The cardiac prosthetic devices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cardiac Prosthetic Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cardiac prosthetic devices market size has grown rapidly in recent years. It will grow from $7.40 billion in 2023 to $8.20 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to the increasing elderly population with a higher prevalence of cardiovascular diseases, rising incidence of cardiovascular diseases, improved surgical techniques, greater awareness among patients and healthcare providers about cardiac health, and supportive government policies and funding for cardiovascular health programs.
The cardiac prosthetic devices market size is expected to see rapid growth in the next few years. It will grow to $12.56 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the increasing elderly population prone to cardiovascular diseases, increased spending on healthcare services and devices, favorable insurance and reimbursement scenarios, increased patient preference for advanced treatment options, and higher prevalence of lifestyle-related heart conditions. Major trends in the forecast period include the development of smaller, more efficient cardiac prosthetic devices for minimally invasive procedures, advanced biocompatible materials, integration with wearable technology, improvements in battery technology, and utilization of 3d printing technology.
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Scope Of Cardiac Prosthetic Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cardiac Prosthetic Devices Market Overview
Market Drivers –
The prevalence of cardiovascular diseases is expected to propel the growth of the cardiac prosthetic devices market going forward. Cardiovascular diseases (CVDs) are a group of disorders affecting the heart and blood vessels, including conditions such as coronary artery disease, heart attacks, and strokes. The prevalence of cardiovascular diseases is due to unhealthy lifestyles, high rates of obesity, poor diet, lack of physical activity, high-stress levels, and an aging population. Cardiac prosthetic devices play a significant role in managing cardiovascular diseases by supporting or replacing the heart’s function or its components. For instance, in December 2022, according to the Office for National Statistics, a UK-based government department, 3.6 million people had a cardiovascular ailment (6.4%), 3.7 million had a respiratory disease (6.8%), and 6.6 million had one of these conditions (12.1%) on March 21, 2021. Therefore, the prevalence of cardiovascular diseases is driving the growth of the cardiac prosthetic devices market.
Market Trends –
Major companies operating in the cardiac prosthetic devices market are focused on developing innovative technologies, such as transcatheter pacing systems, to enhance cardiac function, reduce procedural invasiveness, and improve patient outcomes in managing heart rhythm disorders. A transcatheter pacing system is a minimally invasive device implanted via a catheter to regulate the heart’s electrical activity without needing external wires or surgery. For instance, in January 2022, Medtronic plc, an Ireland-based medical device company, launched the Micra AV Transcatheter Pacing System, a compact and minimally invasive device designed to address bradycardia (slow heart rate). The Micra AV TPS is designed to provide precise and reliable pacing for patients with bradycardia, incorporating advanced technology to synchronize pacing with the heart’s natural rhythm. Its compact size and internal battery contribute to a longer lifespan, while the remote monitoring capabilities enable healthcare providers to track the device’s performance and patient outcomes more effectively.
The cardiac prosthetic devices market covered in this report is segmented –
1) By Type: Valves, Pacemakers
2) By Applications: Surgery, Research
3) By End User: Hospitals, Clinics Or Cardiac Centers, Ambulatory Surgical Centers, Other End-Users
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Regional Insights –
North America was the largest region in the cardiac prosthetic devices market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cardiac prosthetic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the cardiac prosthetic devices market are Abbott Laboratories, Medtronic plc, Siemens Healthcare GmbH, Boston Scientific Corporation, Laboratory Corporation of America Holdings, Terumo Corporation, Edwards Lifesciences Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology (Beijing) Co. Ltd., Hansen Medical Inc., Abiomed Inc., LivaNova PLC, Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, ATRICURE INC., CryoLife Inc., LifeTech Scientific Corporation, TTK Healthcare Limited, Venus Medtech (Hangzhou) Inc., Braile Biomedica, Kawasumi Laboratories Inc., St. Jude Medical Inc., Sorin Group, Aortic Innovations Inc., Mic Pacetronixro
Table of Contents
1. Executive Summary
2. Cardiac Prosthetic Devices Market Report Structure
3. Cardiac Prosthetic Devices Market Trends And Strategies
4. Cardiac Prosthetic Devices Market – Macro Economic Scenario
5. Global Cardiac Prosthetic Devices Market Size and Growth
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32. Global Cardiac Prosthetic Devices Market Competitive Benchmarking
33. Global Cardiac Prosthetic Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cardiac Prosthetic Devices Market
35. Cardiac Prosthetic Devices Market Future Outlook and Potential Analysis
36. Appendix
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