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Cardiac Prosthetic Devices Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: January, 2023
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

Overview of the cardiac prosthetic devices market
The market for cardiac prosthetic devices is anticipated to expand between 2019 and 2024 at a CAGR of roughly 7.5%. The two main reasons propelling the market’s expansion are the rising incidence of cardiovascular illnesses and the rising desire for minimally invasive procedures. Additionally, the industry is being driven forward by an ageing population and an increased understanding of the advantages of cardiac prosthetic devices.

The main difficulties that the market operators confront, meanwhile, are the high price of this equipment and the lack of qualified workers. The heart and its valves can be replaced or supported by cardiac prosthetic devices. Left ventricular assist devices (LVADs), implantable cardioverter defibrillators (ICDs), and cardiac pacemakers are the three main categories into which these devices fall.

Due to the increasing prevalence of congestive heart failure and the rising desire for less invasive procedures, the LVADs segment is anticipated to account for the highest share of the market.

Due to the existence of several manufacturers and the rising prevalence of cardiovascular illnesses in the region, the North American region is anticipated to have the highest share of the market.

Cardiac Prosthetic Devices Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Market Development for Cardiac Prosthetic Devices
From 2017 to 2025, the market for cardiac prosthetic devices is projected to expand at a CAGR of 7.1%. Heart failure and cardiac diseases are treated with cardiac prosthetic devices. They are also used in the replacement and repair of heart valves. Artificial hearts, left- and right-ventricular assist devices, biventricular assist devices, and artificial hearts are examples of cardiac prosthetic devices.

The market for cardiac prosthetic devices is expanding as a result of the increasing prevalence of cardiovascular disorders and the growing demand for minimally invasive procedures. Additionally, the market expansion is being fueled by the introduction of new products and the rising number of product approvals. The main obstacles limiting the market’s growth, however, are the high price of cardiac prosthetic devices and the danger of problems from their installation.

Based on the product, process, end user, and geography, the global market for cardiac prosthetic devices is divided into submarkets. The artificial heart, left ventricular assist device, right ventricular assist device, and biventricular assist device are the four product categories under which the market is divided. During the projected period, the artificial heart segment is anticipated to develop at the fastest rate. This is because end-stage heart failure is becoming more common and because there are more product launches and approvals in this market.

The market for cardiac prosthetic devices is divided into implantable cardioverter defibrillators (ICDs), pacemakers, and heart valve replacements based on procedure. During the projection period, the ICDs segment is anticipated to increase at the fastest rate. The frequency of cardiovascular disorders is increasing, and there is a rising need for minimally invasive therapies, which is the cause of this.

The market for cardiac prosthetic devices is segmented into hospitals, ambulatory surgical centers, and cardiac centers based on the end user. The hospitals segment is expected to grow at the fastest rate during the forecast period. The rise in hospitals and interest in minimally invasive procedures are to blame for this.

Geographically, there are separate markets for cardiac prosthetic devices in North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America is anticipated to experience the fastest growth in the

Market Challenges for Cardiac Prosthetic Devices
For the market for cardiac prosthetic devices to expand, a number of issues must be resolved. The expensive price of devices, the need for further clinical evidence to justify their usage, and worries about the long-term safety of these devices are some of these difficulties.

The prohibitive cost of cardiac prosthetic devices prevents their widespread use. The majority of devices are not covered by insurance, and for many patients, the out-of-pocket expense might be exorbitant. Additionally, the implantation surgery is frequently not covered by insurance, which can increase the overall cost by several thousand dollars.

Clinical evidence to support the use of cardiac prosthetic devices is lacking. Smaller research has produced encouraging findings, but larger, more conclusive investigations are required. Concerns exist regarding the long-term security of these gadgets as well. Although they have been used safely for many years in other nations, the United States does not have a strong understanding of their long-term safety profile.

Impact of the Cardiac Prosthetic Devices Market (COVID-19)
The market for cardiac prosthetic devices has been impacted by COVID-19 in a variety of ways. First off, the pandemic outbreak has significantly reduced the number of procedures conducted internationally. This is because many hospitals were compelled to postpone or cancel non-essential surgeries in order to make space and resources available for COVID-19 patients. Due to the fact that fewer surgeries result in less usage of the devices, this has had a negative impact on the demand for cardiac prosthetic devices.

Second, fewer people are visiting hospitals for regular check-ups and appointments as a result of the COVID-19 pandemic. This is due to the understandable reluctance of individuals to visit hospitals at this time due to the illness. Since fewer patients are expected to be diagnosed with heart illnesses that necessitate the use of these devices, the decline in hospital attendance is probably bad for sales of cardiac prosthetic devices.

The number of people who can afford to pay for private healthcare is projected to diminish as a result of the economic slowdown brought on by the COVID-19 outbreak. This is due to the fact that a large number of people have lost their employment or seen a reduction in their income, making it less likely that they will be able to afford the price of private healthcare. Since cardiac prosthetic devices are frequently only available through private healthcare practitioners, this is expected to have a significant negative impact on sales.

The market for cardiac prosthetic devices is projected to suffer as a result of the COVID-19 epidemic. It is also important to remember that the market was already in decline prior to the pandemic due to an ageing population and a lower rate of cigarette smoking’s a result, rather than starting the market’s decline, the pandemic is more likely to hasten it.

Key Industry Developments in the Market for Cardiac Prosthetic Devices
Due to the rising prevalence of cardiovascular disorders and the rising demand for minimally invasive procedures, the market for cardiac prosthetic devices is expanding quickly. Another element propelling the expansion of this market is the creation of fresh and cutting-edge cardiac prosthetic devices.

The following are a few of the major market advances for cardiac prosthetic devices:

1. The introduction of fresh and cutting-edge cardiac prosthetic devices:

To meet the rising demand from patients and doctors, several businesses are releasing brand-new, cutting-edge cardiac prosthetic devices. For instance, Medtronic debuted the smallest pacemaker in the world, the Micra Transcatheter Pacing System, in May 2018. With the use of this gadget, patients will have a less invasive, safe, and effective pacing option that won’t require surgical implantation.

2. The expanding application of 3D printing technologies

The production of cardiac prosthetic devices is increasingly using 3D printing technologies. Complex device designs that are impossible to produce using traditional manufacturing techniques can now be produced thanks to technology. Additionally, the lead time and cost of producing cardiac prosthetic devices are reduced using 3D printing technology.

3. The growing use of minimally invasive techniques:

The use of minimally invasive techniques for the insertion of cardiac prosthetic devices is becoming more popular. Compared to open surgery, minimally invasive techniques are less stressful and require less time for recuperation. As a result, the market for minimally invasive cardiac prosthetic devices is growing.

4. The rise in home care needs:

For patients with cardiac prosthetic devices, there is an increasing need for home care services. Nursing care, rehabilitation, and other treatments are provided to patients in the convenience of their own homes as part of home care services. The market for cardiac prosthetic devices in home care is expanding as a result of this.

5. The rise in cardiovascular disease prevalence:

One of the major factors propelling the market for cardiac prosthetic devices is the rising incidence of cardiovascular illnesses. The number of deaths from cardiovascular illnesses, which are the main cause of death worldwide, is anticipated to keep increasing.

Key Trends in the Market for Cardiac Prosthetic Devices
At a CAGR of 7.1%, the market for cardiac prosthetic devices is anticipated to grow from USD 8.3 billion in 2020 to USD 11.8 billion by 2025. The prevalence of cardiovascular diseases is rising, the population is ageing, more people are having heart surgeries, and cardiovascular prosthetic devices are becoming more and more advanced technologically. The main obstacles limiting the growth of this market, however, are the high cost of these devices and the lack of qualified personnel.

The market for cardiac prosthetic devices is divided into five main categories: implantable cardioverter defibrillators, pacemakers, ventricular assist devices, and accessories. During the projected period, the segment for prosthetic heart valves is anticipated to increase at the greatest CAGR. The two main drivers propelling the growth of this market are the rising prevalence of valvular disorders and the rising number of valve replacement operations.

The market for cardiac prosthetic devices is divided into six main geographic areas: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa, and the Rest of the World. In 2020, North America is anticipated to hold the highest market share worldwide, followed by Europe and Asia Pacific. The huge market share in North America can be attributed to the region’s high concentration of businesses, rising cardiovascular surgery rates, and rising cardiovascular disease prevalence.

The demand for minimally invasive operations is one of the major trends in the market for cardiac prosthetic devices, along with the introduction of new products and the widening of distribution channels.

In comparison to conventional open-chest surgeries, minimally invasive procedures are linked to a shorter hospital stay, a lower risk of infection, and a quicker recovery. The preference for minimally invasive procedures is rising.

The Market for Cardiac Prosthetic Devices
During the projection period of 2020–2025, it is anticipated that the market for cardiac prosthetic devices will expand at a CAGR of roughly 7.5%. Patients with heart problems are treated using cardiac prosthetic devices. They are employed to supplement or take the place of the heart. There are various types of cardiac prosthetic devices, including whole artificial hearts, biventricular assist devices, left ventricular assist devices, and right ventricular assist devices.

The primary driver fueling the expansion of the global market for cardiac prosthetic devices is the increased prevalence of heart illnesses. The World Health Organization (WHO) estimates that 17.9 million deaths worldwide from cardiovascular illnesses occurred in 2016, accounting for 31% of all fatalities. Coronary heart disease, stroke, and other heart problems are examples of cardiovascular diseases. By 2030, the WHO predicts that there will be about 23.6 million deaths from cardiovascular illnesses. The global market for cardiac prosthetic devices is expanding as a result of increased obesity and diabetes rates.

The main factor impeding the expansion of the global market is the high price of cardiac prosthetic devices. A huge portion of the population cannot afford the high cost of cardiac prosthetic devices. The price of implantable cardioverter defibrillators (ICDs), according to the American Heart Association, ranges from USD 25,000 to USD 40,000. Mechanical hearts are even more expensive, costing between $50,000 and $100,000.

North America has the largest market for cardiac prosthetic devices, followed by Europe and Asia Pacific.Due to the high prevalence of cardiac illnesses, the accessibility of cutting-edge healthcare facilities, and the presence of significant market competitors in the area, North America accounts for a sizable portion of global sales.

Breakup by Product Type:

  • Valves
    • Mechanical Valve
    • Tissue Valve
    • Stented Tissue Valve
    • Stentless Tissue Valve
    • Transcatheter Valve
  • Pacemakers
  • Implantable Pacemakers
    • Single-Chamber Battery Pacemaker
    • Dual-Chamber Battery Pacemaker
    • Triple-Chamber Battery Pacemaker
  • External Pacemakers
  • Others

Breakup by End-User:

  • Hospitals, Clinics and Cardiac Centers
  • Ambulatory Surgical Centers
  • Others

Abbott Laboratories, Biotronik, Boston Scientific Corporation, Edwards Lifesciences Corporation, Lepu Medical Technology Co. Ltd., Medtronic Inc., Meril Life Sciences Pvt. Ltd., Siemens Healthcare GmbH, Sorin Group and St. Jude Medical Inc.

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