Machine Learning (ML) and Artificial Intelligence (AI) with these technologies is expected to continue to support revenue growth of the market. However, high cost of ICDs and low awareness regarding the benefits of these devices is expected to restrain market revenue growth to some extent. Risk of device malfunction is also a factor expected to hamper growth of the market.

Implantable Cardioverter Defibrillator (ICD) market size is expected to reach USD 8.81 Billion at a steady CAGR of 2.7% in 2028, according to latest analysis by Emergen Research. The market for implantable cardioverter defibrillators is growing due to an increase in prevalence of cardiac diseases. Surge in risk factors such as obesity and rise in sedentary lifestyle are other key factors driving the growth of ICD market.

The COVID-19 pandemic adversely affected the economy in 2020 and presented various challenges to clinical healthcare providers and patients across the globe. Logistical issues, managing patients with the disease, prioritizing patients with comorbidities & pre-existing conditions, and further protecting the public & hospital frontline workers from COVID-19 are major challenges healthcare systems face across the globe.

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The pandemic has also impacted the buying capacity of hospitals, especially small-scale hospitals, resulting in canceled or postponed supply deals, which has impacted the overall revenue of all the major players in the defibrillators market. Also, due to lockdowns, many people lost their jobs and livelihood, which, in turn, affected the buying pattern of patients considerably.

The industry progression is being further driven by the ongoing technological advancements and novel product developments in the business space. For instance, Abbott had in 2020 declared receiving an FDA nod for its next-gen Gallant ICD and cardiac resynchronization therapy defibrillator devices. As per company officials, the devices offer Bluetooth technology and new patient smartphone application for enhanced remote monitoring.

Factors like lack of awareness regarding the advantages of implantable defibrillators, unfavorable reimbursement policies and norms, and high cost of these defibrillators are expected to negatively influence the overall market growth during the forecast timeframe.

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Major companies operating in the market include Boston Scientific Corporation, Abbott Laboratories, Biotronik, Medtronic PLC, LivaNova PLC, MicroPort, Sorin Group, Koninklijke Philips N.V., Fukuda Denshi Co. Ltd., and Physio-Control, Inc.

Emergen Research has segmented the global implantable cardioverter defibrillator market on the basis of product type, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2018–2028)
• Transvenous ICD
• Single Chamber ICD
• Dual Chamber ICD
• CRT-D (cardiac resynchronization therapy-defibrillator)
• Subcutaneous ICD
• End-use Channel Outlook (Revenue, USD Billion; 2018–2028)
• Hospitals & Clinics
• Ambulatory Surgery Centers
• Others