Global Cardiac Prosthetic Devices Market to Reach US$ 12.3 Billion by 2032, Impelled by Increasing Prevalence of Cardiovascular Diseases

March 24, 2021 | Healthcare

According to the latest report by IMARC Group, titled "Cardiac Prosthetic Devices Market Report by Product Type (Valves, Pacemakers, Implantable Pacemakers, External Pacemakers, and Others), End-User (Hospitals, Clinics and Cardiac Centers, Ambulatory Surgical Centers, and Others), and Region 2024-2032," the global cardiac prosthetic devices market reached a value of US$ 6.7 Billion in 2023. 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.

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$ 12.3 Billion by 2032, expanding at a CAGR of 6.8% during 2024-2032.

Market Summary:

  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Cardiac Prosthetic Devices Market to Reach US$ 12.3 Billion by 2032, Impelled by Increasing Prevalence of Cardiovascular Diseases
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