The latest market report published by Credence Research, Inc. “Cardiac Prosthetics Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global cardiac prosthetics devices to reach US$ 8,436.8 Mn in 2017 expanding at a CAGR of 8.8% from 2018 to 2026.
Surge in the prevalence of cardiovascular diseases (CVDs) globally is the prime reason for the growth of cardiac prosthetic devices market. According to World Health Organization (WHO), cardiovascular diseases accounted for approximately 17.9 million deaths in the world in 2015, i.e. 31% of all deaths. CVD includes heart diseases such as coronary heart disease, rheumatic heart disease, cerebrovascular disease and others. 4 out of 5 deaths globally are caused due to heart attacks and strokes. As per American Heart Association (AHA) and Centers for Disease Control and Prevention (CDC), cardiovascular diseases claims nearly 836,546 lives in the U.S., i.e. 1 in every 3 deaths in the U.S., which is more than cancer and chronic lower respiratory diseases combined. Cardiac valve ailments and stroke are the major reason for mortality in majority of the patients suffering for cardiac disorders. This will assist the growth of heart valves and pacemakers market globally during the forecast period. Growing geriatric population globally is pivotal factor that would assist the growth of cardiac prosthetic devices market owing to growth in the patient pool susceptible for cardiac disorders. Technological advancements in the cardiac prosthetic devices with higher efficiency and high success rate of cardiac surgeries are further leveraging the higher demand for cardiac prosthetic devices. However, high cost of devices and implantation would negatively impact the growth of the cardiac prosthetic devices market.
In terms of device type, heart valves are expected to grow at fastest rate in the global cardiac prosthetic devices market owing to its extensive usage in patients suffering from congenital malformation, infections and other cardiac disorders. Additionally, growing cases of heart valve failure will further drive the demand for heart valves. According to AHA, nearly 5 million cases of heart valve diseases are diagnosed in United States every year. Mechanical heart valve and transcatheter heart valve are set to exhibit substantial growth during the forecast period owing to product innovation and minimally invasive nature of the procedure. Growing demand for minimally invasive surgeries globally will boost the demand for these devices. Pacemakers held the largest share and will continue to grow at a steady rate during the forecast period due to rising cases of arrhythmias globally. Launch of leadless pacemakers will further drive the growth of cardiac pacemakers in the cardiac prosthetics devices market.
In terms of geography, North America held the largest share in the global cardiac prosthetic devices market due growing geriatric population in the region. Growing population of baby boomer in U.S. susceptible for cardiovascular diseases in the major factor for the growth of this market. Coronary heart disease is the leading of death in the U.S. followed by stroke, heart attack, hypertension and other cardiovascular diseases. The U.S. government is introducing various awareness programs for healthy lifestyle and curbing the incidences of cardiovascular diseases in the region. Asia Pacific expected to grow at fastest rate during the forecast period owing to growth of target population suffering from cardiovascular diseases. China and India have some of the largest prevalence of hypertension, diabetes and obesity in the world. Moreover, rising incidence of heart attack and coronary heart diseases in the region will further drive the growth of the market. The prominent players operating in the cardiac prosthetic devices market include Medtronic plc, Boston Scientific Corporation, Abbott Vascular, Edwards Lifesciences Corporation, Sorin Group, and Biotronik among others.
The complete report is available at https://www.credenceresearch.com/report/cardiac-prosthetic-devices-market
Key Market Movements:
- Growing prevalence coronary heart diseases, heart attack, strokes and other cardiovascular disorders globally
- Growing preferences of minimally invasive surgeries for treating cardiac ailments
- Product launches and innovation would assist the growth of market