Market Research Future (MRFR) has thoroughly studied the trends and patterns in the Global Cardiac Implants Market and portends the market to expand at a CAGR of 7.82% over the forecast period of 2019-2023.
Market Research Future (MRFR) has announced a new release on the Global Cardiac Implants Market. The report values the global cardiac implants market at USD 8.91 bn in 2017 and forecasts a steady rise at a 7.2% CAGR over the forecast period from 2018 to 2023. The global cardiac implants market is expected to rise to a valuation of USD 13.6 bn by 2023.
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Cardiac implants are implanted into the cardiovascular system for various purposes such as the prevention of certain cardiovascular conditions and the management of some existing condition. The growing demand for cardiac implants is mainly driven by the growing prevalence of cardiovascular diseases and the growing innovation in cardiovascular devices technology, which has led to the development of progressive, technologically advanced cardiac implants in recent years.
The growing global geriatric population is likely to further drive the prevalence of cardiovascular diseases over the forecast period and is likely to remain a key driver for the global cardiac implants market. Geriatric individuals often require devices such as pacemakers to manage their existing cardiovascular health conditions. The growing prevalence of lifestyle factors causing cardiovascular diseases, such as sedentary lifestyles and increasing consumption of fast food, is likely to bring the median age for contraction of cardiovascular diseases lower over the next few years, resulting in a rapid growth in the prevalence of these diseases. Thus, growing adoption of the Western lifestyle and dietary patterns is likely to be a major driver for the global cardiac implants market.
Favorable reimbursement policies for cardiovascular disease treatment are also likely to be a major market driver for the global cardiac implants market over the forecast period. The growing government support to cardiovascular disease reimbursement is likely to be a key driver for the global cardiac implants market over the forecast period.
Competitive Analysis:
Leading players in the global cardiac implants market include Abbott Laboratories, B. Braun Melsungen AG, SynCardia Systems Inc., Edwards Lifesciences Corporation, Boston Scientific Corporation, C. R. Bard Inc., Terumo Corporation, Thoratec Corporation, and Medtronic plc.
Segmentation:
The global cardiac implants market is segmented on the basis of product, application, end use, and region.
On the basis of product type, the global cardiac implant market is segmented into cardiac rhythm management devices, coronary stent devices, prosthetic heart valves, and cardiac assist devices.
On the basis of application, the global cardiac implants market is segmented into arrhythmias, myocardial ischemia, acute myocardial infarction, congestive heart failure, and others.
By end use, the global cardiac implants market is segmented into hospitals, ambulatory surgical centers, and others.
Regional Analysis:
The global cardiac implants market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa on the basis of region.
The North America segment is likely to hold the dominant share in the global cardiac implants market over the forecast period due to the dominant presence of leading cardiac implants market players in the region. The growing cardiac population and the growing technological sophistication of the healthcare sector in North America are also key drivers for the cardiac implants market in the region and are likely to aid the market growth over the forecast period. The increasing disposable income of consumers in North America and the growing healthcare expenditure in the region is also likely to be a major driver for the global cardiac implants market over the forecast period.
Asia Pacific is likely to emerge as a leading player in the global cardiac implants market over the forecast period, driven by the increasingly stressful and busy lifestyle observed in the urban centers in the region and the growing spending capacity of consumers in the region. The growing adoption of Western lifestyles and dietary patterns has led to a growing prevalence of stress-related lifestyle diseases, including CVDs, in the region. This is likely to be a major driver for the cardiac implants market in the region, as the rapid industrialization in this region has driven rapid urbanizationn, which is likely to further the demand for cardiac implants in the region over the forecast period.
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Industry Updates:
In February 2019, researchers at Dartmouth College developed an energy harvesting technology that could power cardiac implants with the help of the energy generated from the heart’s own contraction and relaxation. This technology could replace conventional implants, which need to be refitted every few years to cover for the depletion of the battery of the device.
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