The Cardiovascular Prosthetic Devices market was valued at $26,937.8 million in 2021 and is estimated to reach $61,469.8 million by 2031, exhibiting a CAGR of 8.6% from 2022 to 2031. Cardiovascular prosthetic devices are artificial implants, that replace damaged heart valves, help divert blood flow, or assist with cardiac pacing and other functions. These devices are typically implanted by a cardiac surgeon and have a significant impact on quality of life. They are also used to treat a variety of cardiac diseases, such as congenital heart defects, arrhythmias, coronary artery disease, heart failure, and valvular heart disease. These cardiovascular prosthetic devices are used in different types of surgeries such as coronary artery bypass grafting (CABG), valve replacement, aortic aneurysm repair, endovascular stenting, ventricular assist devices, transcatheter aortic valve replacement (TAVR) and others.
The growth of cardiovascular prosthetic devices market is driven by technological advancement for development of different cardiovascular prosthetic devices, rise in the number of cardiovascular diseases and various strategies adopted such as product launch and product approval by the market key players. Increase in the prevalence of cardiovascular diseases cause rise in the use of cardiovascular prosthetic devices and fuels the growth of market. For instance, according to report shared by Center for Disease Control and Prevention (CDC), in 2020, it was reported that, coronary heart disease is the most common type of heart disease, killing 382,820 people in the U.S.
Moreover, in 2020, about 2 in 10 deaths from coronary artery disease (CAD) happen in adults less than 65 years old. Thus, this factor is anticipated to rise in number of cardiovascular surgeries and increase in application of cardiovascular prosthetic devices and drives the growth of the market. In addition, rise in the number of cardiovascular surgeries is anticipated to drive the application of cardiovascular prosthetic devices which is anticipated to drive the growth of market. For instance, December 2021, according to report shared by The Warren Alpert Medical School, cardiovascular disease remains the leading cause of mortality in the U.S., with over 900,000 cardiac surgeries such as coronary artery bypass grafting, heart transplants, and valve replacements being performed in the U.S. annually.
Moreover, rise in the expenditure by government to develop healthcare infrastructure is anticipated to boost the growth of market. For instance, as per The Office for National Statistics, total healthcare expenditure in the UK accounted for 12.0% of the gross domestic product (GDP) in 2020, as compared to 9.9% in 2019.
Furthermore, it has been estimated that 30% of the healthcare expenditure is used in upgrading the healthcare infrastructure, especially medical equipment and applications used at public health centers, such as hospitals. Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for cardiovascular prosthetic devices application in cardiac surgeries for treatment, thereby boosting the market growth.
On the other hand, high cost of cardiovascular prosthetic devices and risk of complications associated with implantation of cardiovascular prosthetic devices are some factors that are anticipated to restrain the growth of the cardiovascular prosthetic devices market.
The cardiovascular prosthetic devices market is segmented into type, end user and region. On the basis of type the market is segmented into cardiac prosthetic devices and vascular prosthetic devices. Cardiac prosthetic devices include prosthetic heart valves, pacemaker, ventricular assist devices and others. Others include annuloplasty rings, synthetic sutures, tissue patches. Vascular prosthetic devices include stents, synthetic grafts, and others.
Others includes patches, vascular clip, and vascular embolization device. On the basis of end users the market is segmented into hospital, clinics, and others. Others includes cardiac centers and ambulatory surgical centers Region-wise; the market is analyzed across North America (U.S., Canada, Mexico), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and Rest of LAMEA).
Some of the major companies that operate in the global cardiovascular prosthetic devices market include Abbott Laboratories, B. Braun Melsungen, Medtronic, Edwards Lifesciences, Boston Scientific, Johnson & Johnson, Artivion, Inc., Biotronic, Meril Life Sciences Pvt. Ltd. and W. L. Gore & Associates, Inc.
The growth of cardiovascular prosthetic devices market is driven by technological advancement for development of different cardiovascular prosthetic devices, rise in the number of cardiovascular diseases and various strategies adopted such as product launch and product approval by the market key players. Increase in the prevalence of cardiovascular diseases cause rise in the use of cardiovascular prosthetic devices and fuels the growth of market. For instance, according to report shared by Center for Disease Control and Prevention (CDC), in 2020, it was reported that, coronary heart disease is the most common type of heart disease, killing 382,820 people in the U.S.
Moreover, in 2020, about 2 in 10 deaths from coronary artery disease (CAD) happen in adults less than 65 years old. Thus, this factor is anticipated to rise in number of cardiovascular surgeries and increase in application of cardiovascular prosthetic devices and drives the growth of the market. In addition, rise in the number of cardiovascular surgeries is anticipated to drive the application of cardiovascular prosthetic devices which is anticipated to drive the growth of market. For instance, December 2021, according to report shared by The Warren Alpert Medical School, cardiovascular disease remains the leading cause of mortality in the U.S., with over 900,000 cardiac surgeries such as coronary artery bypass grafting, heart transplants, and valve replacements being performed in the U.S. annually.
Moreover, rise in the expenditure by government to develop healthcare infrastructure is anticipated to boost the growth of market. For instance, as per The Office for National Statistics, total healthcare expenditure in the UK accounted for 12.0% of the gross domestic product (GDP) in 2020, as compared to 9.9% in 2019.
Furthermore, it has been estimated that 30% of the healthcare expenditure is used in upgrading the healthcare infrastructure, especially medical equipment and applications used at public health centers, such as hospitals. Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for cardiovascular prosthetic devices application in cardiac surgeries for treatment, thereby boosting the market growth.
On the other hand, high cost of cardiovascular prosthetic devices and risk of complications associated with implantation of cardiovascular prosthetic devices are some factors that are anticipated to restrain the growth of the cardiovascular prosthetic devices market.
The cardiovascular prosthetic devices market is segmented into type, end user and region. On the basis of type the market is segmented into cardiac prosthetic devices and vascular prosthetic devices. Cardiac prosthetic devices include prosthetic heart valves, pacemaker, ventricular assist devices and others. Others include annuloplasty rings, synthetic sutures, tissue patches. Vascular prosthetic devices include stents, synthetic grafts, and others.
Others includes patches, vascular clip, and vascular embolization device. On the basis of end users the market is segmented into hospital, clinics, and others. Others includes cardiac centers and ambulatory surgical centers Region-wise; the market is analyzed across North America (U.S., Canada, Mexico), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and Rest of LAMEA).
Some of the major companies that operate in the global cardiovascular prosthetic devices market include Abbott Laboratories, B. Braun Melsungen, Medtronic, Edwards Lifesciences, Boston Scientific, Johnson & Johnson, Artivion, Inc., Biotronic, Meril Life Sciences Pvt. Ltd. and W. L. Gore & Associates, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiovascular prosthetic devices market analysis from 2021 to 2031 to identify the prevailing cardiovascular prosthetic devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cardiovascular prosthetic devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cardiovascular prosthetic devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Cardiac prosthetic devices
- Type
- Prosthetic heart valves
- Product
- Pacemaker
- Implantability
- Ventricular assist devices
- Product
- Others
- Vascular Prosthetic Devices
- Type
- Stents
- Synthetic grafts
- Others
By End User
- Hospitals
- Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- B Braun Melsungen AG
- Boston Scientific Corporation
- Artivion, Inc.
- Meril Life Sciences Pvt. Ltd.
- Biotronic
- Edwards Lifesciences
- Medtronic plc
- Johnson and Johnson
- W. L. Gore & Associates, Inc.
- Abbott Laboratories
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CARDIOVASCULAR PROSTHETIC DEVICES MARKET, BY TYPE
CHAPTER 5: CARDIOVASCULAR PROSTHETIC DEVICES MARKET, BY END USER
CHAPTER 6: CARDIOVASCULAR PROSTHETIC DEVICES MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Cardiovascular Prosthetic Devices Market," the global cardiovascular prosthetic devices market was valued at $26,937.8 million in 2021 and is estimated to reach $61,469.8 million by 2031, growing at a CAGR of 8.6% from 2022 to 2031. Cardiovascular prosthetic devices are mechanical devices implanted in the body to replace or supplement a malfunctioning heart or other cardiovascular organ. These devices are designed to help maintain normal function, improve quality of life, and increase life expectancy. Examples of cardiovascular prosthetic devices include artificial heart valves, pacemakers, and ventricular assist devices. The report provides market dynamics and trends related to the Cardiovascular Prosthetic Devices systems market. The study estimates the revenue generated from the sales of Cardiovascular Prosthetic Devices such as prosthetic heart valves, pacemaker, ventricular assist devices and others.Key factors driving the growth of the cardiovascular prosthetic devices market include increase in the demand for minimally invasive surgeries, rise in the prevalence of chronic disease that require cardiovascular prosthetic device, and advancement in R & D activities in medical device industry. Increase in number of cardiovascular surgeries is anticipated to drive the application of cardiovascular prosthetic devices and boosts the market growth. For instance, according to National Library of Medicine in September 2022, it was reported that, more than 200,000 heart valve replacement surgeries are performed each year, globally with a predicted increment to 8,50,000 per year by 2050. In addition, according to National Library of Medicine in August 2022, almost 400,000 coronary artery bypass grafting (CABG) surgeries are performed each year making it the most performed major surgical procedure. The elderly population is at an increased risk of developing heart disease due to age-related changes in the body, such as an increase in cholesterol levels, decrease in elasticity of the arteries, and an accumulation of calcium deposits in the arteries. In addition, older individuals are more likely to have other health conditions that may contribute to the development of heart disease, such as diabetes and hypertension. Rise rise in number of geriatric population cause increase in prevalence of cardiac disease. This factor is anticipated to drive the market growth.
The market also offers growth opportunities to the key players in the market. Increase in number of key players to manufacture Cardiovascular Prosthetic Devices systems provide lucrative opportunities for growth and expansion of the market. Some of the major key players offering cardiovascular prosthetic device Everflex Peripheral Self-Expanding Stent System and Advisa MRI SureScan pacemaker (Medtronic Plc.), VascuFlex LOC multiple stent systems (B. Braun Melsungen AG)., and ACURATE neo2 Aortic Valve System (Boston scientific). In addition, increase in the number of products, and rise in number of key players are attributed to drive the growth of market. For instance, Abbott Laboratories, global medical technology business, provides prosthetic heart valves such as Epic Plus valve, Epic Plus Supra valve, Trifecta Valve with Glide Technology, SJM regent mechanical heart valve, SJM masters series mechanical heart valve.
The Cardiovascular Prosthetic Devices Market is segmented into type, end user and region. On the basis of type, the market is categorized into cardiac prosthetic devices and vascular prosthetic devices. Cardiac prosthetic devices include prosthetic heart valves, pacemaker, ventricular assist devices and others. Others include annuloplasty rings, synthetic sutures, tissue patches. Vascular prosthetic devices include stents, synthetic grafts, and others. On the basis of end user, it is bifurcated into hospitals, clinics, and others. The others segment includes cardiac centers and ambulatory surgical centers. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
The key players profiled in the study include Abbott Laboratories, B. Braun Melsungen, Medtronic, Edwards Lifesciences, Boston Scientific, Johnson & Johnson, Artivion, Inc., Biotronic, Meril Life Sciences Pvt. Ltd. and W. L. Gore & Associates, Inc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product approval and agreement to remain competitive and gain advantage over the competitors in the market. For instance, in January 2023, Abbott Laboratories, pharmaceutical and medical equipment manufacturing company, announced that the U.S. Food and Drug Administration (FDA) has approved the latest generation transcatheter aortic valve implantation (TAVI) system of the company, Navitor, to treat people with severe aortic stenosis who are at high or extreme risk for open-heart surgery.
Key Market Insights
- By type, the Cardiac prosthetic devices system segment was the highest revenue contributor to the market and is estimated to reach $31,167.4 million by 2031, with a CAGR of 8.3%. However, the vascular prosthetic devices segment is estimated to be the fastest-growing segment with a CAGR of 9.0% during the forecast period.
- Based on end user, the hospitals segment was the highest revenue contributor to the market with a CAGR of 8.9% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 9.4% during the forecast period.
Companies Mentioned
- B Braun Melsungen AG
- Boston Scientific Corporation
- Artivion, Inc.
- Meril Life Sciences Pvt. Ltd.
- Biotronic
- Edwards Lifesciences
- Medtronic plc
- Johnson and Johnson
- W. L. Gore & Associates, Inc.
- Abbott Laboratories
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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About the Cardiovascular Prosthetic Market
The Cardiovascular Prosthetic market is a subset of the Cardiovascular Devices market, which includes a range of products used to diagnose, treat, and manage cardiovascular diseases. Cardiovascular Prosthetics are medical devices used to replace or support the function of a patient's heart or blood vessels. These devices are typically implanted in the body and can include artificial heart valves, stents, and pacemakers. Cardiovascular Prosthetics are designed to improve the quality of life for Read more
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