Market Overview:
Cardiac prosthetic devices are medical implants that are used to replace defective heart valves and cardiac pumps. These devices are used for patients suffering from cardiovascular diseases to improve heart functioning. They help restore heart health and allow people to enjoy an improved quality of life.
Market key trends:
One of the key trends in the cardiac prosthetic devices market is the growing preference for minimally invasive cardiac procedures. Minimally invasive procedures are preferred over open-heart surgeries as they are less traumatic, allow for faster recovery times, and have fewer surgical complications. These procedures involve smaller incisions and specialized instruments to access the heart through narrow ports. Transcatheter aortic valve replacement (TAVR) and trans-catheter mitral valve repair are examples of minimally invasive procedures gaining popularity. Moreover, technological advances are leading to development of innovative prosthetic heart valves with better performance and durability.
Segment Analysis
The Global Cardiac Prosthetic Devices Market is segmented by product into heart valves, ventricular-assist devices, pacemakers, and others. Heart valves are further segmented into mechanical heart valves and tissue/bio-prosthetic heart valves. Mechanical heart valves hold the dominant market share owing to lower risk of structural valve deterioration as compared to tissue/bio-prosthetic heart valves.
Key Takeaways
The global cardiac prosthetic devices market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period, due to increasing prevalence of cardiac diseases and surging geriatric population globally.
Market size
The global cardiac prosthetic devices market size was valued at US$ 7.5 Bn in 2023. The market is expected to grow due to increasing prevalence of cardiac diseases and surging geriatric population globally.
Regional analysis
North America dominates the global cardiac prosthetic devices market due to rising healthcare expenditure and advanced reimbursement policies in the region. Asia Pacific exhibits the fastest growth due to rapidly developing healthcare infrastructure and growing medical tourism industry in the region.
Key players
Key players operating in the cardiac prosthetic devices market are 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.
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