New York, United States , June 28, 2024 (GLOBE NEWSWIRE) -- The Global Cardiac Prosthetic Devices Market Size is to Grow from USD 6.6 Billion in 2023 to USD 14.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.11% during the projected period.
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Cardiac prosthetic devices are medical devices that are used to assist parts of the cardiovascular system such as the heart, arteries, or veins, by replacing and repairing malfunctioning or damaged heart valves. These are implantable devices that work just like normal cardiovascular organs and maintain the proper functionality of the heart by restoring proper blood flow within the heart, facilitating ventricular filling and contractions, thus improving overall heart function. The combination of cardiac prosthetics with cardiovascular monitoring systems assists in the improvisation of surgical techniques. Further, the technological advancements and the development of innovative devices such as the development of smaller pacemakers are leveraging market opportunities for cardiac prosthetic devices. The rising prevalence of cardiovascular diseases and an increasing number of minimally invasive surgeries are driving the global cardiac prosthetic devices market. Further, the rising awareness about cardiovascular disorders and the technologically advanced diagnostic techniques are anticipated to drive the market. On the contrary, the high cost of devices and the lack of skilled healthcare professionals are restraining the market. In addition, the risk of complications associated with the implantation of cardiovascular prosthetic devices is impeding the market for cardiac prosthetic devices.
Browse key industry insights spread across 199 pages with 110 Market data tables and figures & charts from the report on the "Global Cardiac Prosthetic Devices Market Size, Share, and COVID-19 Impact Analysis, By Product (Heart Valves and Pacemaker), By End-Use (Hospitals, Ambulatory Surgical Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The pacemakers segment dominates the market with the largest revenue share in 2023.
Based on product, the global cardiac prosthetic devices market is segmented into heart valves and pacemakers. Among these, the pacemakers segment dominates the market with the largest revenue share in 2023. The implantation of a pacemaker improves the heart’s pumping ability and regulates its rhythm in congestive heart failure patients. The rising incidence of cardiac disorders and the aging population who have an increased risk of congestive heart failure are driving the market demand.
The hospitals segment is anticipated to grow at the fastest CAGR through the forecast period.
Based on the end-use, the global cardiac prosthetic devices market is segmented into hospitals, ambulatory surgical centers, and others. Among these, the hospitals segment is anticipated to grow at the fastest CAGR through the forecast period. There is a high investment by the government organization for developing healthcare infrastructure. Owing to unhealthy and sedentary lifestyles, there is a growing number of people suffering from cardiovascular illnesses that fuel the demand for prosthetic devices for cardiac management.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing number of product approvals and product launches of cardiovascular prosthetic devices are significantly driving the regional market. The growing prevalence of cardiovascular diseases with the increasing number of cardiovascular surgeries in the region are driving the market. The growing number of collaborations, acquisitions, and partnerships by the key market players in the region are driving the regional market growth.
Asia-Pacific region is expected to grow the fastest during the forecast period. As per the report of American Heart Association (AHA), there is around 4.5 lakhs patients undergo angioplasty surgeries each year in India. This surges the demand for cardiac prosthetic devices in the region. The rising prevalence of cardiovascular diseases with the growing geriatric populations is anticipated to drive the market demand as geriatric individuals are more prone to have coronary artery disorder.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cardiac Prosthetic Devices Market are Abbott Laboratories, Edwards Lifesciences Corporation, Medtronics Plc., Boston Scientific Corporation, LivaNova, Biotronik, Siemens Healthcare GmbH, Lepu Medical Technology Co. Ltd., Meril Lifesciences Pvt. Ltd., Abiomed, Inc., AtriCure, Inc., Labcor Laboratrios, Lifetech Scientific, MicroPort Scientific, CryoLife, Inc., and Other Key Vendors.
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Recent Developments
- In January 2022, Medtronic plc, a global leader in healthcare technology, announced that it had received approval from Japan's Ministry of Health, Labor and Welfare for the sale and reimbursement of the Micra AV Transcatheter Pacing System (TPS).
- In September 2021, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved the company's Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cardiac prosthetic devices market based on the below-mentioned segments:
Global Cardiac Prosthetic Devices Market, Product Analysis
- Heart Valves
- Pacemaker
Global Cardiac Prosthetic Devices Market, End-Use Analysis
- Hospitals
- Ambulatory Surgical Centers
- Others
Global Cardiac Prosthetic Devices Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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