DECEMBER 20249DEMAND FOR MINIMALLY INVASIVE PROCEDURES BOOSTS SALE OF CARDIAC IMPLANTSINDIAN JET FUEL IMPORTS SURGE OWING TO ITS REFINING FLEXIBILITYThe implantable cardiac devices market has demonstrated robust growth in recent years and is poised for continued expansion. The market size increased from $11.36 billion in 2023 to an estimated $12.34 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.7 percent. This growth in the historic period is primarily driven by advances in medical technology, a rising prevalence of cardiovascular diseases, an aging population, and improvements in device reliability and longevity. Increased awareness and early diagnosis of heart conditions have further supported market growth.Looking ahead, the market is projected to grow to $17.31 billion by 2028, at a slightly higher CAGR of 8.8 percent. Key drivers during this forecast period include technological advancements in device functionality, the rising demand for minimally invasive procedures, and increased healthcare spending, especially in emerging markets. The expansion of healthcare infrastructure and an aging global population also contribute to this positive outlook.Emerging TrendsThe forecast period highlights several trends shaping the market: · Integration of digital health and remote monitoring for better patient management. · Development of next-generation implantable devices with enhanced features. · Growth in personalized and patient-specific cardiac solutions. · Focus on cost-effectiveness and value-based healthcare. · Increasing emphasis on preventive cardiology and early intervention.Impact of Rising Cardiovascular Diseases The increasing prevalence of cardiovascular diseases is a major factor propelling market growth. Contributing factors include: · Poor diets and sedentary lifestyles. · Obesity, diabetes, and hypertension. · Aging populations and rising stress levels. Implantable cardiac devices, such as those for managing heart failure, arrhythmias, and coronary artery disease, address these rising challenges. For example, the Singapore Heart Foundation (SHF) reported that ischemic heart disease caused 5,302 deaths in 2024, up slightly from 5,290 in 2022. Such statistics highlight the growing need for innovative solutions and investments in cardiac device development to enhance treatment outcomes for the expanding patient population. The influx of Indian fuel coincides with the recovery of regional refinery operations after maintenance, which could weigh on spot premiums as buyers adjust to the increased supply. Additionally, some Asian cargoes are being diverted to the U.S. West Coast, where refinery outages have created profitable arbitrage opportunities for traders. One trader alone is sending 450,000 barrels to the U.S. this month.Asia's jet fuel imports from India are poised to reach multi-year highs in November, driven by peak winter demand and reduced exports from China due to refinery outages. Shiptracking data and industry sources indicate that Indian aviation fuel exports to hubs like Singapore, Hong Kong, and Malaysia will total approximately 2.7 million barrels, marking a 40percent increase from October and the highest level since 2017.One major factor is the flexibility of Indian refineries, which have been processing cheap Russian crude since 2022. This allows them to shift exports between Europe and Asia based on arbitrage opportunities. The recent closure of the arbitrage window to Europe has prompted Indian barrels to flow toward Asian markets.Supply tightness in Asia has also created a favourable environment for Indian exports. Seasonal kerosene stockpiling in Japan and refinery outages in Malaysia over recent months have tightened regional supplies. These dynamics have enabled Indian refiners to fill the gap, with Singapore receiving more than 50percent of these shipments. Meanwhile, Malaysia's jet fuel exports have fallen to multi-year lows of 150,000 barrels, and Japan's imports of jet fuel and kerosene are expected to hit a nine-month high of 1.34 million barrels.Domestically, weaker-than-expected aviation fuel demand in India has left refiners with surplus stock. According to LSEG Oil Research, September consumption levels in India were still 16percent below pre-pandemic levels, which has supported the increased focus on exports. The combination of regional demand dynamics and India's export capacity has firmly positioned the country as a key supplier in the Asian jet fuel market.
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