Rising Demand For Minimally-Invasive Procedures, Enhanced Healthcare Systems, Greater Awareness Of Various Cvd Treatments, High Device Adaptation Rates, Rise In Geriatric Population, And Significant Research And Innovation Activities For The Development Of Cardiac Prosthetic Devices Are Factors Driving Market Expansion
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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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
- Abiomed, Inc.
- AtriCure, Inc.
- Boston Scientific Corporation
- Braile Biomedica
- Abbott Laboratories
- Edwards Lifesciences Corporation
- Labcor Laboratrios
- Lepu Medical Technology Co. Ltd.
- Lifetech Scientific
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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.
- 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 :
- Specialty Centers
- Ambulatory Surgical Centers
- By Region :
- North America
- 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).
Check out more related studies published by Fact.MR Research:
Heart Failure Monitoring Systems Market: Market of heart failure monitoring systems is majorly driven owing to increasing demand of healthcare services in forecast period due to rise in number of patients owing to ageing populations, increasing unhealthy lifestyle and launch of new advanced product launch for heart failure monitoring.
Heart Valve Devices Market: The global heart valve devices market is likely to be valued at US$ 11.16 Billion in FY 2022, up from US$ 9.85 Billion in 2021. During the past year, the industry registered a Y-o-Y increase worth 13.3%. From 2022 to 2032, heart valve devices sales are poised to flourish at a CAGR of 13% to reach a value of US$ 37.5 Billion by the end of 2032.
Drug Eluting Balloon Catheter Market:The global market for drug eluting balloon catheters is anticipated to progress at an impressive CAGR of 18% over the next ten years. This analysis has been performed by skilled analysts at Fact.MR, a market research and competitive intelligence provider, also reveals that demand for drug eluting balloon catheters comprises 20% share in the overall balloon catheters market at present.
Cardiac Mapping System Market: Manufacturers of cardiac mapping systems have been incorporating rapidly advancing technology to optimize the safety and efficacy of catheters. The cardiac mapping system market players are likely to witness novel growth opportunities, on the back of growing demand for technologically-advanced cardiac mapping systems, because as the population ages, cardiac arrhythmias cases are expected to increase.
Cardioscope Market:The cardioscope market is expected to show promising growth due to rising prevalence of cardiovascular diseases, aging population, and advanced technologies used for cardiac surgery. Accuracy and efficiency of the cardioscope play a vital role in the growth of the market.
Cardiovascular Pledgets Market:The global cardiovascular pledgets market has witnessed steady growth due to increasing demand for cardiovascular pledgets for performing cardiovascular surgeries. Synthetic cardiovascular pledgets hold a majority share as easy availability of raw materials and high resilience strength gives it advantages over non-synthetic pledgets.
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