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| Global Cardiac Prosthetic Devices Market |
The 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 include pacemakers, mechanical heart valves, cardiac
resynchronization therapy (CRT) devices, implantable cardioverter
defibrillators (ICDs), and ventricular assist devices (VADs). Pacemakers are
the most commonly used devices that monitor heart's rhythm and deliver
electrical pulses to regulate abnormal heart rhythms. Mechanical heart valves
are used for treating valve stenosis and valve regurgitation.
Market key trends:
One of the major trends driving the cardiac prosthetic devices market growth is
increasing prevalence of cardiovascular diseases worldwide. According to World
Health Organization, cardiovascular diseases account for over 17 million deaths
every year, which is more than that from any other cause. Moreover, rising
geriatric population is another factor fueling the growth of the market. Older
individuals are at a much higher risk of developing cardiovascular diseases as
compared to younger adults. Therefore, increasing aging population across both
developed and developing countries will surge the demand for cardiac prosthetic
devices over the forecast period.
Porter's Analysis
Threat of new entrants: The Cardiac Prosthetic Devices market has high barriers
to entry due to high capital investment requirements, strict government
regulations and certifications required.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
availability of alternatives and differentiated products offered by various
established players in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
due to the availability of substitutes and suppliers in the market.
Threat of new substitutes: Threat is low as substitutes that can be easily and
economically replaced are limited for Cardiac Prosthetic Devices.
Competitive rivalry: High due to presence of large players operating globally.
SWOT Analysis
Strength: Extensive R&D investment and new product launches. Increasing
awareness about cardiac conditions drive market growth.
Weakness: High cost associated with cardiac prosthetic devices limits adoption
in developing regions. Stringent regulatory processes delay new product
approvals.
Opportunity: Untapped growth potential in emerging markets of Asia Pacific and
Latin America. Increasing healthcare expenditure is projected to boost demand.
Threats: Reimbursement issues related to high cost of devices and surgeries
hamper market revenue. Alternative treatment procedures pose competition.
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. The
market size for 2023 is US$ 7.5 Bn.
Regionally, North America dominates the market and is projected to continue its
dominance during the forecast period. This is attributed to presence of
established players, rising geriatric population and growing number of cardiac
implantation procedures in the region. Asia Pacific is the fastest growing
market for cardiac prosthetic devices due to growing healthcare expenditure in
countries such as India and China.
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. The prominent players are focusing on new product launches and
innovation to strengthen their market position in the coming years.
Read More: https://www.trendingwebwire.com/cardiac-prosthetic-devices-market-size-and-share/