Cardiac Implants Market Trends

Growth Drivers

• Recent Surge in Heart Diseases – People nowadays are being diagnosed with various lifestyle disorders such as anxiety, hypertension, panic, stress, and others. As a result of the growth of such diseases, the occurrence of heart disease is estimated to also increase. As a result, the demand for cardiac implants is also attributed to growing considerably in recent years. The Centers for Disease Control and Prevention (CDC) stated that in the United States every second, one person dies owing to heart disease, Also, it was estimated that about 697,000 people Americans died from heart disease which is equivalent to 1 in every 5 deaths in 2020.
• Growing Prevalence of Heart Attacks Among the Global Population – As the global population is engaged in a fast-paced world, there has been significant growth in incidences of stress and panic. As a result, the number of heart attacks has grown considerably which in turn has brought in the demand for cardiac implants for proper treatment of patients with timely diagnosis and enhanced patient experience. As per the data released by the Centers for Disease Control and Prevention (CDC), it has been calculated that approximately 805,000 people in the United States have a heart attack every year. Out of these, around 605,000 cases are considered to be the first heart attack and roughly 200,000 people already had a heart attack before in United States.
• The Surge in Heart-Related Disorders – The growing consumption of alcohol, cigarettes, junk, processed food, and unhealthy diets has led to an increase in heart-related diseases in the world population. Thus, with an escalation in heart-related disorders, the utilization rate of cardiac implants is also estimated to grow as a result of the need for immediate diagnosis and treatment. According to recent estimates of 2019, coronary heart disease is known as the most common type of heart disease, with around 110 million men and 80 million women being diagnosed around the world and killing almost 9 million people each year.
• Escalation in Lifestyle Disorders – Recent estimates of 2019 calculated that hypertension is responsible for almost 10 million deaths across the globe each year. Whereas, the World Health Organization (WHO) stated that the prevalence of obesity tripled between 1975 and 2016 reaching 1.9 billion overweight and 650 million obese people worldwide in 2016.
• High Focus on Health and Fitness – As per the statistics revealed by the World Bank, the global healthcare expenditure was calculated to be 9.83% of total GDP, an increase from 9.7% from the previous year.

Challenges

• High Cost Associated with Cardiac Implants – Cardiac implants are highly technologically developed medical equipment that requires specialized hands for proper functioning. As a result, the cost of cardiac implants and the procedures associated with them is high. Therefore, the population with middle income is expected to not opt for cardiac implants easily, thus, lowering the adoption rate and hampering market growth in the forecast period.
• Rising Complications Regarding Complex Designs of Cardiac Implants
• The Risks of Implantable Pacemakers