Seoul, Sept. 23, 2022 (GLOBE NEWSWIRE) -- The global cardiac prosthetic devices market is anticipated to reach a valuation of US$ 9.5 billion by 2027, according to the latest study by Fact.MR, market research and competitive intelligence provider,
The prevalence of cardiovascular diseases such as atrial fibrillation, heart valve failure, and stroke, which cause high mortality rates and stroke among the elderly, is the main factor driving market expansion. High demand for implantable pacemakers and heart valve replacement devices to improve cardiac function is projected to propel market growth over the forecast period (2022-2027).
Cardiac prosthetic devices have the potential to increase the quality of life and lowering mortality rates by replacing diseased valves. The prevalence of heart disorders is increasing due to reasons such as the rising ageing population, severe obesity, and unhealthy lifestyles. One of the most prevalent cardiovascular conditions affecting the senior population is stroke, which can lead to serious prosthetic heart failure. Dyspnea may potentially result in heart failure, which will increase the demand for cardiac prosthetic systems.
Aorta degeneration and mitral valve prolapse are common in people with this inherited connective tissue illness, which may eventually necessitate cardiac prosthetic device implantation as a therapy option for the heart's efficient operation. Various technological advancements such as the creation of mini pacemakers and suture-less valve replacements are also contributing to market expansion.
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Rising Rates of Pacemaker Implantation among Ageing Population to Restore Normal Heart Rates”
By product type, the cardiac prosthetic devices market is divided into implantable pacemakers, external pacemakers, transcatheter heart valves, tissue heart valves, and mechanical heart valves. Implantable pacemakers account for 40% share of the global market.
Due to the rising rates of cardiac pacemaker implantation among the ageing population, there is an increased demand for implantable pacemakers. The numerous product advantages, such as its capacity to alleviate signs of an irregular, sluggish heartbeat and restore normal heart rates, which in turn also helps erase the signs of bradycardia, will further spur the segment growth.
Recent innovations in implantable pacemakers, including dynamic pacemaker technology and microprocessor-controlled devices, are improving device efficiency and fostering market expansion.
Key Takeaways from Market Study
- Sales of cardiac prosthetic devices are expected to rise at a CAGR of 7.6% through 2027.
- The global cardiac prosthetic devices market is currently valued at US$ 6.6 billion.
- Market in Canada is anticipated to expand at a CAGR of 6.8% over the forecast period.
- Demand for external pacemakers is predicted to increase at a CAGR of 7% from 2022 to 2027.
- Market in Germany is set to increase at a CAGR of 5% through 2027.
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Competitive Landscape
Key suppliers of cardiac prosthetic devices are focused on offering a wide range of advanced and innovative devices. Cardiac device manufacturers are concentrating on technological advancements to fulfil the unmet demands of cardiac illnesses. Top market companies are implementing product approval and acquisition to bolster their R&D division and create superior cardiac prosthetic devices.
For instance :
- In 2020, CMS increased its coverage for artificial hearts and ventricular assist devices with the fulfilment of the Medicare regulations to provide more patients with a range of prosthetic heart devices such as Abbott's HeartMate 3.
Key Companies of Cardiac Prosthetic Devices
- CryoLife, Inc.
- TTK Healthcare
- Venus Medtech
- Vitatron
- Abiomed, Inc.
- AtriCure, Inc.
- Biotronik
- Boston Scientific Corporation
- Braile Biomedica
- Abbott Laboratories
- Edwards Lifesciences Corporation
- Labcor Laboratrios
- Lepu Medical Technology Co. Ltd.
- Lifetech Scientific
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Winning Strategy
Top market players are focusing on enhancing the safety of cardiac prosthetic devices, which is anticipated to boost demand for such products. Key companies are concentrating on their product pipelines and forming strategic agreements with other businesses to increase their visibility.
Key manufacturers of cardiac prosthetic devices are engaged in creating innovative prosthetic devices, lowering costs, and increasing their market share in undeveloped areas.
For instance,
- Abbott introduced a novel minimally-invasive heart valve replacement device to address mitral regurgitation caused by heart failure.
Cardiac Prosthetic Devices Industry Research Segments
- By Product Type :
- Implantable Pacemakers
- External Pacemakers
- Transcatheter Heart Valves
- Tissue Heart Valves
- Mechanical Heart Valves
- By End User :
- Hospitals
- Specialty Centers
- Ambulatory Surgical Centers
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cardiac prosthetic devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product type (implantable pacemakers, external pacemakers, transcatheter heart valves, tissue heart valves, mechanical heart valves) and end user (hospitals, specialty centers, ambulatory surgical centers, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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