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Heart Implants Market Report
Heart Implants Market, By Device (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve, Others), By Application (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infarction, Congestive Heart Failure, Others), By End User ...
Impact of COVID-19 on Heart Implants Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Heart Implants Market is estimated to grow from USD 36.8 billion in 2020 to USD 71.6 billion by 2026 at a healthy CAGR of 11.9% during the forecast period.
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Cardiac Implants are devices that can monitor the normal functions of the heart, detect fluctuations, and provide information about the heart. These implants are implanted in the heart to know the information about the heart. Moreover, the cardiac monitoring device implants can be primarily used in the treatment of heart diseases such as myocardial ischemia, arrhythmias, and acute myocardial infarction, among others.
Key players operating in the heart implants market are-
The growing incidence of cardiovascular disease is one of the major factors intensifying the growth and demand of the heart implants market in the coming years. Rapid growth in technology, increasing awareness about health care in people, and rising geriatric population, further augments the market growth. With favorable reimbursement policies by the government agencies, these devices are increasingly adopted by healthcare professionals which further boosts the product demand in the coming years.
Based on application, the market has been classified into arrhythmias, myocardial ischemia, acute myocardial infarction, congestive heart failure, and others. The arrhythmias segment accounted for a substantial market share in 2020. Growing incidences of Cardiovascular Diseases (CVDs), increasing cost of cardiac disease management, favorable government policies; and excessive alcohol consumption, smoking, lifestyle disorders, and obesity are contributing to the prevalence of cardiac arrhythmia, further bolstering the segment growth.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to the strong presence of well-developed healthcare infrastructure, increasing investment in R&D activities, the strong prevalence of cardiovascular diseases, higher adoption of these technologies, and favorable government initiatives. Moreover, the favorable reimbursement policies, high rate of R&D activities, easy availability of advanced technology, and enhanced patient knowledge within the region, further proliferates the regional growth.
The COVID-19 outbreak positively influenced the growth of the heart implants market. Rising cases of coronavirus across the globe put a heavy strain on the healthcare sector. Rise in heart patients and cardiovascular diseases and as they are highly prone to get infected by COVID-19, there is strong growth of heart implants during the pandemic.
Here is the list of the group of customers that the Heart Implants Market hopes to have the greatest opportunity to convert-
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The heart implants market is expected to witness an impressive growth of 11.9% CAGR in the coming years.
Medtronic, Inc. (US), Boston Scientific Corporation (US), Abbott Vascular Inc. (US), Edwards Life-sciences Corporation (US), St. Jude Medical, Inc. (US), Thoratec Corporation (US), and Syn-Cardia Systems, Inc. (US) are among the key players in the heart implants market.
The heart implants market size is expected to reach USD 71.6 billion in the foreseeable future.
The arrhythmias segment accounted for a substantial share in the heart implants market in 2020.
North America is expected to remain dominant in the heart implants market in the next five years.
Heart Implants distributors, Heart Implants suppliers, Heart Implants manufacturers, Hospitals, Government bodies are the target audience in the heart implants market.
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