Heart valves that are damaged or sickly are replaced with cardiac prosthetic devices. Patients with cardiovascular illnesses who use these devices have a higher survival rate and better quality of life.
Global Cardiac Prosthetic Devices Market: Drivers
Throughout the forecast period, rising levels of hypertension are anticipated to fuel market expansion for cardiac prosthetic devices worldwide. For instance, a cross-sectional population-based study titled “Diabetes and Hypertension in India: A Nationally Representative Study of 1.3 Million Adults” reported that the overall prevalence of hypertension in India was 25.3% between 2012 and 2014 (JAMA Internal Medicine, March 2018).
Moreover, a growing geriatric population is anticipated to support market expansion. For instance, the U.S. Census Bureau projects that by 2034, there will be 77 million elderly people living in the country.
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In terms of value, North America accounted for 37.4% of the market for cardiac prosthetic devices worldwide in 2019, followed by Europe and Asia Pacific.
Global Cardiac Prosthetic Devices Market: Restraints
Medical device excise tax implementation is anticipated to impede market expansion. For instance, the Affordable Healthcare Act’s adoption in the United States resulted in the introduction of a 2.5% excise charge on all medical equipment. Manufacturers’ profit margins are decreased by implementation of this.
Moreover, prosthetic valves are vulnerable to malfunction as a result of a number of causes, including the implant technique or risk factors like diabetes, smoking, hypercholesterolemia, and metabolic syndrome.
Global Cardiac Prosthetic Devices Market: Opportunities
Transcatheter aortic valve use frequently results in thrombosis. Market participants can concentrate on comprehending the pathogenic processes and the underlying causes of such valve thrombosis.
Moreover, it is anticipated that advancements in prosthetic valve surfaces would support market expansion. Determining the plasma’s clotting time after coming into touch with the biomaterial is critical in this respect. This method can be used to discriminate between intrinsic and extrinsic coagulation pathways.
The market for cardiac prosthetic devices was valued at US$ 5,290.0 Mn in 2022 and is anticipated to grow at a CAGR of 8.8% from 2023 to 2030 to reach US$ 10,395.9 Mn.
Market Trends/Key Takeaways
The market for cardiac prosthetic devices is predicted to expand due to the rising incidence of obesity. For instance, the Behavioral Risk Factor Surveillance System of the Centers for Disease Control and Prevention estimates that 71424.3 thousand Americans are obese as of 2018.
It is also anticipated that government support for research and development into pediatric congenital heart diseases would contribute to the market’s expansion. For instance, in May 2020, the U.S. Department of Defense granted a US$ 4.3 million, three-year grant to Draper, Boston Children’s Hospital, and Seattle Children’s Research Center for research and development on pediatric heart valves that can grow to cure children’s congenital heart problems.
Global Cardiac Prosthetic Devices Market: Competitive Landscape
Abbott Laboratories, Abiomed, Inc., AtriCure, Inc., Boston Scientific Corporation, Edward Lifesciences Corporation, BIOTRONIK, Braile Biomedica, CryoLife, Inc., Labcor Laboratrios, Lepu Medical, Lifetech Scientific, LivaNova, Medtronic plc, Meril Life Sciences, MicroPort Scientific, Shree Pacetronix, TTK Healthcare, Venus Medtech, and Vitatron are some of the market’s major players.
Global Cardiac Prosthetic Devices Market: Key Developments
Leading market participants are concentrating on implementing various marketing techniques to increase their market share. For instance, data showed Impella heart pumps reduced in-hospital mortality when placed before a non-emergent percutaneous coronary intervention was performed, according to data presented by Abiomed, Inc. in May 2020 at the virtual 2020 Society for Cardiovascular Angiography & Interventions (SCAI) Scientific Sessions.
To diversify their product offering, major market participants are also concentrating on the approval and introduction of new items. For instance, the U.S. FDA granted clearance to Mitre Medical in November 2019 for the ENRAPT-US early feasibility study to assess the effectiveness and safety of the Mitral Touch System in the management of mitral insufficiency.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐔𝐩 𝐓𝐨 𝟐𝟓% 𝐎𝐅𝐅 @ https://www.coherentmarketinsights.com/insight/buy-now/3862
|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Cardiac Prosthetic Devices Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Cardiac Prosthetic Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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