MRI Safe Implantable Defibrillator Devices Market size in terms of volume and value 2017-2027

MRI Safe Implantable Defibrillator Devices Market: Overview

Cardiac defibrillator which were invented to deliver shock in order to control the abnormal heartbeat rhythms were proved to be a valuable device as it can prevent sudden death. MRI which is one of the most important diagnosis test for various problems like neurology, orthopedics, and cardiology found it difficult to test a person implanted with defibrillator as it can cause harm to it, even damaging the myocardium, thus the invention of MRI safe implantable defibrillator devices gained popularity with the healthcare sector with no time. Flexibility of this defibrillator during MRI test, is the leading factor that is making the people implanted with conventional defibrillator shift to MRI safe implantable defibrillator devices market, as there are certain risk associated with the former during a MRI test.

Factors such as increase in geriatric population, rise in cardiac diseases and product advancement are promoting the growth of MRI safe implantable defibrillator devices. Increase in awareness among patient about their safety and various marketing campaigns by various manufacturers are contributing to the growth of the demand. However, the price tag of these devices is expected to deter the growth of the market during the forecast period. Apart from the price tag, absence of skilled professionals in emerging countries is also anticipated to pull down the market growth.

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Cardiac defibrillator is a battery powered pulse generator used to correct the abnormal heart rhythms by delivering an electric shock. It is very valuable device in preventing sudden deaths. For several years in the past, MRI was not allowed in patients having implanted devices such as cardiac defibrillator or pacemakers as it may alter pacing properties or even damage myocardium, thus might be raising concerns for clinicians. As, MRI is one of the most useful diagnostic test for patients with various medical problems including cardiology, neurology, orthopaedics etc., therefore the development of MRI safe implantable defibrillator devices helps in solving the problem of risks associated with MRI scans. Several research in the area proves that nearly two-third of patients implanted with a defibrillator needed an MRI diagnosis within four years of implantation, thereby generating the need of MRI safe implantable defibrillator devices.

The MRI safe implantable defibrillator devices are available as single chambered or dual chambered. These devices are either recognized as MR conditional or MR safe devices. They contain specific hardware and software components specifically tested and officially verified for use under magnetic resonance environment.

MRI Safe Implantable Defibrillator Devices Market: Drivers & Restraints

Several product advancements, rising geriatric population, increase in cardiac diseases and number of eligible population are some of the factors supporting the market growth of MRI safe implantable defibrillator devices. Furthermore, rising evidence about safety of these systems and effective marketing campaigns by various manufacturers supports the market growth of MRI safe implantable defibrillator devices. However, high product pricing and stringent regulatory issues for product approval lowers its market growth over the forecast period. Reimbursement issues, lack of skilled professionals in several countries are also limiting the market progress.

MRI Safe Implantable Defibrillator Devices Market: Overview

There are very few companies involved in the manufacturing of devices with MRI compatibility. The products are launched in the market only few years back. Medtronic announced the CE Mark and European launch of first MRI safe implantable defibrillator devices to allow for full-body MRI Scans in April 2014. USFDA has also approved the first MRI compatible ICD manufactured by Medtronic recently in September 2015. Despite the launch of MRI safe implantable defibrillator devices, most of the population is still present with the non-MRI compatible devices. Companies in this direction are investing on research and development activities for advancement in these device types to improve therapy outcomes and manufacturing of low cost MRI safe implantable defibrillator devices. Top 3 companies in this market represent most of the market share globally for these MRI safe implantable defibrillator devices due to their strong presence, product approvals, brand strength and lack of competitors.

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MRI Safe Implantable Defibrillator Devices Market: Region-wise Outlook

Geographically, North America leads the market for MRI Safe Implantable Defibrillator Devices services owing to the advanced healthcare facilities, high number of implants in the region as well as good reimbursement scenario. This is followed by the Western Europe countries due to easy approval of these devices by CE than by USFDA. Good adoption rate of MRI safe implantable defibrillator devices in the region promotes the growth. APEJ represents a significant growth opportunity for the MRI Safe Implantable Defibrillator devices over the forecast period owing to the rise in cardiac diseases, increase in healthcare spending and rising medical tourism. Japan also represents a substantial market share over the forecast period owing to the high number of geriatric population as well as available government support for medical facilities. Eastern Europe does not represent a significant market share due to less adoption rate of these devices. Latin America followed by Middle East & Africa represents the least market share as well as growth rate in the MRI Safe Implantable Defibrillator devices over the forecast period but represents a significant market opportunity for the market players because of the number of eligible population in these regions.

MRI Safe Implantable Defibrillator Devices Market Treatment Market: Key Players

Some of the players in the MRI Safe Implantable Defibrillator Devices market includes Medtronic, Boston Scientific Corporation, Abbott, Microport, Biotronik etc.

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