Cardiac Prosthetic Devices Market Booms as Aging Population and Heart Diseases Increase
Global sales of cardiac prosthetic devices are predicted to increase at a CAGR of 7.6% from 2022 to 2027. In 2022, the global cardiac prosthetic devices market is valued at US$ 6.6 billion and is projected to reach a market size of US$ 9.5 billion by 2027. The cardiac prosthetic devices market refers to the global market for medical devices used to treat heart conditions, such as heart valve diseases, heart failure, and coronary artery diseases. Cardiac prosthetic devices are designed to replace or repair damaged or malfunctioning heart valves or vessels, and they may include devices such as artificial heart valves, stents, pacemakers, implantable defibrillators, and ventricular assist devices
The market for cardiac prosthetic devices is driven by several factors, including the increasing prevalence of heart diseases, a growing aging population, technological advancements in the field of medical devices, and rising demand for minimally invasive surgical procedures. In addition, there is a growing trend toward personalized medicine and the development of customized cardiac prosthetic devices that are tailored to individual patients
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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.
Region-Wise Analysis
- North America: The North American region is a significant market for cardiac prosthetic devices due to the high prevalence of heart diseases, well-established healthcare infrastructure, and favorable reimbursement policies. The United States is the largest market in this region, followed by Canada.
- Europe: Europe is also a significant market for cardiac prosthetic devices, driven by factors such as the aging population, high incidence of heart diseases, and advanced healthcare infrastructure. The United Kingdom, Germany, France, and Italy are the major markets in this region.
- Asia-Pacific: The Asia-Pacific region is a fast-growing market for cardiac prosthetic devices, owing to the increasing awareness of heart diseases, rising healthcare expenditure, and growing adoption of advanced medical technologies. China, Japan, and India are the major markets in this region.
- Latin America: The Latin American market for cardiac prosthetic devices is also growing rapidly, driven by factors such as increasing government initiatives to improve healthcare infrastructure and rising prevalence of heart diseases. Brazil, Mexico, and Argentina are the major markets in this region.
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Competitive Landscape
The primary manufacturers of cardiac prosthetic devices are committed to providing a broad selection of cutting-edge and unique products. Manufacturers of cardiac devices are focusing on technical developments to meet the unmet needs of cardiac disorders. To strengthen their R&D division and produce superior cardiac prosthetic devices, top market businesses are employing product approval and acquisition strategies.
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 Profiled
- 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
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
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Key Questions Covered
- What is the cardiac prosthetic devices market?
- What are the factors driving the growth of the cardiac prosthetic devices market?
- Who are the major players in the cardiac prosthetic devices market?
- How is the cardiac prosthetic devices market segmented regionally?
- What are the trends and opportunities in the cardiac prosthetic devices market in different regions?
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