Industry Outlook

The global cardiac prosthetic devices market to reach US$ 23,413.07 Mn in 2029 growing at compound annual growth rate (CAGR) of 8.8% during the forecast period from 2021 to 2029. Cardiac prosthetic devices are a significant alternative for treating damaged cardiac functioning. With ever-growing burden of cardiovascular diseases, cardiac prosthetics play an important role in the treatment of diseases and assist in returning to normal life. Technological advances in the products, especially in different types of valves available in the market have played a vital role in managing valvular heart diseases such as regurgitation and stenosis in the aorta and mitral valve. More than 5 million people in the United States are diagnosed with heart valve disease each year. Advances in the pacemaker devices have fueled the uptake of these devices globally. The new generation implantable cardioverter defibrillator (ICD) come with dual function, acting as a pacemaker and keeps track of heart rate to prevent sudden cardiac arrest in case of arrhythmias. Growing cases of sudden cardiac deaths (SCD) globally would boost the demand for ICDs during the forecast period. Around 0.18 million to 0.45 million incidents of SCDs occur in U.S. annually. Moreover, growing prevalence of coronary heart diseases, heart attacks, strokes and other cardiovascular ailments worldwide are also assisting the growth of cardiac prosthetic devices market. Around 92.1 million American adults are living with some form of cardiovascular disorder and after-effects of stroke. Cardiovascular diseases and strokes account for US$ 329.7 billion direct and indirect costs associated with the diseases including healthcare costs and lost productivity.

"Growing Prevalence of Cardiovascular Diseases to Drive the Demand for Cardiac Prosthetic Devices"

In 2020, pacemakers held the largest share in the global cardiac prosthetic devices market. Technological advancements in pacemakers such as microprocessor controlled devices and dynamic pacemaker technology are enhancing the device performance and contributing to the market growth. Implantable pacemakers are the leading segment by type of pacemakers due to rising prevalence of cardiac arrhythmia cases, bradycardia, tachycardia etc. External pacemakers serve as a potential market for the management of bradyarrythmia owing to meritorious features such as ergonomic dials design and soft keys to set stimulation parameters. Heart valves would grow at a significant rate during the forecast period owing to rising cases of heart valve diseases, strokes and coronary heart disorder. Growing inclination of minimally invasive surgeries would further drive the market of cardiac heart valves market. Artificial hearts are newer technology in the market and expected to grow at an exponential rate during the forecast period.

"North America to lead the Cardiac Prosthetic Devices Market"

North America held the largest share in the global cardiac prosthetic devices market owing to high burden of cardiovascular diseases in the region. Strokes and cardiovascular disorders accounted for 14% of overall healthcare expenditure in 2013-2014, more than any other diagnostic group. Moreover, the total direct medical cost of CVD is projected to increase to US$ 749 billion by 2035. High awareness and affordability of cardiac prosthetic devices in the U.S. are also an important factor driving the growth of the market. Asia Pacific emerged as the fastest growing region in the market due to higher target population in the region. Growing healthcare infrastructure and healthcare spending in the region have made Asia Pacific a lucrative market for cardiac prosthetic devices.

Market is studied in order to understand the current dynamics and future trends in the global cardiac prosthetic devices market. The study includes market size and forecast for all considered segments presented in the report for the period from 2019 to 2029, along with respective compound annual growth rate (CAGRs) for the forecast period from 2021 to 2029, considering 2020 as the base year. The prominent players operating the global cardiac prosthetics market are Medtronic plc, Boston Scientific Corporation, Abbott Vascular, Edwards Lifesciences Corporation, Sorin Group, Biotronik, and SynCardia among others. The companies are engaging in mergers and acquisitions to maintain competency in the market. In 2020, Abbott Laboratories, Inc., acquired St. Jude Medical, Inc. to extend its product offering in cardiovascular treatment solutions. Number of companies are collaborating with Universities for the development of Total Artificial Heart (TAH) solutions.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cardiac Prosthetic Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Cardiac Prosthetic Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Cardiac Prosthetic Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Cardiac Prosthetic Devices market?
• Which is the largest regional market for Cardiac Prosthetic Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Cardiac Prosthetic Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Cardiac Prosthetic Devices market worldwide?