by The global Cardiac Prosthetic Devices Market is estimated to be valued at US$ 7.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac prosthetic devices are implanted in patients who have undergone heart valve replacement surgery. These devices include artificial heart valves and prosthetic cardiac pacemakers. They help improve cardiac functioning and allow patients to live life normally.
Market key trends:
One of the major trends in the cardiac prosthetic devices market is the rising adoption of transcatheter heart valves. Transcatheter heart valves are delivered through a catheter and do not require open-heart surgery. They offer significant benefits over traditional surgical heart valves such as less pain, scarring, recovery time, and risk of complications. As a result, transcatheter aortic valve replacement (TAVR) procedures are rapidly gaining prevalence. Furthermore, technological advancements aimed at developing next generation prosthetic heart valves with better durability and hemodynamic performance are expected to drive the market growth over the forecast period.
Market key trends:
Cardiac prosthetic devices have seen significant adoption over the recent past owing to the rising prevalence of cardiovascular diseases across the world. One of the key trends in this market has been the development of advanced technologies that help improve outcomes for patients. Device manufacturers are investing heavily in R&D to develop innovative products with better biocompatibility and durability. Miniaturization of devices is another area of focus to enable less invasive surgical procedures.
SWOT Analysis
Strength: Growing prevalence of heart diseases presents a large target patient population. Advancements in materials and design have made devices safer and more reliable.
Weakness: High costs associated with cardiac devices limit widespread adoption. Stringent regulatory approvals delay product launches.
Opportunity: Emerging economies yet to adopt advanced devices present an untapped market. Expanding applications such as TAVR (Transcatheter Aortic Valve Replacement) drive demand.
Threats: Presence of alternative treatments poses competition. Reimbursement cuts affect market revenues.
Key Takeaways
The Global Cardiac Prosthetic Devices Market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of cardiovascular diseases. The market size for 2023 is estimated to be US$ 7.5 Bn.
Regionally, North America dominates the cardiac prosthetic devices market currently. However, Asia Pacific is projected to witness the highest growth rate during the forecast period owing to rising healthcare investments and growing medical tourism in the region.
Key players operating in the Cardiac Prosthetic Devices are Abbott., Artivion, Inc., Medtronic, Boston Scientific Corporation, Edwards Lifesciences Corporation., Siemens Healthcare Private Limited, LivaNova PLC (sorin group), Asahi Kasei Corporation., OSYPKA MEDICAL, Lepu Medical, MicroPort Scientific Corporation., Vitatron, Koninklijke Philips N.V., Progetti srl, and Shree Pacetronix Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
