Cardiac Prosthetic Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1965
Cardiac Prosthetic Devices Market size is projected to experience significant growth from 2017 to 2024.
Increasing prevalence of cardiovascular disease is one of the foremost factor driving cardiac prosthetic devices market size over the forecast period. As per the Centers for Disease Control and Prevention (CDC), about 610,000 people are stated to die annually in the U.S. due to cardiovascular diseases. CDC also reported, that each year about 735,000 Americans suffered from a heart attack. Of them, 210,000 cases occur in people who have already suffered a heart attack and 525,000 have a first heart attack.
Disorders like cardiac valve failure and stroke lead to high mortality rates, that will positively impact the market, thereby, boost demand for valve replacement devices and pacemakers. Stroke is reported to be one of the most commonly occurring major cardiovascular disorder amongst the geriatric population that causes acute prosthetic heart failure. Factors such as need of repetitive surgeries and high cost of implantation can restraint the business growth.
Geriatric population play pivotal role in the growing demand for cardiac prosthetic devices. They are more likely to develop degenerative cardiac diseases, which is expected to positively impact the cardiac prosthetic devices market size. Risk of cardiovascular diseases is estimated to rise with increasing baby boomers population.
Growing incidence of heart attack due to stroke and other chronic cardiovascular disorders is projected to result in significant growth of the pacemaker segment. Moreover, introduction of technologically advanced products is anticipated to further drive industry growth over the forecast period.
Heart valve replacement devices are highly effective for cardiovascular diseases, due to its benefits in patients suffering from extensive congenital malformation, calcification, or infection. Transcatheter heart valve replacement will gain significant growth over the forecast period owing to its less invasive nature compared to alternative surgical procedures. The replacement device is considered as a highly potent alternative for patients at greater risk from the standard valve replacement surgery.
Mechanical valves should foresee a substantial growth owing to the lifelong solution for the patient due to the durable raw materials used in manufacturing. Moreover, polymeric materials are widely used as raw materials, that minimize the clinical problems associated with mechanical valves. There is lesser requirement for repetitive surgeries with this type of valve.
U.S. cardiac prosthetic devices market led the regional segment due to increasing awareness levels among the affected population. The American Heart Association is focusing on cardiovascular disease prevention through promotion of positive health. The prevalence of cardiovascular diseases is higher among the children and young adults in U.S. owing to their unhealthy lifestyle. Asia Pacific will show significant growth over the forecast timeframe. The growth is mainly attributed to increased prevalence of target diseases in this region, which in turn is raising the mortality rate.
Some of the companies operating include Medtronic, Sorin Group, Boston Scientific, Siemens Healthcare, Edwards Lifesciences, St. Jude Medical and Abbott Vascular. Most of the companies are focusing on technological advancements and increasing safety of the cardiac prosthetic devices, this will increase demand for such products. The companies are also focusing on new product development, geographical expansion, and mergers & acquisitions. For instance, in 2016, St. Jude Medical launched Trifecta Valve with Glide Technology in the U.S. that utilize advanced technology, which is further expected to foster the industry growth.
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