NEW
YORK, July 26, 2024 /PRNewswire/ --The
global cardiac prosthetic devices market size is estimated to
grow by USD 5.07 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 7.08% during the forecast period. Rising prevalence of
cardiac disorders is driving market growth, with a trend
towards increase in advancement in technology.
However, complications associated with implantation of cardiac
prosthetic devices poses a challenge. Key market players include
Abbott Laboratories, Anteris Technologies Ltd., BIOTRONIK SE and
Co. KG, Boston Scientific Corp., Braile Biomedica, Colibri Heart
Valve LLC, Cryolife Inc., Edwards Lifesciences Corp., Jc Medical
Inc., JenaValve Technology Inc., Lepu Medical Technology Beijing
Co. Ltd., LivaNova PLC, Medtronic Plc, Meril Life Sciences Pvt.
Ltd., Merit Medical Systems Inc., MicroPort Scientific Corp.,
OrbusNeich Medical Co. Ltd., Shree Pacetronix Ltd., TTK Healthcare
Ltd., and Venus Medtech Hangzhou Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Prosthetic
heart valves and Implantable pacemakers) and Geography (North
America, Europe, Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
Abbott Laboratories,
Anteris Technologies Ltd., BIOTRONIK SE and Co. KG, Boston
Scientific Corp., Braile Biomedica, Colibri Heart Valve LLC,
Cryolife Inc., Edwards Lifesciences Corp., Jc Medical Inc.,
JenaValve Technology Inc., Lepu Medical Technology Beijing Co.
Ltd., LivaNova PLC, Medtronic Plc, Meril Life Sciences Pvt. Ltd.,
Merit Medical Systems Inc., MicroPort Scientific Corp., OrbusNeich
Medical Co. Ltd., Shree Pacetronix Ltd., TTK Healthcare Ltd., and
Venus Medtech Hangzhou Inc.
|
|
Key Market Trends Fueling Growth
The global market for cardiac prosthetic devices is witnessing
significant growth due to the increasing demand for alternatives to
traditional heart repair methods. Interventional cardiology
advances, such as transcatheter TAVR, have made minimally invasive
valve replacement procedures more popular than open surgical ones.
Vendors in this market, including Medtronic plc and Edwards
Lifesciences, are competing through technological innovation.
Medtronic, in particular, leads the market in all heart valve
segments: mechanical, tissue, and transcatheter. In March 2022, Medtronic received US FDA approval
for its Harmony Transcatheter Pulmonary Valve, expanding its
minimally invasive therapy offerings for patients with specific
right ventricle congenital heart defects. This technological
advancement will fuel market growth during the forecast
period.
The Cardiac Prosthetic Devices market is witnessing significant
growth due to increasing hospital stays and demand for
post-operative care for conditions like coronary artery disease,
heart failure, arrhythmias, and heart valve issues. Government
healthcare programs and medical services are focusing on early
detection through routine check-ups and screenings. The market
includes cardiac surgeons, interventional cardiologists, cardiac
nurses, and healthcare systems. Key trends include
minimally-invasive procedures, smaller pacemakers, and advanced
valve technologies like tissue valves, transcatheter valves, and
mechanical valves. Cardiac centers offer implantable pacemakers,
such as single-chamber, dual-chamber, and triple-chamber battery
pacemakers, as well as external pacemakers. Obesity and congenital
heart defects are major factors driving market growth. Awareness
campaigns and comprehensive healthcare coverage through insurance
plans are essential for early detection and treatment. The market's
future lies in continuous innovation in medical technology to
improve blood circulation, oxygen delivery, and nutrient transport
for cardiovascular organs and heart tissues.
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Market Challenges
- The cardiac prosthetic devices market encompasses heart valve
implants and pacemakers, used to treat damaged heart valves and
control abnormal heart rhythms, respectively. However,
complications from these procedures can hinder market growth. For
heart valve implantation, complications such as vascular injuries,
stroke, structural damage to the aorta, heart, and valves, and
conduction tissue injury can be life-threatening. Pacemaker
implantation complications include infection, bleeding, bruising,
swelling, allergic reactions, lung collapse, major operative
failures, and device malfunctions. These complications necessitate
specialized medical teams and equipment during surgery and increase
overall healthcare costs. Despite advancements in technology, the
risk of complications remains a significant challenge for the
cardiac prosthetic devices market.
- The Cardiac Prosthetic Devices Market faces challenges in
developing compact pacemakers and suture-less valve replacements
for addressing cardiovascular disorders. Artificial heart valves
made of biocompatible materials are in high demand due to the
rising prevalence of cardiovascular diseases. Diagnostic
capabilities such as echocardiography and cardiac MRI are essential
for pre-operative assessments. Government healthcare systems and
private insurance providers are seeking cost-effective solutions
for cardiac procedures, including robotic-assisted surgeries and
transcatheter interventions. Ventricular assist devices and
implantable cardioverter-defibrillators are gaining popularity due
to their wireless connectivity and remote monitoring capabilities.
Mechanical valves, stented tissue valves, stentless tissue valves,
and transcatheter valves are key product types in the market.
Ageing population and heart-related conditions, including valvular
heart diseases and coronary artery diseases, are driving demand.
Minimally invasive procedures and healthcare infrastructure
development are crucial for implantation techniques and minimally
invasive surgeries. Blood flow management and minimally invasive
approaches are essential for improving patient outcomes. The market
is expected to grow significantly due to the increasing prevalence
of heart valve disorders and advancements in medical devices
technology.
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challenges - Download a Sample Report
Segment Overview
This cardiac prosthetic devices market report extensively covers
market segmentation by
- Product
- 1.1 Prosthetic heart valves
- 1.2 Implantable pacemakers
- Geography
- 2.1 North America
- 2.2 Europe
- 2.3 Asia
- 2.4 Rest of World (ROW)
1.1 Prosthetic heart valves- In 2023, the global cardiac
prosthetic devices market experienced notable growth, particularly
in the heart valves segment. This expansion was driven by several
factors, including the increasing procedural volume, rising
prevalence of valvular heart disease, and an aging population in
Europe and other regions.
Technological advancements played a pivotal role in market growth,
with interventional cardiology seeing a surge in demand for
minimally invasive procedures, such as transcatheter aortic valve
replacement (TAVR). Edwards Lifesciences Corp. Forecasts a
USD10 billion global TAVR market
opportunity by 2028, fueled by heightened awareness, technological
innovations, and geographic expansions. Competitors like BIOTRONIK
and JenaValve Technology, Inc. Are intensely competing and
investing in research and development to develop advanced heart
valves, further fueling market growth. These factors collectively
contributed to the robust expansion of the global cardiac
prosthetic devices market in 2023 and are expected to continue
driving growth throughout the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Structural Heart Disease Treatment Devices Market is
experiencing significant growth, driven by advancements in medical
technology and increasing prevalence of heart conditions. Key
drivers include rising geriatric population, innovations in
minimally invasive procedures, and growing awareness of heart
disease. Major players such as Edwards Lifesciences, Medtronic, and
Boston Scientific are at the forefront, offering innovative
solutions like transcatheter valves and repair devices to meet
evolving patient needs.
Research Analysis
The global Cardiac Prosthetic Devices market is witnessing
significant growth due to the increasing prevalence of
cardiovascular diseases, including heart-related conditions such as
valvular heart diseases, coronary artery diseases, and cardiac
disorder. The ageing population and obesity are major risk factors
contributing to the rise in cardiovascular disorders. Minimally
invasive surgeries and implantation techniques have gained
popularity in recent years, leading to the development of compact
pacemakers and suture-less valve replacements. Cardiac centers are
increasingly adopting biocompatible materials for artificial heart
valves to improve patient outcomes. Diagnostic capabilities, such
as echocardiography and cardiac MRI, are essential for accurate
diagnosis and treatment planning. Government healthcare systems are
also investing in cardiovascular care, driving market growth.
Cardiovascular organs, including heart tissues, are complex
structures that require precise engineering for prosthetic devices.
The market for cardiac prosthetic devices is expected to continue
growing due to the increasing demand for advanced,
minimally-invasive procedures.
Market Research Overview
The Cardiac Prosthetic Devices Market encompasses a range of
medical devices used to treat various cardiovascular diseases,
including heart valve disorders, coronary artery diseases, and
heart failure. With an ageing population and increasing
prevalence of heart-related conditions, the demand for cardiac
prosthetic devices is on the rise. Minimally invasive surgeries and
procedures, such as transcatheter valve replacements and
robotic-assisted surgeries, are gaining popularity due to their
reduced hospital stays and faster recovery times. These devices
include pacemakers, heart valves, and ventricular assist devices.
Pacemakers help regulate heart rhythms by delivering electrical
impulses to the heart, while heart valves ensure proper blood flow
and oxygen delivery to the body. Valve replacements, whether
mechanical, stented tissue, or stentless tissue, are crucial for
treating valvular heart diseases. Implantation techniques have
advanced significantly, with the development of smaller pacemakers,
suture-less valve replacements, and transcatheter interventions.
The healthcare infrastructure, including hospitals and ambulatory
surgical centers, plays a vital role in the delivery of medical
services, from pre-operative assessments and surgical procedures to
post-operative care. Government healthcare programs and private
insurance providers contribute to the comprehensive healthcare
coverage necessary for the widespread adoption of these devices.
Awareness campaigns and early detection initiatives are essential
for addressing conditions such as obesity, congenital heart
defects, and cardiovascular disorders. Medical technology continues
to evolve, with innovations in wireless connectivity and remote
monitoring capabilities enhancing patient care.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Prosthetic Heart Valves
- Implantable Pacemakers
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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