Cardiac Prosthetic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cardiac Prosthetic Devices Market studied was anticipated to grow with a CAGR of nearly 9.2% during the forecast period. The major factors attributing to the growth of the market are the rise in the prevalence of multiple cardiovascular indications, atrial fibrillation, cardiac valve failure, and stroke lead to high mortality rates and stroke among geriatrics. For instance, according to Global Health And Wellness Report - 2018, more than 40% of the adult population in United States have been diagnosed with a cardiovascular condition in 2018 which will positively help the market growth, necessitating the high requirement of heart valve replacement devices and pacemakers to enhance cardiac functioning which likely to drive the market growth throughout the forecast period.

Key Market Trends

Mechanical Valves are Expected to Hold the Largest Market Share in the Cardiac Prosthetic Devices Market.

• The Mechanical Valves attribute the largest share in the market owing to their lifetime solution for the patient due to their mechanical strength and flexibility of durable raw polymeric materials used in their manufacturing process. Furthermore, the increased preference by the physicians and patients due to their reduced risk of clinical problems compared to other valves and the lesser requirement for repetitive surgeries with these valves also contribute to the rise in the adoption of these systems fueling the growth of the market.
• On the other hand, transcatheter heart valves are anticipated to witness significant growth over the forecast period owing to their minimal invasiveness nature compared to surgical procedures. The replacement devices are the highly effective and potent alternative for patients at greater risk from the standard valve replacement surgery, extensive congenital malformation, calcification, or infection contributing to the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the global cardiac prosthetic devices market throughout the forecast period. The dominance is due to the rising prevalence of cardiovascular disorders such as arrhythmia, heart failures, ischemic heart disease, dyspnea and heart valve imbalance owing to their unhealthy lifestyle in the United States which generates higher demand for the replacement devices. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the U.S. suffered from cardiovascular diseases resulted in a higher demand for better treatment technologies driving the market in the United States. Also, increasing awareness programs by healthcare associations such as The American Heart Association and manufacturers by promoting positive health and the advantages of technologically advanced prosthetics along with the availability of advanced healthcare infrastructure in the region contributes for its outstanding share in the global market revenue.

Competitive Landscape

The Cardiac Prosthetic Devices market is moderately competitive and consists of several major players. Most of the key players currently dominating the market are focusing on technological advancements to address the unmet needs of cardiac diseases with the enhanced safety of the cardiac prosthetic devices resulting in demand for the market. While others are launching new products and actively making acquisitions with the other companies to consolidate their market positions across the globe and. For instance, in January 2017, Abbott acquired St. Jude Medical, added Trifecta Valve with Glide Technology in the U.S. that utilizes advanced technology, which is further such as expected to foster the industry growth propelling the market revenue. Some of the companies which are currently dominating the market are Abbott Laboratories, LivaNova PLC, Medtronic plc, Boston Scientific Corporation, and Edwards Lifesciences Corporation

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• The market estimate (ME) sheet in Excel format
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