The global cardiac prosthetic device market is
expected to be over USD 8.7 billion by 2025, based on a new study by Grand View
Research, Inc. Rising demand for minimally invasive devices has provided
greater growth prospects for the market. New product development through
technological advancements is anticipated to foster market growth. The major
companies are focusing on expanding their product life and safety benefits of
the cardiac prosthetic devices. Such initiatives undertaken by the key players
have resulted in increasing survival rates and low stroke rates for
transcatheter aortic valves.
Cardiac prosthetic devices market, by region,
2014 - 2025 (USD Million)
Transcatheter
Aortic Valve Replacement (TAVR) is covered by Evidence Development (CED)
Coverage provided by the Centers for Medicare & Medicaid Services (CMS).
Cardiac pacemakers are also covered under Medicare program. Initiatives for
reimbursement from the government for such devices are anticipated to boost the
demand for cardiac prosthetic devices.
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Further Key Findings From the Study Suggest:
· Heart valve segment was one of the largest segments in 2015 owing to
rising prevalence of valvular disease and heart valve failure.
· Pacemakers segment is expected to grow significantly, owing to rising
reim-bursement policies for pacemaker-related surgeries.
· Mechanical heart valve segment contributed toward the one of the largest
market share in 2015 owing to its increasing product longevity. Moreover, they
provide better hemodynamic efficiency. Since mechanical valves are made up of
strong durable materials, such as titanium and carbon, they are preferred over
other cardiac prosthetic devices.
· Transcatheter valve is expected to exhibit lucrative CAGR over the
forecast period. TAVR has shown improved patient survival rate as compared to
medical therapy. In the past years, it has evolved as a minimally invasive
alternative treatment for surgical valve replacement.
· Implantable pacemakers are one of the highest revenue generating
segments owing to their greater applicability pertaining to heart failure (HF)
and other cardiovascular diseases like stroke.
· North America contributed toward the largest market share of around
40.0% in 20-15. This is primarily due to the fact that the number of pacemaker
implantations has increased amongst the Americans over the past two decades.
Moreover, companies are focusing on commercial availability of technologically
advanced devices in the U.S.
· Asia Pacific is anticipated to witness highest CAGR over the forecast
period owing to the growing geriatric population in Japan. In 2015, the
geriatric population base accounted for around 27% in Japan.
· Some key companies in this market are Medtronic, Inc.; St. Jude Medical,
Inc.; Boston Scientific Corporation; Edwards Lifesciences Corporation; Abbott
Vascular; Siemens Healthcare GmbH; and Sorin Group.
· New product development through introduction of advanced technology and
mergers & acquisitions are some of the key strategies adopted by the companies
to enhance the demand for cardiac prosthetic devices. For instance, in 2015,
St. Jude Medical and Thoratec, a company that specializes in mechanical
circulatory support technology for the treatment of advanced HF, entered into a
definitive agreement aiming at acquisition of the outstanding shares of
Thoratec.
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Grand View Research has
segmented the Cardiac prosthetic device market on the basis of product:
Cardiac prosthetic device market Product Outlook (Market Revenue in USD
Million, 2014 - 2025)
·
Heart valves
o
Mechanical valve
o
Tissue valve
o
Stented tissue valve
o
Stentless tissue valve
o
Transcatheter valve
·
Pacemakers
o
Implantable pacemakers
o
Single-Chamber Battery Pacemaker
o
Dual-Chamber Battery Pacemaker
o
Triple-Chamber Battery Pacemaker
o
External pacemakers
Cardiac prosthetic device market Regional Outlook (Market Revenue in
USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
·
Middle East and Africa
o
South Africa
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About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com
