GlobalData: ICD market to reach $4.3B by 2028
The implantable cardioverter defibrillator (ICD) market is projected to grow to $4.3 billion by 2028, with compound annual growth of 4.1 percent, according to a new report from GlobalData.
The data and analytics company expects the Asia Pacific region to have particularly fast growth, with a projected compound annual growth rate of 5 percent between 2018 and 2028. Growth is projected in the North American and European markets as well, according to GlobalData.
“The main driver behind this market is the increasing population at risk of sudden cardiac arrest and the advanced technology over traditional pacemakers,” Sheryl Tang, a medical devices analyst at the company, said in a press release. “ICDs can be programmed as both a defibrillator and pacemaker, and provide better patient outcomes, particularly for patients who are at high-risk for sudden cardiac arrest.”
Tang said the growth of the ICD market should be “relatively stable,” with the development of subcutaneous and leadless ICDs driving some of the increase. Those devices, which are designed to reduce complications related to transvenous leads, are expected to grow at an annual rate of 10 percent, the report stated.
Boston Scientific’s Emblem device is the only subcutaneous ICD that’s commercially available, but Tang said “many companies will be looking to enter this market in the near future.”
Medtronic is also developing an extravascular ICD, which is placed under the sternum outside of the heart and veins. In a feasibility study in which the device was temporarily placed in 79 patients, investigators showed it could offer the same pacing and defibrillation therapy of conventional ICDs. Back in May, a Medtronic executive said a longer-term, in-human study of the technology was the next step in its pathway to approval.
Daniel joined TriMed’s Chicago editorial team in 2017 as a Cardiovascular Business writer. He previously worked as a writer for daily newspapers in North Dakota and Indiana.