Global Cardiac prosthetics devices market , By Product Type (Heart Valves (Mechanical Heart Valves, Tissue Heart Valves(Tissue Heart Valves and Stentless Tissue Valves) and Transcatheter Heart Valves), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Others (Academic & Research Institutes and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 7.5 Billion in 2023 and is expected to exhibit a CAGR of 9.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on gaining product approval from the U.S. FDA (Food and Drug Administration), which in turn is expected to drive the growth of the market over the forecast period. For instance, on March 30, 2023, Abbott, a medical device company, announced that the U.S. Food and Drug Administration (FDA) has approved the company's Epic Max stented tissue valve for the treatment of patients suffering from aortic regurgitation or stenosis. This device is the latest addition to Abbott's Epic surgical valve platform which has a decades-long history of safety and strong clinical outcomes, with an optimized design to further improve valve blood flow.
Global Cardiac Prosthetics Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global cardiac prosthetics devices market, due to the lockdown imposed in the majority of the nations, several countries such as China, India, Germany, France, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of products and raw materials from one place to another, which limited the market growth during the pandemic. Quarantine, traveling constraints, and social distancing measures led to a steep decline in business and consumer spending
Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources, which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively.
Additionally, there were delays in hospitalization and surgical procedures as the number of patient visits decreased, which is expected to affect the global cardiac prosthetics devices market over the forecast period.
Global Cardiac Prosthetics Devices Market: Key Developments
Increasing product approval from the U.S., FDA (Food and Drug Administration), for the treatment of patients suffering from various cardiac diseases such as native or surgically-repaired right ventricular outflow tract (RVOT) and others is expected to fuel the market growth over the forecast period. For instance, in March 2021, the U.S. FDA (Food and Drug Administration), announced the approval of the Harmony Transcatheter Pulmonary Valve (TPV) System, which is a non-surgical heart valve to treat pediatric and adult patients with a native or surgically-repaired right ventricular outflow tract (RVOT), the part of the heart that carries blood out of the right ventricle to the lungs.
Furthermore, the key market players are focused on adopting various growth strategies such as agreements and others to expand their product portfolio and strengthen their geographical presence. For instance, in November 2020, OrbusNeich, a medical device company, and P+F, a medical device manufacturing company, announced that they had agreed to the exclusive distribution and manufacturing of a range of innovative minimally invasive heart valve products in the Asia Pacific region, including China, Japan, Taiwan, South Korea, Hong Kong, Singapore, Malaysia, Australia, and New Zealand. This partnership will further help OrbusNeich in the expansion of its product portfolio and strengthen its geographical presence in the Asia Pacific region
Browse 35 Market Data Tables and 33 Figures spread through 155 Pages and in-depth TOC on “Global Cardiac Prosthetics Devices Market”, By Product Type (Heart Valves (Mechanical Heart Valves, Tissue Heart Valves(Tissue Heart Valves and Stentless tissue valve) and Transcatheter Heart Valves), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Others (Academic & Research Institutes and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Cardiac Prosthetics Devices Market:
- The global cardiac prosthetics devices market is expected to exhibit a CAGR of 9.3% during the forecast period as major players in the market are also focused on adopting partnership strategies to expand their product portfolio. For instance, on June 9, 2023, egnite, Inc., a digital health company, and JenaValve Technology, Inc., a developer and manufacturer of differentiated transcatheter aortic valve replacement (TAVR) systems, announced that they had entered into a strategic partnership, aimed to shed light on the care paradigm and associated outcomes of patients with aortic regurgitation (AR). This partnership will further help egnite’s industry-leading database to quantify prevalence and treatment patterns and has conservatively estimated there may be over 500,000 patients in the U.S. diagnosed with moderate or severe AR.
- Among regions, North America is expected to be the dominant region in the global cardiac prosthetics devices market, owing to the increasing research and development activities by the market players. For instance, in May 2022, TRiCares SAS, a privately held pioneer in the field of minimally invasive treatment of tricuspid regurgitation, announced the successful implantation of its Topaz transfemoral tricuspid heart valve replacement system (Topaz) in Canada to help patients suffering from severe tricuspid regurgitation without the need for open heart surgery.
- Major players operating in the global cardiac prosthetics devices market include 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.