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Press Release: Cardiac Prosthetic Devices Market to Reach US$ 10,395.9 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cardiac prosthetic devices are used to replace damaged or diseased natural valves of the heart. These devices increase the survival rate and improve the quality of life in patients suffering from cardiovascular diseases.
Statistics:
The global cardiac prosthetic devices market is estimated to account for US$ 10,395.9 Mn in terms of value by the end of 2027.
Global Cardiac Prosthetic Devices Market: Drivers
Increasing prevalence of hypertension is expected to propel growth of the global cardiac prosthetic devices market over the forecast period. For instance, according to a cross-sectional, population-based study, ‘Diabetes and Hypertension in India: A Nationally Representative Study of 1.3 Million Adults’, published in JAMA Internal Medicine in March 2018, the crude prevalence of hypertension in India was 25.3% between 2012 and 2014.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global cardiac prosthetic devices market in 2019, accounting for 37.4% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Cardiac Prosthetic Devices Market Share (%) Value, By Region, 2019
Global Cardiac Prosthetic Devices Market: Restraints
Imposition of excise duty on medical devices is expected to hinder growth of the market. For instance, in the U.S., implementation of affordable healthcare act led to imposition of excise duty of 2.5% on all medical devices. Implementation of this reduces manufacturers’ profit margins.
Moreover, prosthetic valves are prone to dysfunction due to several factors such as the procedure of implant or risk factors such as diabetes, smoking, hypercholesterolemia, and metabolic syndrome.
Global Cardiac Prosthetic Devices Market: Opportunities
Use of transcatheter aortic valves often leads to thrombosis. Market players may focus on understanding the pathological processes and the triggering mechanisms associated with thrombosis of such valves.
Moreover, improvements in prosthetic valve surfaces are also expected to aid in growth of the market. In this regard, it is crucial to determine the clotting time of plasma that has been in contact with the biomaterial. This approach can help distinguish between intrinsic and extrinsic pathways of coagulation.
Statistics:
The global cardiac prosthetic devices market was valued at US$ 5,290.0 Mn in 2019 and is forecast to reach a value of US$ 10,395.9 Mn by 2027 at a CAGR of 8.8% between 2020 and 2027.
Figure 2: Global Cardiac Prosthetic Devices Market Value (US$ Bn), 2016 – 2027
Market Trends/Key Takeaways
Increasing prevalence of obesity is expected to propel growth of the global cardiac prosthetic devices market. For instance, according to the Centers of Disease Control and Prevention, Behavioral Risk Factor Surveillance System, 2018, 71424.3 thousand people in the U.S. suffer from obesity.
Government funding for R&D in the treatment of congenital heart defects in children is also expected to aid in growth of the market. For instance, in May 2020, the U.S. Department of Defense awarded Draper, Boston Children’s Hospital and Seattle Children’s Research Institute a US$ 4.3 million, three-year grant for R&D in growth-adaptive pediatric heart valve for the treatment of congenital heart defects in children.
Global Cardiac Prosthetic Devices Market: Competitive Landscape
Major players operating in the global cardiac prosthetic devices market include, Abbott Laboratories,Abiomed, Inc., AtriCure, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, BIOTRONIK, Braile Biomedica, CryoLife, Inc., Labcor Laboratrios, Lepu Medical, Lifetech Scientific, LivaNova, Medtronic plc, Meril Life Sciences, MicroPort Scientific, Shree Pacetronix, TTK Healthcare, Venus Medtech, and Vitatron.
Global Cardiac Prosthetic Devices Market: Key Developments
Major players in the market are focused on adopting various marketing strategies to enhance their market share. For instance, in May 2020, Abiomed, Inc. presented data at the virtual 2020 Society for Cardiovascular Angiography & Interventions (SCAI) Scientific Sessions, which demonstrated Impella heart pumps reduced in-hospital mortality when placed before a non-emergent percutaneous coronary intervention is performed.
Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in November 2019, Mitre Medical received the U.S. FDA approval for the ENRAPT-US early feasibility study to evaluate the safety and performance of the Mitral Touch System to for the treatment of mitral insufficiency.
Cardiac Prosthetic Devices comprises of prosthetic heart valves such as mechanical heart valve and tissue heart valve along with annuloplasty rings, pacemaker leads, defibrillator leads, tissue patches, ventricular assist devices, and artificial hearts. These are used to replace damaged or diseased natural valves of the heart. Increasing prevalence of hypertension is expected to propel growth of the global cardiac prosthetic devices market over the forecast period. Furthermore, increasing research and product launches is also anticipated to assist the growth of the market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 22 market data tables and 14 figures on “Global Cardiac Prosthetic Devices Market - Global forecast to 2027”.
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