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The cardiac prosthetic devices market size is forecast to increase by USD 5.08 billion and is estimated to grow at a CAGR of 7.08% between 2023 and 2028. The healthcare industry is witnessing significant advancements in cardiology, driven by the rising prevalence of cardiac disorders and the paradigm shift toward minimally invasive (MI) procedures. This trend is further fueled by the higher adoption of cardiac prosthetic devices, such as pacemakers and implantable cardioverter-defibrillators (ICDs). These devices offer improved patient outcomes, reduced hospital stays, and enhanced quality of life. The market for cardiac prosthetic devices is expected to grow at a robust rate due to increasing awareness, technological advancements, and an aging population. This growth is particularly notable in emerging economies, where the burden of cardiac diseases is on the rise. In summary, the cardiology landscape is undergoing transformative changes, with a focus on minimally invasive procedures and advanced cardiac prosthetic devices that offer superior patient outcomes and improved quality of life.
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The Market is driven by the rising prevalence of cardiovascular diseases, including heart-related conditions such as valvular heart diseases and coronary artery diseases. The ageing population and the increasing number of cardiac disorders, including obesity and congenital heart defects, are also contributing to the market growth. Minimally-invasive procedures, such as suture-less valve replacements and implantation techniques using biocompatible materials, are gaining popularity due to their reduced invasiveness and faster recovery times. Cardiac Centers and hospitals are major end-users of cardiac prosthetic devices. Valves, including artificial heart valves, are the most commonly used devices in cardiac prosthetics. Surgery remains the primary method of implantation, but advancements in technology are leading to the development of compact pacemakers and other non-surgical options. Diagnostic capabilities, such as echocardiography and cardiac MRI, play a crucial role in the diagnosis and treatment of cardiovascular disorders. Government healthcare systems are also investing in the development and adoption of cardiac prosthetic devices to improve patient outcomes and reduce healthcare costs. The market is expected to grow at a steady pace due to the increasing demand for effective and minimally-invasive solutions for cardiovascular disorders. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising prevalence of cardiac disorders is notably driving market growth. The global market for cardiac prosthetic devices has experienced significant growth due to the increasing prevalence of cardiovascular disorders (CVDs) such as bradycardia, sick sinus syndrome, valvular diseases, atrioventricular blocks, ventricular fibrillation, cardiac arrest, and tachycardia. Cardiac arrest is a major cause of death among adults aged above 40 years, and other complications like stroke, rhythm disorders, congenital heart disease, subclinical atherosclerosis, and peripheral arterial disease further increase the demand for cardiac prosthetic devices.
Moreover, the market is witnessing increased sales due to the growing number of cardiac surgeries in cardiac centers, the availability of insurance plans covering cardiac procedures, and the adoption of minimally-invasive procedures. Thus, such factors are driving the growth of the market during the forecast period.
Increase in advancement in technology is the key trend in the market. The global market for cardiac prosthetic devices, including heart valves and pacemakers, is witnessing significant growth due to the increasing prevalence of cardiovascular disorders, such as obesity and congenital heart defects. Insurance plans cover the costs of these devices and surgeries in both government healthcare systems and private insurance providers.
Moreover, the advancement of medical technology has led to minimally-invasive procedures, such as transcatheter interventions, becoming more common than open surgical procedures. Manufacturers, such as Medtronic and Edwards Lifesciences, are leading the market with their technologically advanced products. Medtronic holds a strong position in all three segments of the heart valve subdivision: mechanical, tissue, and transcatheter heart valves. Thus, such factors are driving the growth of the market during the forecast period.
Complications associated with implantation of cardiac prosthetic devices is the major challenge that affects the growth of the market. Cardiac prosthetic devices, including artificial heart valves and pacemakers, play a significant role in addressing cardiovascular disorders such as obesity, congenital heart defects, and cardiac disorders. These devices offer diagnostic capabilities through technologies like echocardiography and cardiac MRI. Valve replacement surgeries, whether using mechanical or tissue valves, stented or stentless, carry risks of complications, including acute complications during surgery and late complications post-surgery.
For instance, pacemaker insertion may result in complications within a day, with a higher incidence compared to late complications. Minimally-invasive procedures like transcatheter interventions, such as Transcatheter Aortic Valve Implantation (TAVI), offer advantages over traditional open-heart surgery but still carry risks that could be life-threatening during or post-surgery. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers cardiac prosthetic devices that are designed to offer performance in 3 key areas which are hemodynamics, durability, and implantability.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The prosthetic heart valves segment is estimated to witness significant growth during the forecast period. The global market for cardiac prosthetic devices experienced substantial growth in 2023, driven by the increasing prevalence of cardiovascular diseases, particularly heart-related conditions such as valvular heart diseases and coronary artery diseases.
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The prosthetic heart valves segment was the largest segment and valued at USD 6.51 billion in 2018. The ageing population also contributed significantly to the market expansion, as older adults are more susceptible to these conditions. Minimally invasive surgeries and implantation techniques gained popularity due to their numerous benefits, including shorter hospital stays, faster recovery, and reduced post-operative care. Advances in healthcare infrastructure, medical devices, and surgical procedures facilitated the growth of the market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global market for cardiac prosthetic devices is witnessing significant growth due to the increasing prevalence of cardiovascular diseases, particularly heart-related conditions such as valvular heart diseases and coronary artery diseases. The ageing population is another major factor driving market expansion, as heart valve disorders and heart failure become more common with advancing age. Minimally invasive surgeries and implantation techniques are gaining popularity, leading to an increase in minimally invasive procedures for the implantation of pacemakers and other cardiac devices. The healthcare infrastructure is evolving to accommodate these advancements, with hospitals and ambulatory surgical centers investing in the latest medical devices and technologies. Pre-operative assessments and surgical procedures are becoming more streamlined, reducing hospital stays and improving post-operative care. Hence, such factors are driving the market growth in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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Cardiac prosthetic devices refer to medical devices designed to replace or support the functions of the heart and its related structures. These devices play a crucial role in managing various heart-related conditions, including cardiovascular diseases, valvular heart diseases, and coronary artery diseases. The global market for cardiac prosthetic devices is driven by several factors, including an ageing population, increasing prevalence of heart-related conditions, and the growing adoption of minimally invasive surgical procedures. The market encompasses a range of devices, including pacemakers, heart valves, and implantation techniques.
Pacemakers, which regulate heart rhythms by delivering electrical impulses, are commonly used to manage arrhythmias. Heart valves, on the other hand, help regulate blood flow and are used to treat disorders such as heart valve diseases. The market is also influenced by healthcare infrastructure, medical services, and government healthcare programs. Hospitals and ambulatory surgical centers are key end-users of cardiac prosthetic devices, with cardiac surgeons, interventional cardiologists, and cardiac nurses being the primary users. Pre-operative assessments, surgical procedures, hospital stays, and post-operative care are essential aspects of the market. The market landscape depends on the Heart tissues, Cardiovascular organs, Cardiac disorder, mechanical circulatory support devices. Routine check-ups, screenings, and awareness campaigns are crucial for early detection and comprehensive healthcare coverage to ensure optimal patient outcomes. The market is expected to grow significantly due to the increasing burden of coronary artery disease, heart failure, and other heart-related conditions.
Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
Market growth 2024-2028 |
USD 5.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.49 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Anteris Technologies Ltd., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Braile Biomedica, Colibri Heart Valve LLC, Cryolife Inc., Edwards Lifesciences Corp., Jc Medical Inc., JenaValve Technology Inc., Lepu Medical Technology Beijing Co. Ltd., LivaNova PLC, Medtronic Plc, Meril Life Sciences Pvt. Ltd., Merit Medical Systems Inc., MicroPort Scientific Corp., OrbusNeich Medical Co. Ltd., Shree Pacetronix Ltd., TTK Healthcare Ltd., and Venus Medtech Hangzhou Inc. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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