Cardiovascular Prosthetic Devices Market By Type (Cardiac prosthetic devices, Vascular Prosthetic Devices), By End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The Cardiovascular Prosthetic Devices Market valued for $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.
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
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