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A beating heart patch is a revolutionary product that aims to repair damaged heart tissues without invasive surgery. It is made from natural biomaterials and living cells that can integrate with the recipient’s tissues and regenerate new heart muscle fibers. Beating heart patches are either injected directly into the damaged area or sutured onto the epicardium. This novel treatment approach can help mend scarred cardiac tissues and improve heart function for patients suffering from chronic heart failure, myocardial infarction, or congenital heart defects.
The global beating heart patch market is estimated to be valued at US$ 223.6 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of heart diseases has emerged as a key driver propelling the growth of the beating heart patch market. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. The rising geriatric population also raises the risk of developing heart conditions. Another driver fueling the market is the growing need for treatment options that do not require open-heart surgeries. Beating heart patches offer a minimally invasive approach to repair cardiac muscles without stopping the heart, reducing surgery time and post-operative complications. Their ability to regenerate new heart tissues also provides long-lasting therapeutic benefits. Current research is focused on optimizing biomaterials and cells used in heart patches to improve engraftment outcomes.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/beating-heart-patch-market-5814
Segment Analysis
The beating heart patch market is dominated by the coronary artery disease segment, which accounts for nearly 60% share of the overall market. Within coronary artery disease, myocardial infarction sub-segment holds the major share due to increasing prevalence of heart attacks worldwide. Myocardial infarction patients require surgical interventions using patches, which is driving the growth of this sub-segment.
PEST Analysis
Political: Governments across developed economies are increasing healthcare expenditure to enhance cardiac care facilities. Favorable regulatory environment for approval of new heart patches is boosting market growth.
Economic: Rising incident of cardiovascular diseases due to changing lifestyle and growing geriatric population is positively impacting the market. However, high cost of heart surgeries can restrain the market to some extent.
Social: Growing public health awareness about heart ailments and availability of various private and public insurance schemes are fueling the adoption of beating heart patches.
Technological: Leading manufacturers are investing heavily in R&D to develop novel beating heart patches with advanced properties like biocompatibility and decreased rejection rates. 3D printing technology is helping in customization of patches as per patient’s heart anatomy.
Key Takeaways
The global beating heart patch market is expected to witness high growth at a CAGR of 7.6% during the forecast period of 2023 to 2030. Regional analysis indicates North America accounts for over 40% market share currently due to rising cardiac patient pool and favorable reimbursements. Europe is also a major market driven by presence of top players.
Regional analysis:
North America leads the global market led by US owing to strong healthcare infrastructure for cardiac treatment and patient support. Increased adoption of medical patches along with robust researchactivities are augmenting the North American market. Europe holds the second largest share of beating heart patches market driven by heart disease burden and government funding on cardiac innovation.
Key players:
Key players operating in the beating heart patch market are BIOCARDIA, INC., Athersys, Inc., CorMatrix Cardiovascular, Inc., BD, LifeNet Health, Inc., and Admedus Ltd. Recently, CorMatrix launched DurACell beating heart patch indicated for various cardiorrhaphy procedures. BD also provides PerClot beating heart patch used during complex cardiac surgical repairs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
