The global Cardiac Prosthetic Devices Market is estimated to be valued at US$ 7.5 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac prosthetic devices are used to replace defective cardiac valves and repair cardiac walls and chambers. The major cardiac prosthetic devices available in the market are heart valves, ventricular assist devices, and pacemakers. Heart valves such as mechanical valves and tissue valves are utilized to treat severe valve diseases including stenosis and regurgitation. Ventricular assist devices are battery-operated pumps that help failing hearts to circulate blood. Pacemakers are small implantable devices used to treat abnormal heart rhythms commonly known as arrhythmias. Growing prevalence of cardiovascular diseases and technological advancements in cardiac care devices are major factors driving the growth of the cardiac prosthetic devices market.
Market key trends:
The increasing research in the field of regenerative medicine for cardiac repair is one of the key trends in the Global Cardiac Prosthetic Devices Market. Researchers are focusing on developing regenerative therapies to complement or replace prosthetic devices for cardiac repair. For instance, scientists are exploring the potential of stem cells and tissue engineering technologies to regenerate damaged heart tissues and develop biological cardiac patches. Such innovations have the potential to address the limitations of current prosthetic devices and offer long-term treatment solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to moderate regulation and high capital requirement for R&D and manufacturing. However, new technologies evolve rapidly in this industry.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players in the industry providing substitutes. Buyers can easily switch between products based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials and components have few substitutes and suppliers have some control over pricing.
Threat of new substitutes: The threat of new substitutes is high due to continuous innovation and technological advancements. New minimally invasive treatment alternatives pose a threat.
Competitive rivalry: Competition in the industry is high among the major players.
Key Takeaways
The global Cardiac Prosthetic Devices Market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of cardiovascular diseases.
Regional analysis
North America dominates the global cardiac prosthetic devices market owing to development of innovative technologies and increasing healthcare spending in the US and Canada. Asia Pacific exhibits the fastest growth due to large patient population, rising healthcare standards and growing medical tourism in the region.
Key players
Key players operating in the cardiac prosthetic devices market are Abbott., Artivion, Inc., Medtronic, Boston Scientific Corporation, Edwards Lifesciences Corporation., Siemens Healthcare Private Limited, LivaNova PLC (sorin group), Asahi Kasei Corporation., OSYPKA MEDICAL, Lepu Medical, MicroPort Scientific Corporation., Vitatron, Koninklijke Philips N.V., Progetti srl, and Shree Pacetronix Ltd. Abbott. dominates the global market owing to its diverse product portfolio and strong geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.