Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Cardiovascular Prosthetic Devices Market by Type, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Cardiovascular Prosthetic Devices market was valued at $26,937.8 million in 2021 and is estimated to reach $61,469.8 million by 2031, exhibiting a CAGR of 8.6% from 2022 to 2031.
Cardiovascular prosthetic devices are artificial implants, that replace damaged heart valves, help divert blood flow, or assist with cardiac pacing and other functions. These devices are typically implanted by a cardiac surgeon and have a significant impact on quality of life.
They are also used to treat a variety of cardiac diseases, such as congenital heart defects, arrhythmias, coronary artery disease, heart failure, and valvular heart disease. These cardiovascular prosthetic devices are used in different types of surgeries such as coronary artery bypass grafting (CABG), valve replacement, aortic aneurysm repair, endovascular stenting, ventricular assist devices, transcatheter aortic valve replacement (TAVR) and others.
The growth of cardiovascular prosthetic devices market is driven by technological advancement for development of different cardiovascular prosthetic devices, rise in the number of cardiovascular diseases and various strategies adopted such as product launch and product approval by the market key players. Increase in the prevalence of cardiovascular diseases cause rise in the use of cardiovascular prosthetic devices and fuels the growth of market. For instance, according to report shared by Center for Disease Control and Prevention (CDC), in 2020, it was reported that, coronary heart disease is the most common type of heart disease, killing 382,820 people in the U.S.
Moreover, rise in the expenditure by government to develop healthcare infrastructure is anticipated to boost the growth of market. For instance, as per The Office for National Statistics, total healthcare expenditure in the UK accounted for 12.0% of the gross domestic product (GDP) in 2020, as compared to 9.9% in 2019.
Furthermore, it has been estimated that 30% of the healthcare expenditure is used in upgrading the healthcare infrastructure, especially medical equipment and applications used at public health centers, such as hospitals. Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for cardiovascular prosthetic devices application in cardiac surgeries for treatment, thereby boosting the market growth.
On the other hand, high cost of cardiovascular prosthetic devices and risk of complications associated with implantation of cardiovascular prosthetic devices are some factors that are anticipated to restrain the growth of the cardiovascular prosthetic devices market.
The cardiovascular prosthetic devices market is segmented into type, end user and region. On the basis of type the market is segmented into cardiac prosthetic devices and vascular prosthetic devices. Cardiac prosthetic devices include prosthetic heart valves, pacemaker, ventricular assist devices and others. Others include annuloplasty rings, synthetic sutures, tissue patches. Vascular prosthetic devices include stents, synthetic grafts, and others.
Market Dynamics
Drivers
- Increase in prevalence of cardiovascular diseases.
- Rise in the number of cardiovascular surgeries.
- Rise in the number of geriatric populations
Restraints
- High cost of cardiovascular prosthetic devices
Opportunities
- Increase in the number of product launch by market players
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiovascular prosthetic devices market analysis from 2021 to 2031 to identify the prevailing cardiovascular prosthetic devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cardiovascular prosthetic devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cardiovascular prosthetic devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Cardiac prosthetic devices
- Type
- Prosthetic heart valves
- Product
- Pacemaker
- Implantability
- Ventricular assist devices
- Product
- Others
- Vascular Prosthetic Devices
- Type
- Stents
- Synthetic grafts
- Others
By End User
- Hospitals
- Clinics
- Others
Key Market Players
- B Braun Melsungen AG
- Boston Scientific Corporation
- Artivion, Inc.
- Meril Life Sciences Pvt. Ltd.
- Biotronic
- Edwards Lifesciences
- Medtronic plc
- Johnson and Johnson
- W. L. Gore & Associates, Inc.
- Abbott Laboratories
For more information about this report visit https://www.researchandmarkets.com/r/a0zzxq
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