According to the latest report by IMARC Group, titled “Cardiovascular Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global cardiovascular implants market size reached US$ 24.5 Billion in 2022. Cardiovascular implants are designed for patients suffering from various cardiovascular diseases, such as coronary heart disease (CHD), peripheral artery and rhythm disorders. These devices are generally manufactured from titanium or alloy metal, pyrolytic carbon, silicone and plastic-mesh materials that are composed of an implantable cardioverter-defibrillator (ICD) generator and wires mainly insulated by a polymer, such as polyurethane. They are implanted inside a patient’s heart to support proper functioning of blood vessels and heart while monitoring irregular heartbeats. Due to the increasing geriatric population, there has been a considerable rise in the demand for cardiovascular implants across the globe.
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 Cardiovascular Implants Market Trends:
The global market is primarily driven by the increasing prevalence of cardiovascular diseases among the masses. This can be attributed to the sedentary lifestyles led by working professionals and the unhealthy dietary patterns of individuals. Moreover, continuous improvements in the healthcare infrastructure and the rising healthcare expenditures are providing a boost to the market. Additionally, continual technological advancements and the introduction of advanced cardiovascular implants are acting as major growth-inducing factors. In line with this, the widespread adoption of artificial intelligence (AI), predictive analytics and advanced algorithms across healthcare facilities that aid in the early detection of cardiovascular illnesses are propelling the demand for cardiovascular implant devices. Furthermore, numerous key players are heavily investing in research and development (R&D) activities for introducing improved product variants, thereby creating a positive market outlook. Other factors, including a considerable rise in the number of qualified surgeons and the preference for minimally invasive surgeries, are also favorably impacting the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 35.6 Billion by 2028, expanding at a CAGR of 6.11% during 2023-2028.
- On the basis of the product type, the market has been segregated into the coronary stent, ICDs, heart valves, implanted cardiac pacemakers, CRT devices and peripheral stents.
- Based on the material, the market has been segmented into metals and alloys, polymers and biological materials.
- On the basis of the procedure type, the market has been bifurcated into angioplasty and open-heart surgery.
- Based on the indication type, the market has been classified into arrhythmias, myocardial ischemia, acute myocardial infarction, congestive heart failure and others.
- On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include BIOTRONIK SE & Co. KG, Abbott Laboratories, AMG International, B. Braun Melsungen AG, Johnson & Johnson Services, Inc., W. L. Gore & Associates, Inc., Medtronic Private Limited, Boston Scientific Corporation, Sorin Corporation, Edwards Lifesciences Corporation, Fortimedix Surgical B.V., Neovasc Inc., CryoLife Inc., Proxy Biomedical Ltd., REVA Medical, LLC., and Shree Pacetronix Ltd.
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