by The Cardiac Prosthetic Devices Market is estimated to be valued at US$ 7.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.3 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac prosthetic devices are deployed during surgeries to repair or replace damaged heart valves and muscles. The commonly used cardiac prosthetic devices include artificial cardiac pacemakers, heart valves, ventricular-assist devices, and intravascular stents. Artificial heart valves such as mechanical valves and tissue valves aid in the functioning of heart when a damage occurs to natural heart valve. Ventricular-assist devices are battery-operated, mechanical pumps used to support heart function and blood flow in patients with weak heart muscles.
Market Dynamics:
The cardiac prosthetic devices market is primarily driven by the increasing prevalence of cardiovascular diseases across the globe. According to the World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths in 2019, representing 32% of all global deaths. The increasing geriatric population is another major driver. The other key driver is the technological advancements in cardiac prosthetic devices such as the availability of intelligent pacemakers and minimally invasive procedures. However, the high cost of cardiac devices and lack of skilled professionals remains a challenge hampering market growth.
Segment Analysis
The Global Cardiac Prosthetic Devices Market is dominating segmented into heart valves and artificial hearts. Heart valves dominate the market as around 1.5 to 2% of the population suffers from valvular heart disease and heart valves need to be replaced when they malfunction. Artificial hearts are emerging sub-segment due to increasing cases of end-stage cardiac failure which require permanent support with mechanical circulatory support.
PEST Analysis
Political: Governments across regions are funding and investing in cardiac research and development which is facilitating the market growth. Economic: Rising healthcare expenditures coupled with increasing per capita income is positively impacting the market. Social: Growing prevalence of cardiovascular diseases due to changing lifestyle and increasing geriatric population is fueling the demand. Technological: Advanced biomaterials, miniaturization and digital technologies are enabling development of innovative cardiac devices with improved outcomes.
Key Takeaways
The global cardiac prosthetic devices market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing incidence of cardiovascular diseases. North America dominates the market due to supportive reimbursement policies, adoption of advanced technologies and presence of key players in the region. Europe is the second largest and fastest growing regional market owing to rising research funding and awareness initiatives. Key players operating in the cardiac prosthetic devices market are Abbott., Artivion, Inc., Medtronic, Boston Scientific Corporation, Edwards Lifesciences Corporation., Siemens Healthcare Private Limited, LivaNova PLC (sorin group), Asahi Kasei Corporation., OSYPKA MEDICAL, Lepu Medical, MicroPort Scientific Corporation., Vitatron, Koninklijke Philips N.V., Progetti srl, and Shree Pacetronix Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
