Cardiac prosthetic devices include, 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.
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
Approval and launch of new devices is expected to propel growth of the global cardiac prosthetic devices market over the forecast period. For instance, in March 2020, SynCardia Systems, LLC received the U.S. Food and Drug Administration (FDA) approval for its 50cc temporary Total Artificial Heart (TAH) System as a bridge to heart transplant.
Global Cardiac Prosthetic Devices Market: Opportunities
Development of devices with anti-fouling biomaterials is expected to offer lucrative growth opportunities for players in the global cardiac prosthetic devices market. Anti-fouling properties of poly(ethylene glycol), oligo(ethylene glycol), and zwitteronic species, limit the ability of microorganisms to adhere and form biofilms of the surface of the implanted prosthesis.
Global Cardiac Prosthetic Devices Market: Restraints
Stringent approval process of medical devices is expected to hinder growth of the market. For instance, in the U.S., cardiac prosthetic devices such as heart valves and pacemakers are regarded as class III high-risk medical devices. Therefore, these devices undergo rigorous safety and efficacy tests prior to receiving approval. Moreover, these devices need to obtain a premarket approval, which is an expensive and lengthy process. .
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. Increasing product approval and launch of new devices is expected to propel growth of the global cardiac prosthetic devices market over the forecast period.
Pacemaker segment held dominant position in the global cardiac prosthetic devices market in 2019, accounting for 66.4% share in terms of value. Increasing incidence and prevalence of cardiovascular diseases in developing and developed economies is anticipated to assist the growth of the segment.
Increasing prevalence of diabetes is expected to propel growth of the global cardiac prosthetic devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
The market is witnessing clinical trials for assessing the safety and efficacy of Cardiac prosthetic devices. For instance, in February 2020, The Cardiac & Vascular Institute, U.S., announced to perform a successful procedure in the PROMISE II pivotal study of the LimFlow Percutaneous Deep Vein Arterialization System for the treatment of “no option” Chronic Limb-Threatening Ischemia.
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
April 2020: MicroPort Scientific Corporation announced that MicroPort CardioFlow Medtech Corporation, a subsidiary of MicroPort, completed raising a new round of funds on the basis of a pre-money valuation of US$1.1 billion
August 2019: AtriCure, Inc. acquired SentreHEART, Inc., a privately held developer of percutaneous left atrial appendage management solutions
“*” marked represents similar segmentation in other categories in the respective section.