Cardiac Prosthetic Devices Market - By Product (Heart Valves, Pacemaker), By End-use (Hospitals, Ambulatory Surgical Centers), & Forecast, 2023 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCardiac Prosthetic Devices Market Size
Cardiac Prosthetic Devices Market size was valued at around USD 7.2 billion in 2022 and is projected to reach over USD 16.4 billion by 2032. This incremental growth rate is owing to increasing prevalence of cardiovascular diseases coupled with rising number of minimally invasive surgeries globally.
Growing awareness regarding several advantages offered by technologically advanced cardiac prosthetic devices associated with ageing population is anticipated to drive the market growth. The cardiac prosthetic devices industry is witnessing a significant growth in the recent years owing to factors such as ageing population, technological advancements, enhanced patient outcome, among others.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Cardiac Prosthetic Devices Market Size in 2022 | USD 7.2 billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 8.4% |
| 2032 Value Projection | USD 16.4 billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 160 |
| Tables, Charts & Figures | 259 |
| Segments covered | Product, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Heart problems like valve issues and blocked arteries are on the rise worldwide, so more people need heart devices to fix them. As people live longer, more get heart valve problems, which is why there's a bigger need for heart surgeries. Doctors keep coming up with better devices, materials, and ways to put them in, which gives patients more options and better results. For example, transcatheter heart valve replacement is a new way to replace heart valves without major surgery, which means less pain and faster recovery. Minimally invasive procedures like transcatheter interventions are becoming more popular because they're less painful and you recover faster compared to traditional open-heart surgeries. Also, as healthcare gets better in poorer countries, more people can get heart surgeries, which makes the market for these devices even bigger.
Cardiac prosthetic devices are medical devices intended to replace and repair malfunctioning or damaged heart valves. These devices are used to restore proper blood flow within the heart and improve its overall function.
However, high cost of cardiac prosthetic devices is anticipated to restrict the cardiac prosthetic devices market progress. The substantial cost of cardiac prosthetic devices, along with the expenses of pre-operative assessments, surgical procedures, hospital stays, and post-operative care, can create financial burdens for patients and their families. For instance, the price of pacemakers can range between USD 10,000 to USD 100,000 and can vary according to the type and technology used in these devices. These high out-of-pocket costs can deter patients from seeking treatment or lead them to consider alternative options, impacting the adoption of these devices.
Healthcare systems in various countries allocate budgets for medical procedures and interventions. The high cost of cardiac prosthetic devices can strain these budgets, potentially limiting the number of patients who can receive these devices. Limited reimbursement from insurance or government healthcare programs can also contribute to budget constraints. In developing regions with limited healthcare infrastructure and resources, the high cost of cardiac prosthetic devices can pose a significant barrier to access.
COVID-19 Impact
The recent outbreak of COVID-19 had a negative impact that influenced the cardiac prosthetic devices revenue, specifically during the initial phase of 2020. The coronavirus outbreak proliferated the disease burden and hampered several global businesses including the healthcare sector, during the pandemic phase. These conditions impacted the cardiac prosthetic devices market expansion. Several hospitals and healthcare facilities globally experienced a significant decline in patient visits for diagnosis and treatment of cardiovascular ailments and surgical procedures.
The COVID-19 pandemic reduced visits to healthcare facilities, causing medical services in several countries to be delayed, including valvular heart diseases and coronary artery diseases among others. Many hospitals and healthcare facilities were forced to postpone or cancel elective procedures to prioritize COVID-19 patients and conserve medical resources. This led to a substantial decline in the demand for cardiac prosthetic devices, resulting in reduced market demand.
During the pandemic, many regular and non-urgent medical procedures, like heart procedures, were put on hold or canceled. This was done to make more resources available for COVID-19 patients and to lower the chances of spreading the virus. Lockdowns, travel bans, and quarantines also messed up the global supply chains. This made it harder to make, deliver, and get medical supplies, including things like heart devices. People were also less likely to go to the doctor for regular checkups and screenings because they were afraid of getting sick. This meant that heart problems weren't being found as early as they should have been. The economic downturn that the pandemic caused also made it harder for patients to afford expensive heart devices and the procedures that go with them.
Cardiac Prosthetic Devices Market Trends
Increasing prevalence of cardiovascular diseases globally is expected to propel the market trends. Cardiovascular diseases encompass a range of conditions that affect the heart and blood vessels, including coronary artery disease, heart failure, arrhythmias, and valvular heart diseases. For instance, according to the WHO data, in 2021, around 17.9 million people globally faced mortality due to cardiovascular diseases and is one of the leading cause of death globally. These conditions contribute to the demand for cardiac prosthetic devices that can replace or repair damaged heart valves.
As the global population ages, the risk of developing cardiovascular diseases increases leading to an increased demand these devices among aging population. Modern lifestyles characterized by poor dietary habits, sedentary behaviour, and stress contribute to the prevalence of cardiovascular risk factors such as obesity, hypertension, and diabetes. These risk factors increase the likelihood of heart conditions and the need for interventions like cardiac prosthetic devices.
Improved awareness about cardiovascular devices and advancements in diagnostic techniques have led to earlier detection and diagnosis of heart conditions, leading to a higher demand for treatment options. Technological advancements have made cardiac prosthetic devices safer, more durable, and effective. This has broadened the treatment options available to patients and increased the adoption of these devices. As the burden of heart conditions rises, the demand for effective treatments like cardiac prosthetic devices is expected to grow, thereby driving the expansion of the market.
Cardiac Prosthetic Devices Market Analysis
When it comes to heart-helping devices, there are two main typesheart valves and Pacemakers. In 2022, Pacemakers ruled the roost, grabbing over two-thirds of the market share. Pacemakers aren't just fancy gadgets; they're lifelines for people with wonky heart rhythms. They send out electrical signals that keep your heart chugging along at a steady beat. This helps you feel better, with less of that grogginess, lightheadedness, or chest pain you might be used to. And here's the best partPacemakers make sure your blood keeps flowing smoothly, so your body gets all the oxygen and nutrients it needs to run like a well-oiled machine.
Pacemakers provide a long-term solution for individuals with chronic arrhythmias. Remote monitoring capabilities allow healthcare professionals to track the device's performance and the patient's heart health remotely, enabling early detection of issues and timely intervention. Advances in pacemaker technology have led to the development of smaller, more efficient, and longer-lasting devices. These technological improvements contribute to patient comfort, safety, and overall effectiveness.
In the realm of heart prosthetic devices, hospitals take the lion's share of the market. Why? Because they're like the epicenters of medical care. They house the superheroes of heart surgeries and treatments. With the need for heart-related services skyrocketing, hospitals are seeing a surge in patients seeking relief from their ticker troubles. And that means more people are getting advanced treatments, like the implanting of these prosthetic marvels. Hospitals are like the all-stars of heart care, offering the latest and greatest in treatments and interventions. That's why they're the powerhouses of this market.
Hospitals with dedicated cardiac teams, including cardiac surgeons, interventional cardiologists, and cardiac nurses, can provide specialized expertise in implanting and managing cardiac prosthetic devices. The increasing demand for hospital services is often supported by higher healthcare expenditure from governments and private sectors. Adequate funding enables hospitals to invest in medical technologies, infrastructure, and staff, which benefits cardiac care and prosthetic device interventions. Thus, availability and accessibility to advanced diagnosis and treatment incorporating cardiac prosthetic devices coupled with the rising prevalence of cardiovascular ailments will surge patient visits to hospitals, thereby propelling the segment revenue.
North America cardiac prosthetic devices market was valued at USD 3.1 billion in 2022. This high market share is ascribed to a variety of factors, including the presence of significant industry players, increasing prevalence of cardiovascular diseases, technological advancements, access to healthcare, and an aging population. North America has a significant burden of cardiovascular diseases (CVDs), which include conditions such as coronary artery disease, heart failure, and valvular heart diseases. The high prevalence of CVDs necessitates a range of interventions, including cardiac prosthetic devices, to manage and treat these conditions effectively.
Hey, some really smart people in healthcare have been working hard to make amazing prosthetic limbs. Thanks to them, these devices are now better than ever, helping people live their lives to the fullest. In North America, where healthcare is top-notch, patients have access to the latest treatments for heart problems. It's like having a superhero team of doctors and nurses who know exactly what to do. And guess what? People are getting smarter about taking care of their hearts. They know to look for signs of trouble and get help early on. The good news is that health insurance in North America helps cover the costs of these super cool prosthetic heart devices, making them more affordable for everyone who needs them. This means more people can get the care they need to live healthier, happier lives.
Cardiac Prosthetic Devices Market Share
Some of the major players operating in the cardiac prosthetic devices market are
- Abbott Laboratories
- Abiomed, Inc.
- AtriCure, Inc.
- Biotronik
- Boston Scientific Corporation
- CryoLife, Inc.
- Edwards Lifesciences Corporation
- Labcor Laboratrios
- Lepu Medical Technology Co. Ltd.
- Lifetech Scientific
- LivaNova
- Medtronic plc.
- Meril Life Sciences Pvt. Ltd.
- MicroPort Scientific
- Siemens Healthcare GmbH
These leading market players are implementing advanced technologies to cater to the large unmet needs of the consumers. These players focus on strategic partnerships, new product launch & commercialization for market expansion.
Cardiac Prosthetic Devices Industry Leaders
- In January 2022, Medtronic plc announced that they had received the approval from Japan's Ministry of Health, Labor and Welfare for the launch of Micra AV Transcatheter Pacing System (TPS) in Japan. This pacemaker is incorporated with advanced pacing technology and is intended for the treatment of AV block. This approval and product launch helped the company to expand their geographic presence and increase their customer base.
- In September 2021, Abbott Laboratories announced that they had received the U.S. Food and Drug Administration (FDA) approval for their Epic Plus and Epic Plus Supra Stented Tissue Valves for the diagnosis and treatment of aortic valve disease. These devices are equipped with advanced radiopaque markers to deliver long-term performance and durability and help improve the quality of life for patients. This regulatory approval helped the company to enhance their R&D capabilities and increase the customer base.
Cardiac prosthetic devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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By Product, 2018 - 2032 (USD Million)
- Heart Valves
- Mechanical Heart Valve
- Tissue Heart Valve
- Transcatheter Heart Valve
- Pacemaker
- Implantable Pacemaker
- External pacemakers
By End-use, 2018 - 2032 (USD Million)
- Hospitals
- Ambulatory Surgical Centers
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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