Global Cardiovascular Prosthetic Device Market - 2023-2030
Global Cardiovascular Prosthetic Device Market reached US$ 15.3 billion in 2022 and is expected to reach US$ 28.9 billion by 2030 growing with a CAGR of 8.4% during the forecast period 2023-2030.
A cardiovascular prosthetic device mimics the functions of the parts of the human heart. These devices are replaced in the human body in order to repair the malfunction or to repair the damaged valves or tissues. The cardiac prosthesis is designed to replicate the function of native valves by maintaining unidirectional blood flow, and the material that is used should be anticoagulant although life.
Cardiovascular prosthetic devices are implantable or external devices that replace or assist parts of the cardiovascular system, such as the heart, arteries, or veins. Prosthetic cardiac devices improve survival and significantly increase the quality of life in most patients. Significant key players like Abbott Laboratories, Boston Scientific, Medtronic, among others are actively operating in the market.
Market Dynamics
An Increase in the Incidence of Heart Failure is Boosting the Market Growth
An increase in the incidence of heart failure is playing a major role in boosting market growth. A large number of people are suffering from heart strokes and heart failure,which is increasing the rate of implantations. Heart failure is a major problem affecting many people. For instance, according tothe Heart Failure Society of America, 960,000 new heart failure cases annually. About 37.7 million people are hospitalized each year. Thus, the increase in the incidence of heart failure patients is expanding the market growth.
An Increase in the Geriatric Population is Fueling the Market Growth
The increase in the incidence of the geriatric populationis fueling the growth of the market. Aging is one of the major factors which shows the influence on the functioning of the heart properly. Heart function gets adversely affected as age increases. Aging can cause changes in the heart and blood vessels.
For instance, according to AHA Journals, it is estimated that 70% of people over 70 years old will develop CVD. 14.2% of adults aged 45 years and older reported having coronary heart disease (CHD), a stroke, or both. Thus increase in the number of aged population will expand the market growth.
High Cost of the Implantation Treatments Will Hamper the Market Growth
The high cost of the implantation treatments can hamper market growth. There is an increased cost for the treatments of surgeries related to implantation due to the increase in the complexity of the surgery. For instance, the average cost of pacemaker surgery in the US ranges between US$2,000- US$ 2,500.
COVID-19 Impact Analysis
The COVID-19 pandemic epidemic has had a significant influence on cardiovascular prosthetic devices, posing unprecedented challenges to many countries. The delayed surgical procedures and postponements of the surgeries, and the fear of patients approaching hospitals have shown the impact on the usage of cardiovascular prosthetic devices. This resulted in a significant decline in the cardiovascular prosthetic device growth during the COVID-19 pandemic.
Russia-Ukraine War Impact Analysis
The Russia-Ukraine conflict is estimated to have a moderate impact on the cardiovascular prosthetic device, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the cardiovascular prosthetic device growth over the forecast period.
Segment Analysis
The cardiovascular prosthetic device is segmented based on product type and end user.
The Implanted Heart Valve Segment Accounts for Approximately 23.8% of the Cardiovascular Prosthetic Device Share
An implanted heart valve is a one-way valve implanted into a person's heart to replace a heart valve that is not functioning properly. Due to the increase in the number of congenital heart valve diseases, implanted heart valve segment holds the highest market share.
According to texasheart.org, in the United States, surgeons perform about 106,000 heart valve operations each year. Each year approximately 40,000 babies are born in the United States with a congenital heart defect. Thus the above factors are influencing the segment to lead the market.
Geographical Analysis
Asia Pacific region accounted for Approximately 21.3% of the Market Share Owing to Technological Advancements
The rise in technological advancements and innovation of new devices is boosting the market share in Asia-Pacific region. A number of clinical trials and approvals have been taking place in this region in order to introduce a number of treatment methods and reduce mortality inthe region.
For instance, on 19 April 2022, Translumina announced the launch of the Vivo Isar dual-drug polymer-free coated stent in various international markets, including Europe and Asia-Pacific regions. Thus, the increase in technological advancements and new innovations is raising the growth of the market.
Competitive Landscape
The major global players in the cardiovascular prosthetic device market include Abbott Laboratories, Boston Scientific Corporation, Lepu Medical Technology Co. Ltd, Medtronic Inc, Biotronik, Meril Life Sciences Pvt. Ltd, Pacetronix, MicroPort Scientific Corporation, Artivion, Inc, and JC Medical, Inc among others.
Why Purchase the Report?
• To visualize the cardiovascular prosthetic device segmentation based on product type, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cardiovascular prosthetic device market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The cardiovascular prosthetic device report would provide approximately 53 tables, 54 figures, and 195 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Product Type
- 3.2. Snippet by End-User
- 3.3. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. An increase in the incidence of cardiovascular diseases
- 4.1.1.2. Increase in the number of obese patients
- 4.1.2. Restraints
- 4.1.2.1. Complications associated with the devices
- 4.1.3. Opportunity
- 4.1.3.1. Increased number of treatments
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter’s 5 Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID-19
- 6.1.2. Scenario During COVID-19
- 6.1.3. Scenario Post COVID-19
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During the Pandemic
- 6.5. Manufacturers’ Strategic Initiatives
- 6.6. Conclusion
- 7. ByProduct Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 7.1.2. Market Attractiveness Index, By Product Type
- 7.2. Pacemakers
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Implanted Heart Valves
- 7.4. Stents
- 7.5. Others
- 8. ByEnd User
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 8.1.2. Market Attractiveness Index, By End User
- 8.2. Hospitals
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Clinics/Cardiac Centers
- 8.4. Ambulatory Surgical Centers
- 8.5. Others
- 9. By Region
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 9.1.2. Market Attractiveness Index, By Region
- 9.2. North America
- 9.2.1. Introduction
- 9.2.2. Key Region-Specific Dynamics
- 9.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 9.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 9.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.2.5.1. U.S.
- 9.2.5.2. Canada
- 9.2.5.3. Mexico
- 9.3. Europe
- 9.3.1. Introduction
- 9.3.2. Key Region-Specific Dynamics
- 9.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 9.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 9.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.3.5.1. Germany
- 9.3.5.2. U.K.
- 9.3.5.3. France
- 9.3.5.4. Spain
- 9.3.5.5. Italy
- 9.3.5.6. Rest of Europe
- 9.4. South America
- 9.4.1. Introduction
- 9.4.2. Key Region-Specific Dynamics
- 9.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 9.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 9.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.4.5.1. Brazil
- 9.4.5.2. Argentina
- 9.4.5.3. Rest of South America
- 9.5. Asia-Pacific
- 9.5.1. Introduction
- 9.5.2. Key Region-Specific Dynamics
- 9.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 9.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 9.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.5.5.1. China
- 9.5.5.2. India
- 9.5.5.3. Japan
- Australia
- 9.5.5.4. Rest of Asia-Pacific
- 9.6. Middle East and Africa
- 9.6.1. Introduction
- 9.6.2. Key Region-Specific Dynamics
- 9.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 9.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By End User
- 10. Competitive Landscape
- 10.1. Competitive Scenario
- 10.2. Market Positioning/Share Analysis
- 10.3. Mergers and Acquisitions Analysis
- 11. Company Profiles
- 11.1. Abbott Laboratories
- 11.1.1. Company Overview
- 11.1.2. Product Portfolio and Description
- 11.1.3. Financial Overview
- 11.1.4. Key Developments
- 11.2. Artivion, Inc
- 11.3. Biotronik
- 11.4. MicroPort Scientific Corporation
- 11.5. JC Medical, Inc
- 11.6. Boston Scientific
- 11.7. Pacetronix
- 11.8. Meril Life Sciences Pvt. Ltd
- 11.9. Medtronic
- 11.10. Lepu Medical Technology Co. Ltd
- LIST NOT EXHAUSTIVE
- 12. Appendix
- 12.1. About Us and Services
- 12.2. Contact Us
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