Michael Barbella, Managing Editor03.16.22
Industry experts are predicting significant growth for India's implantable cardioverter defibrillators (ICD) market over the next eight years.
Globaldata estimates the market to swell 11 percent annually through 2030 as sudden cardiac arrest, ventricular tachycardia, and ventricular arrhythmia become more prevalent among the world's aging population. Other growth drivers include improved diagnostics and increased availability of treatment.
“The market in India is mainly driven by an increase in risk factors and comorbidities such as hypertension, obesity, diabetes, and high blood cholesterol. These comorbidities have led to the growing prevalence of sudden cardiac death in the general population. As the healthcare infrastructure improves in India, the usage of ICD for treating sudden cardiac death is expected to increase significantly,” said Anusha Kaushik, a medical devices analyst at GlobalData.
GlobalData's report, "Implantable Cardioverter Defibrillators (Cardiovascular)—Global Market Analysis and Forecast Model (COVID-19 Market Impact)," reveals that Medtronic plc and Abbott Laboratories were the major players in the Indian implantable cardioverter defibrillators market, together accounting for more than 60 percent of the market last year.
Single chamber ICD devices accounted for around 60 percent of the Indian ICD market in 2021, as they involve short procedure time and fewer complications. Currently, dual chamber ICD is the fastest growing segment in this market. However, subcutaneous ICDs are expected to experience high demand in the future as they are less invasive.
“The ICD market in India started recovering at a slow rate in 2021 after suffering a negative impact in 2020. However, rise in COVID-19 cases along with concerns on new variants may have a negative impact on the market in the first half of 2022,” Kaushik said.
Globaldata estimates the market to swell 11 percent annually through 2030 as sudden cardiac arrest, ventricular tachycardia, and ventricular arrhythmia become more prevalent among the world's aging population. Other growth drivers include improved diagnostics and increased availability of treatment.
“The market in India is mainly driven by an increase in risk factors and comorbidities such as hypertension, obesity, diabetes, and high blood cholesterol. These comorbidities have led to the growing prevalence of sudden cardiac death in the general population. As the healthcare infrastructure improves in India, the usage of ICD for treating sudden cardiac death is expected to increase significantly,” said Anusha Kaushik, a medical devices analyst at GlobalData.
GlobalData's report, "Implantable Cardioverter Defibrillators (Cardiovascular)—Global Market Analysis and Forecast Model (COVID-19 Market Impact)," reveals that Medtronic plc and Abbott Laboratories were the major players in the Indian implantable cardioverter defibrillators market, together accounting for more than 60 percent of the market last year.
Single chamber ICD devices accounted for around 60 percent of the Indian ICD market in 2021, as they involve short procedure time and fewer complications. Currently, dual chamber ICD is the fastest growing segment in this market. However, subcutaneous ICDs are expected to experience high demand in the future as they are less invasive.
“The ICD market in India started recovering at a slow rate in 2021 after suffering a negative impact in 2020. However, rise in COVID-19 cases along with concerns on new variants may have a negative impact on the market in the first half of 2022,” Kaushik said.