Subcutaneous Implantable Defibrillator System Market Opportunities, Size, Share, And Forecasts To 2028
Research Nester published a report titled “Subcutaneous Implantable
Defibrillator System Market: Global Demand Analysis & Opportunity Outlook
2028” which delivers a detailed overview of the global
subcutaneous implantable defibrillator system market in terms of market
segmentation by product type, end user, and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
Subcutaneous
implantable defibrillator (S-ICD) systems are a type of
defibrillator which provides protection against sudden cardiac arrest. These
systems function by leaving the heart and vasculature untouched. The Food and
Drug Administration (FDA) of the United States approved the first entirely
subcutaneous implantable defibrillator in the year 2012. S-ICD system uses a
pulse generator which is known to deliver life-saving therapy. The global
subcutaneous implantable defibrillator system market is anticipated to register
a significant CAGR over the forecast period, i.e., 2021-2028. This growth can
be attributed to the increasing cases of cardiovascular diseases worldwide.
Additionally, factors such as increasing geriatric population, sedentary
lifestyle of people, increasing alcohol consumption, smoking, and others, which
contribute to different types of cardiovascular disorders, is further
anticipated to contribute to the growth of the global subcutaneous implantable
defibrillator system market in the coming years. The World Health Organization
(WHO), in one of its statistics stated that, globally, cardiovascular diseases
are the primary cause of death which takes about 17.9 million lives each year.
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The
global S-ICD market is segmented by end user into hospitals, clinics, cardiac
catheterization laboratory, ambulatory surgical centers, and others, out of
which, the hospitals segment is estimated to account for the largest market
share over the forecast period. This growth can be attributed to the serious
complications such as increased heart-beat, shortness of breath, heart
palpitations, chest pain, and others associated with various cardiovascular
disorders including arrhythmias, congenital heart disease, heart attack, and
others.
In
Q4 2021, USA current-account deficit widened stood at $224.8 billion. However,
in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to
the gap. Export of good and services increased by $25.7 billion to reach $1.03
trillion in the first quarter of 2022. However, goods and services deficit was
$79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised-
reflecting some sight of relief. On the other hand, annual inflation rate in
the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the
cost of logistic and some signs to disrupt supply chain whilst electricity cost
upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022,
existing US home sales declined 5.9% to 4.81 million (seasonally adjusted
annual rate), the lowest since May of 2020 and below market expectations of
4.89 million. As mortgage rate touches to peak 6%, sales for houses declined
for a sixth consecutive month. Global energy crises to remain at focal point,
pushing consumers to spend less on the products and services and save more.
On
the other hand, the worst is expected to be seen in the European countries
especially during 2022 winters. The energy and gas crises has already started
grappling the region where in many Western European countries including Germany
is looking for coal fired solutions to tackle the gas supply shortage, created
by Russian-Ukraine conflict.
Amidst
global concerns, market players have started looking for safe investments by
holding on to the new technology and product launches. Factors like currency
translation, disruption in global supply chain, Anti-China sentiments brewing
across the globe, slowdown in Chinese economy, inflated products prices, USD
getting stronger every week, decreasing purchasing power and strict measures
taken by central banks/institutions across the world to ensure less spending
and more saving, could hit the demand for the product and service badly in near
future.
Healthcare Companies and
Private Service Providers to have a minimal damage Caused by Inflation:
As
US govt. remains committed to quality by spending more in the Medicaid and
Medicare programs, incentives by govt. to medical devices, pharma companies and
biotech to benefit the market players in short and long term goals. In 2021,
U.S. spent $12,318/person on healthcare- highest amongst all OECD countries
followed by Germany at $7,383. The federal government commitment towards
healthcare systems to enable market players expanding their revenues and
mitigating the risk posed by the inflation.
Regionally,
the subcutaneous implantable defibrillator system market is segmented into five
major regions including North America, Europe, Asia Pacific, Latin America, and
the Middle East & Africa region. Among these regions, the market in North
America is predicted to hold the leading share in S-ICD market on account of
the availability of advanced treatment options, rising geriatric population,
and the initiatives taken by the government to spread awareness regarding
cardiovascular diseases. For instance, the government of the United States had
taken an initiative taken known as, Million Hearts 2022, which began in 2017
with the goal to prevent 1 million heart attacks and strokes by 2022.
Increasing Concern for the
Rising Number of Cardiovascular Disorders and the Benefits of S-ICD Over
Traditional ICD to Propel the Market Growth
In the other statistics of the
WHO, around three quarters of deaths which are caused owing to cardiovascular
disorders, take place in low and middle-income countries.
Various
cardiovascular disorders including coronary artery disease, heart attack,
arrhythmias, and others are the primary cause of deaths globally. The WHO
stated that around 80% of the CVD deaths are caused due to heart attack and
strokes. The incidents of cardiovascular diseases are increasing at a
significant rate, which is anticipated to create growth opportunities for the
global S-ICD system market over the coming years.
On
the other hand, S-ICD has numerous advantages over a traditional ICD. In S-ICD,
the wires, which run from the device to the heart are implanted under the skin
instead of the veins. Moreover, severe complications associated with
transvenous leads such as infection in the bloodstream and the process of
replacing or removing the leads in the heart can be avoided by using S-ICD.
Such factors are anticipated to drive the growth of the global subcutaneous
implantable defibrillator (S-ICD) system market over the forecast period.
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However,
concerns regarding the affordability for the high deployment and maintenance
cost of S-ICD is anticipated to act as a challenging factor towards the growth
of the global subcutaneous implantable defibrillator (S-ICD) system market over
the forecast period.
This
report also provides the existing competitive scenario of some of the key
players of the global subcutaneous implantable defibrillator system market
which includes company profiling of Boston Scientific Corporation (NYSE: BSX)
and Medtronic (NYSE: MDT). The profiling enfolds key information of the companies
which encompasses business overview, products and services, key financials, and
recent news and developments. On the whole, the report depicts a detailed
overview of the global subcutaneous implantable defibrillator system market
that will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market-centric strategies accordingly to the
ongoing and expected trends in the future.
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