Cardiac Prosthetic Devices Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1965
Cardiac Prosthetic Devices Market size is projected to expand considerably over 2021-2027, on account of the increasing prevalence of cardiovascular conditions such as ischemic heart disease (IHD) worldwide. There are over 126 million people at risk of IHD, with over 9 million deaths from the disease recorded across the globe. Likewise, the accelerating occurrence of sudden cardiac arrest and other heart diseases will also push the demand for prosthetic heart valve devices.
Cardiac prosthetic devices are mechanical devices used to assist the flow of blood. These heart assist devices are implanted for in-patient as well as at-home treatment of the patients. MCS (mechanical circulatory support) with durable VADs (ventricular assist devices) has emerged as a significant therapy for advanced heart failure in recent years.
High incidences of CVDs among the geriatric population base, coupled with the rapid advancements in technology are among the prominent trends expediting the global market growth during the forecast timeframe. According to reliable statistics, 1 in 6 people across the globe, which consist of 16% of the entire population, will reach around 65 years of age by 2050, a hike from 1 in 11 people in 2019, i.e. 9% of the global population. Moreover, the emergence of cutting-edge prosthetic heart devices like miniature VADs and the resultant revolutionization of the care and treatment of patients with advanced heart failure will foster the industry trends in the coming years.
Considering the product, the implantable pacemaker segment is poised to depict an appreciable growth rate through 2027, driven by the increasing rates of cardiac pacemaker implantation among the ever-rising geriatric population. The segment growth will further be boosted by the myriad product benefits such as its capability to relieve symptoms of an irregular, slow heart rhythm and restore normal heart rates, which in turn, also helps eliminate the symptoms of bradycardia.
On the regional front, North America is set to emerge as a lucrative revenue prospect for the cardiac prosthetic devices market during the forecast period. This is a result of the robust demand for cardiovascular prosthetic devices due to the increasing burden of heart diseases, especially in the United States. Reports suggest that 1 person dies every 36 seconds from cardiovascular disease in the region. In addition, the high emphasis of the regional organizations and people on improving health and reducing health disparities will also fuel the regional market share during the forecast period.
The global market will be stimulated by the presence of prominent players such as Abbott Vascular, St. Jude Medical (St. Jude Medical Luxembourg Holding S.a r.l.), Edwards Lifesciences, Siemens Healthcare, Boston Scientific, Sorin Group, and Medtronic, among others. Innovative product launches and business expansions are the key strategies implemented by these companies to hold a remarkable share in the global market.
For instance, CMS expanded its artificial heart & ventricular assist devices coverage through the finalization of the Medicare policies in December 2020, with an aim to enable more people to gain access to various prosthetic heart devices such as Abbott's HeartMate 3. Meanwhile, in November 2020, Abbott unveiled a new minimally invasive heart valve repair device with a clip delivery design to treat mitral regurgitation caused by heart failure or defect in India.
Adverse Consequences among CVD Patients with COVID-19 & its Impact on the cardiac prosthetic devices market:
The ongoing coronavirus pandemic has been posing major direct and indirect effects on global health. The outbreak has caused unprecedented challenges to the delivery of care services for cardiovascular patients, hence resulting in serious consequences like a high mortality rate among pre-diseased heart failure patients. In addition, COVID-infected patients who have undergone prosthetic valve replacement therapy are considered a challenging subset to manage, which may create roadblocks to the steady growth of the industry. However, gradual ease of the coronavirus restrictions, alongside the strong focus on healthcare system recovery in the post-COVID world, could expand the scope of the overall market during the forecast timeline.
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