Implantable Cardioverter Defibrillator Market Size, Share & Trends Analysis Report By Product Type (Transvenous Implantable Cardioverter-Defibrillators), By Type, By NYHA Class, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global implantable cardioverter defibrillator market size was estimated at USD 3.6 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2030. The implantable cardioverter defibrillator (ICD) is an electronic medical device used to monitor and regulate heart rhythms in individuals with a risk of life-threatening arrhythmias such as ventricular tachycardia and ventricular fibrillation. Factors driving the market growth include technological advancements, increasing incidence of sudden cardiac arrest, growing public awareness, and supportive policies by governments and healthcare organizations. The market also benefits from the innovation efforts of emerging players, for instance, in July 2022, MicroPort Scientific Corporation received a CE mark for its INVICTA line of defibrillation leads. With the rising prevalence of cardiovascular diseases, the demand for advanced cardiac care solutions, including ICDs, is expected to grow, offering opportunities for expansion and advancements in the healthcare sector.

The COVID-19 pandemic had a negative impact on the market. During the first quarter of 2020, various countries, such as the U.S., halted different forms of elective surgeries and the use of beds to cater to COVID-19 patients. In addition, various supply chain disruptions were witnessed across regions. For instance, in 2020, MicroPort Scientific Corporation reported a decrease in revenue by 18.24% compared to 2019. Similar trends were recorded by other players in the market. During the pandemic, companies and governments implemented various corrective measures, including policy and monetary stimulus, easing of restrictions, and strategic initiatives to support economies and businesses. Abbott's launch of COVID-19 tests enabled the company to navigate the challenging business environment and offset revenue losses in segments like cardiovascular management. Telehealth gained significant traction, particularly in cardiology, as a means to remotely monitor and manage patients with arrhythmias, reducing exposure risks.

The demand for cardiac resynchronization therapy devices (CRT-Ds) is expected to rise due to the increasing prevalence of cardiac disorders and associated risk factors, making sudden cardiac arrest (SCA) deaths a significant cause of mortality. Heart failure, a leading cause of death globally, further contributes to the need for CRT-Ds. The rising prevalence of SCA has led to a growing demand for defibrillators, as survival rates remain low, especially in out-of-hospital cases. ICDs are essential for patients with abnormal heart rhythms, with a higher prevalence among older adults, particularly those with coronary artery disease (CAD). Technological advancements and product developments, such as Medtronic's Epsila EV MRI SureScan and Aurora Extravascular (EV)-ICD MRI SureScan, offer promising solutions, with reduced complications and improved placement techniques.

Product Type Insights

In terms of product type, the ICD market is classified into transvenous implantable cardioverter-defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillators segments. The T-ICDs segment dominated the market in 2022 with a revenue share of 89.94%. The dominant share can be attributed to T-ICDs offering valuable advantages in managing life-threatening ventricular arrhythmias and reducing procedural complications and medical costs associated with invasive surgeries. They address the needs of patients with ventricular fibrillation (VF) and ventricular tachycardia (VT) through features like cardiac resynchronization therapy (CRT), permanent pacing, and anti-tachycardia pacing.

The subcutaneous implantable cardioverter defibrillators (S-ICDs) segment is anticipated to witness the fastest CAGR of 7.5% during the forecast period. This can be attributed to their effectiveness in treating ventricular heart disease and reducing the risk of SCA. S-ICDs offer advantages over traditional T-ICDs by minimizing complications and perioperative issues. They are particularly beneficial for patients with complex anatomies or those who cannot undergo endovascular lead implantation. Clinical trials have demonstrated lower rates of major lead-related complications with S-ICDs, positioning them as an attractive alternative for patients, including young individuals with increased mortality rates post-COVID-19.

Type Insights

Based on type, the implantable cardioverter defibrillator (ICD) market is classified into single-chamber ICDs, dual-chamber ICDs, and biventricular devices segments. The biventricular devices segment dominated the market in 2022 with a revenue share of 44.6%. Factors such as the growing prevalence of sudden cardiac deaths and its function as a pacemaker and a defibrillator are expected to drive the demand for CRT-D devices. The ability to timely report adverse conditions, coupled with the advanced performance of pacing activity, is limiting the mortality rates. On the other hand, key players are focusing on improving these devices. For instance, in March 2019, Biotronik launched the world’s smallest CRT-D and ICD devices in the Europe market. These devices were approved for 3.0 Tesla full-body MRI scans. Furthermore, technological developments in this segment, such as MRI compatibility, Bluetooth capability, and quadripolar leads, can boost the adoption.For instance, in July 2020, Abbott announced FDA approval for its next-generation Bluetooth-enabled CRT-D and ICD devices.

The dual chamber ICDs are anticipated to witness the fastest CAGR of 7.1% during the forecast period. Due to its indication for patients who require an ICD and cardiac pacing for atrioventricular node and/or sinus node conduction disorders, either due to antiarrhythmic therapy or intrinsic etiology among patients, the market for dual chamber ICDs is anticipated to rise. In addition, according to a 2022 American Medical Association publication, patients with ischemic cardiomyopathy, hypertension, and cerebrovascular illness were more likely to use dual-chamber ICDs.

NYHA Class Insights

In terms of NYHA Class, the ICD market is classified into NYHA Class II and NYHA Class III segments. The NYHA Class II segment dominated the market in 2022 with a revenue share of 67.57% and is estimated to grow at the fastest CAGR of 6.6% during the forecast period. The growth of the segment is due to its relevance and effectiveness in treating individuals with NYHA Class II heart failure. NYHA Class II patients experience mild symptoms and limitations during physical activity, making them suitable candidates for ICD devices. The higher proportion of sudden cardiac deaths (SCD) in this class increases the demand for ICDs as a preventive measure. The advantages of S-ICDs, such as minimizing complications and offering a minimally invasive alternative, further contribute to their dominance in the market.

End-use Insights

In terms of end-use, the ICD market is classified into hospitals, ambulatory surgical centers, and others segments. The hospitals segment dominated the market in 2022 with a revenue share of 86.55% and it is estimated to grow at the fastest CAGR of 6.5% during the forecast period. The growth of the segment is due to several factors, firstly, hospitals provide superior care to patients, making them a preferred choice for medical procedures. With the projected increase in cardiovascular disease cases, hospitals are expected to witness lucrative growth in the implantation of defibrillators. The presence of skilled cardiologists and well-equipped facilities in hospitals contribute to the dominance of this segment. In addition, the availability of proper reimbursement facilities and ease of access to treatment attract a growing number of patients to hospitals. The variation in types of implantations observed in different hospitals further highlights the significance of the hospitals segment in the market.

The ambulatory surgical center (ASC) is anticipated to grow at a significant rate during the forecast period. It is owing to the changing regulatory guidelines, reimbursement scenario, and growing government focus on improving patient care in developed countries, which allows for efficient care and low-cost treatment options in the ASC.

Regional Insights

North America dominated the global market in 2022 with a revenue share of 41.7%. North America has a well-developed, advanced healthcare infrastructure, including hospitals, clinics, and medical facilities. Furthermore, the region also experiences a high prevalence of cardiovascular diseases (CVD), including hypertension, which necessitates the use of ICDs. The presence of key market players like Medtronic, Abbott, and Boston Scientific Corporation further strengthens the market, with Medtronic's introduction of extravascular ICDs (EV-ICDs) offering promising opportunities. The clinical efficacy of EV-ICDs in treating ventricular arrhythmias and tachycardia compared to traditional T-ICDs and S-ICDs contributes to the market's growth potential.

However, Asia Pacific is anticipated to witness the fastest CAGR of 8.5% over the forecast period. The growth is due to the high prevalence of cardiovascular diseases (CVD) in countries like China, India, and Japan, which contributes to the increasing demand for cardiology medical devices, including ICDs, for diagnosis and treatment. The substantial burden of CVD and related mortalities highlights the need for advanced technologies in this region. Furthermore, companies in China, India, and Japan are actively developing and introducing innovative solutions to address the healthcare burden, driving the growth of the regional market.

Key Companies & Market Share Insights

Market players are introducing advanced products at affordable prices to increase their market share. Key players are implementing strategic initiatives, such as mergers, acquisitions, and collaborations, to maximize their market dominance. For instance, in June 2023, Biotronik SE & Co. KG partnered with Royal Philips to expand the latter’s access to cardiovascular devices. Philips SymphonySuite is the primary entity solution that is available for cardiovascular care in ASCs & office-based labs. Some prominent players in the global implantable cardioverter defibrillator market include:

• Abbott

• Medtronic

• Biotronik SE & Co. KG

• Boston Scientific Corporation

• MicroPort Scientific Corporation.

• LivaNova PLC

Implantable Cardioverter Defibrillator Market Report Scope

Global Implantable Cardioverter Defibrillator Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global implantable cardioverter defibrillator market report based on product type, type, NYHA Class, end-use, and region:

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Transvenous Implantable Cardioverter Defibrillators

  • Subcutaneous Implantable Cardioverter Defibrillators

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Single Chamber ICDs

  • Dual Chamber ICDs

  • Biventricular Devices

• NYHA Class Outlook (Revenue, USD Million, 2018 - 2030)

  • NYHA Class II

  • NYHA Class III

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

  • U.S.

  • Canada

  • Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Thailand

  • South Korea

  • Latin America

  • Brazil

  • Mexico

  • Argentina

  • Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

  • Kuwait