NEW YORK, July 26, 2024 /PRNewswire/ –The global cardiac prosthetic devices market size is estimated to grow by USD 5.07 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.08% during the forecast period. Rising prevalence of cardiac disorders is driving market growth, with a trend towards increase in advancement in technology. However, complications associated with implantation of cardiac prosthetic devices poses a challenge. Key market players include Abbott Laboratories, Anteris Technologies Ltd., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Braile Biomedica, Colibri Heart Valve LLC, Cryolife Inc., Edwards Lifesciences Corp., Jc Medical Inc., JenaValve Technology Inc., Lepu Medical Technology Beijing Co. Ltd., LivaNova PLC, Medtronic Plc, Meril Life Sciences Pvt. Ltd., Merit Medical Systems Inc., MicroPort Scientific Corp., OrbusNeich Medical Co. Ltd., Shree Pacetronix Ltd., TTK Healthcare Ltd., and Venus Medtech Hangzhou Inc..
Technavio has announced its latest market research report titled Global cardiac prosthetic devices market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Prosthetic heart valves and Implantable pacemakers) and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
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Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
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Key companies profiled |
Abbott Laboratories, Anteris Technologies Ltd., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Braile Biomedica, Colibri Heart Valve LLC, Cryolife Inc., Edwards Lifesciences Corp., Jc Medical Inc., JenaValve Technology Inc., Lepu Medical Technology Beijing Co. Ltd., LivaNova PLC, Medtronic Plc, Meril Life Sciences Pvt. Ltd., Merit Medical Systems Inc., MicroPort Scientific Corp., OrbusNeich Medical Co. Ltd., Shree Pacetronix Ltd., TTK Healthcare Ltd., and Venus Medtech Hangzhou Inc. |
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Key Market Trends Fueling Growth
The global market for cardiac prosthetic devices is witnessing significant growth due to the increasing demand for alternatives to traditional heart repair methods. Interventional cardiology advances, such as transcatheter TAVR, have made minimally invasive valve replacement procedures more popular than open surgical ones. Vendors in this market, including Medtronic plc and Edwards Lifesciences, are competing through technological innovation. Medtronic, in particular, leads the market in all heart valve segments: mechanical, tissue, and transcatheter. In March 2022, Medtronic received US FDA approval for its Harmony Transcatheter Pulmonary Valve, expanding its minimally invasive therapy offerings for patients with specific right ventricle congenital heart defects. This technological advancement will fuel market growth during the forecast period.
The Cardiac Prosthetic Devices market is witnessing significant growth due to increasing hospital stays and demand for post-operative care for conditions like coronary artery disease, heart failure, arrhythmias, and heart valve issues. Government healthcare programs and medical services are focusing on early detection through routine check-ups and screenings. The market includes cardiac surgeons, interventional cardiologists, cardiac nurses, and healthcare systems. Key trends include minimally-invasive procedures, smaller pacemakers, and advanced valve technologies like tissue valves, transcatheter valves, and mechanical valves. Cardiac centers offer implantable pacemakers, such as single-chamber, dual-chamber, and triple-chamber battery pacemakers, as well as external pacemakers. Obesity and congenital heart defects are major factors driving market growth. Awareness campaigns and comprehensive healthcare coverage through insurance plans are essential for early detection and treatment. The market’s future lies in continuous innovation in medical technology to improve blood circulation, oxygen delivery, and nutrient transport for cardiovascular organs and heart tissues.
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Market Challenges
The cardiac prosthetic devices market encompasses heart valve implants and pacemakers, used to treat damaged heart valves and control abnormal heart rhythms, respectively. However, complications from these procedures can hinder market growth. For heart valve implantation, complications such as vascular injuries, stroke, structural damage to the aorta, heart, and valves, and conduction tissue injury can be life-threatening. Pacemaker implantation complications include infection, bleeding, bruising, swelling, allergic reactions, lung collapse, major operative failures, and device malfunctions. These complications necessitate specialized medical teams and equipment during surgery and increase overall healthcare costs. Despite advancements in technology, the risk of complications remains a significant challenge for the cardiac prosthetic devices market.
The Cardiac Prosthetic Devices Market faces challenges in developing compact pacemakers and suture-less valve replacements for addressing cardiovascular disorders. Artificial heart valves made of biocompatible materials are in high demand due to the rising prevalence of cardiovascular diseases. Diagnostic capabilities such as echocardiography and cardiac MRI are essential for pre-operative assessments. Government healthcare systems and private insurance providers are seeking cost-effective solutions for cardiac procedures, including robotic-assisted surgeries and transcatheter interventions. Ventricular assist devices and implantable cardioverter-defibrillators are gaining popularity due to their wireless connectivity and remote monitoring capabilities. Mechanical valves, stented tissue valves, stentless tissue valves, and transcatheter valves are key product types in the market. Ageing population and heart-related conditions, including valvular heart diseases and coronary artery diseases, are driving demand. Minimally invasive procedures and healthcare infrastructure development are crucial for implantation techniques and minimally invasive surgeries. Blood flow management and minimally invasive approaches are essential for improving patient outcomes. The market is expected to grow significantly due to the increasing prevalence of heart valve disorders and advancements in medical devices technology.
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Segment Overview
This cardiac prosthetic devices market report extensively covers market segmentation by
Product
1.1 Prosthetic heart valves
1.2 Implantable pacemakers
Geography
2.1 North America
2.2 Europe
2.3 Asia
2.4 Rest of World (ROW)
1.1 Prosthetic heart valves- In 2023, the global cardiac prosthetic devices market experienced notable growth, particularly in the heart valves segment. This expansion was driven by several factors, including the increasing procedural volume, rising prevalence of valvular heart disease, and an aging population in Europe and other regions. Technological advancements played a pivotal role in market growth, with interventional cardiology seeing a surge in demand for minimally invasive procedures, such as transcatheter aortic valve replacement (TAVR). Edwards Lifesciences Corp. Forecasts a USD10 billion global TAVR market opportunity by 2028, fueled by heightened awareness, technological innovations, and geographic expansions. Competitors like BIOTRONIK and JenaValve Technology, Inc. Are intensely competing and investing in research and development to develop advanced heart valves, further fueling market growth. These factors collectively contributed to the robust expansion of the global cardiac prosthetic devices market in 2023 and are expected to continue driving growth throughout the forecast period.
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The global Structural Heart Disease Treatment Devices Market is experiencing significant growth, driven by advancements in medical technology and increasing prevalence of heart conditions. Key drivers include rising geriatric population, innovations in minimally invasive procedures, and growing awareness of heart disease. Major players such as Edwards Lifesciences, Medtronic, and Boston Scientific are at the forefront, offering innovative solutions like transcatheter valves and repair devices to meet evolving patient needs.
Research Analysis
The global Cardiac Prosthetic Devices market is witnessing significant growth due to the increasing prevalence of cardiovascular diseases, including heart-related conditions such as valvular heart diseases, coronary artery diseases, and cardiac disorder. The ageing population and obesity are major risk factors contributing to the rise in cardiovascular disorders. Minimally invasive surgeries and implantation techniques have gained popularity in recent years, leading to the development of compact pacemakers and suture-less valve replacements. Cardiac centers are increasingly adopting biocompatible materials for artificial heart valves to improve patient outcomes. Diagnostic capabilities, such as echocardiography and cardiac MRI, are essential for accurate diagnosis and treatment planning. Government healthcare systems are also investing in cardiovascular care, driving market growth. Cardiovascular organs, including heart tissues, are complex structures that require precise engineering for prosthetic devices. The market for cardiac prosthetic devices is expected to continue growing due to the increasing demand for advanced, minimally-invasive procedures.
Market Research Overview
The Cardiac Prosthetic Devices Market encompasses a range of medical devices used to treat various cardiovascular diseases, including heart valve disorders, coronary artery diseases, and heart failure. With an ageing population and increasing prevalence of heart-related conditions, the demand for cardiac prosthetic devices is on the rise. Minimally invasive surgeries and procedures, such as transcatheter valve replacements and robotic-assisted surgeries, are gaining popularity due to their reduced hospital stays and faster recovery times. These devices include pacemakers, heart valves, and ventricular assist devices. Pacemakers help regulate heart rhythms by delivering electrical impulses to the heart, while heart valves ensure proper blood flow and oxygen delivery to the body. Valve replacements, whether mechanical, stented tissue, or stentless tissue, are crucial for treating valvular heart diseases. Implantation techniques have advanced significantly, with the development of smaller pacemakers, suture-less valve replacements, and transcatheter interventions. The healthcare infrastructure, including hospitals and ambulatory surgical centers, plays a vital role in the delivery of medical services, from pre-operative assessments and surgical procedures to post-operative care. Government healthcare programs and private insurance providers contribute to the comprehensive healthcare coverage necessary for the widespread adoption of these devices. Awareness campaigns and early detection initiatives are essential for addressing conditions such as obesity, congenital heart defects, and cardiovascular disorders. Medical technology continues to evolve, with innovations in wireless connectivity and remote monitoring capabilities enhancing patient care.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Prosthetic Heart Valves
Implantable Pacemakers
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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SOURCE Technavio