Implantable Cardioverter Defibrillator (ICD) Market Overview
According to Market Research Future (MRFR), the global implantable cardioverter defibrillator (ICD) market is expected to garner a valuation of 10,425.96 MN by 2025. MRFR also states that in 2018, the global ICD market value had reached USD 6,952.2 MN, which would appreciate further at 5.96%CAGR over the review period (2019-2025). Growing awareness about the benefits that ICDs provide in the treatment of heat-related diseases & disorders is major tailwinds pushing the market growth.
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Implantable Cardioverter Defibrillator (ICD) Market – Segments
The report is segmented into four dynamics by product, indication, and end user.
By Product: Regular ICD, Cardiac Resynchronization Therapy Defibrillators (CRT-D), Subcutaneous-ICD (S-ICD), and others.
By Indication: Myocardial Ischemia, Acute Myocardial Infarction, Electrolyte Imbalance, Drug Toxicity, and others.
By End User: Ambulatory Surgical Centers, Hospitals & Clinics, and others.
Implantable Cardioverter Defibrillator (ICD) Market – Regional Analysis
North America dominates the global implantable cardioverter defibrillator (ICD) market. The largest market share attributes to the high adoption rates of cardiac implantable electronic devices in the treatment of prevailing cardiac diseases.
Europe stands second in the global implantable cardioverter defibrillator market. The market growth is majorly driven by the rapidly growing prevalence of cardiac diseases. According to the European Cardiovascular Disease Statistics, in 2017, around 45% of deaths occurred in Europe were due to Cardiovascular Diseases (CVD).
The Asia Pacific implantable cardioverter defibrillator market is projected to grow rapidly. Factors such as the changing regulatory scenario, rising healthcare expenditures, and increasing prevalence of cardiovascular diseases drive the regional market growth.
Implantable Cardioverter Defibrillator Market – Competitive Landscape
Highly competitive, the ICD market appears fragmented, due to the presence of several major players. The extensive fragmentation is resulting in higher price competition and a fall in profit margin. Hence, to remain at the front of the competition, players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/ technology launch. However, the market is commoditized, and there exists little room for differentiation strategies.
Implantable Cardioverter Defibrillator (ICD) Market Major Players:
Players leading the global ICD market include Abbott Laboratories (US), BIOTRONIK (Germany), Boston Scientific Corporation (US), Medtronic (Ireland), MicroPort Scientific Corporation (China), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), Progetti Srl (Italy), Fukuda Denshi Co., Ltd (Japan), Getinge (Sweden), and ZOLL Medical Corporation (US), among others.