According to the latest report by IMARC Group, titled "Cardiac Prosthetic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global cardiac prosthetic devices market size reached US$ 5.40 Billion in 2020. Cardiac prosthetic devices are artificial devices that are utilized to replace or support the function of the damaged heart tissues. They operate by mimicking the functioning of a healthy heart and prevents blockages in the heart valves. These devices are increasingly being used to improve the survival rates of patients with cardiovascular diseases (CVDs) and enhance their quality of life. Some of the most commonly used cardiac prosthetic devices include pacemakers, annuloplasty rings and ventricular assist devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cardiac Prosthetic Devices Market Trends:
The global market is primarily driven by the rising prevalence of CVDs among the masses. This can be attributed to sedentary lifestyles led by the masses and the increasing incidences of hypertension among individuals. Cardiovascular conditions like stroke, cardiomyopathy and Coronary Artery Disease (CAD) often lead to high mortality rates. This has impelled healthcare professionals to opt for efficient cardiac prosthetic devices for their treatment across the globe. Additionally, the rising geriatric population that is susceptible to develop such medical conditions is providing an impetus to the market growth. The market is further driven by the continual technological advancements in the market that have led to the advent of innovative prosthetic solutions. For instance, modern implantable cardioverter defibrillators are gaining widespread prominence across the healthcare sector as they can be implanted into a patient’s body to perform cardioversion, defibrillation and pacing through a single device. The batteries of these devices are also equipped with modern technology to last more than a decade, thereby improving the longevity of the prosthetics. Numerous players have also launched suture-less valve replacements that are manufactured using durable and biocompatible raw materials, which is expected to gain popularity in the upcoming years. Some of the other factors contributing to the market growth include the growing preference for prosthetic devices that can be implanted through minimally invasive (MI) procedures and the continual developments in the healthcare infrastructure. On account of the aforementioned factors, the market is expected to reach a value of US$ 8.9 Billion by 2026, expanding at a CAGR of 8.60% during 2021-2026.
- On the basis of the product type, the market has been divided into valves (mechanical, tissue, stented tissue, stentless tissue and transcatheter valves), pacemakers, implantable pacemakers (single-, dual- and triple-chamber battery pacemakers), external pacemakers, and others.
- Based on the end user, the market has been classified into hospitals, clinics and cardiac centers, ambulatory surgical centers, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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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