Market Highlights:
Cardiovascular diseases are a leading cause of death. According to the CDC, cardiovascular diseases are responsible for 1 in every 4 deaths in the U.S. Cardiac implants are crucial medical devices which are used to manage or treat heart diseases and the increasing prevalence of cardiovascular diseases has resulted in considerable growth of the global cardiac implant market.
Global Cardiac Implants Market value at USD 8.91 Bn in 2017 and findings suggest a likely CAGR of 7.2% during the assessment period from 2018 to 2023. The growth of the global cardiac implants market at the above-mentioned rate will lead the market toward a value of USD 13.6 Bn by the end of 2023.
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The prevalence of cardiovascular diseases is in part due to the increase in the geriatric population. The global population has expanded immensely, and with the development of advanced medical technology, life expectancy has also increased. As a result of this, the aged population is growing, and with it, the incidence of heart disease.
Cardiac implants have been highly useful in helping manage these heart diseases, and many implants are designed for geriatric patients, thus driving market growth. Reimbursement policies regarding implants are increasingly becoming favorable, which has encouraged patients to seek treatment, thus driving demand for cardiac implants. Cardiac implants are consistently being developed and improved upon with the advancement of technology, making certain treatments possible and with time, increasingly affordable. Market participants actively compete to launch new products which increase growth opportunities and product demand in the global cardiac implant market.
Newly developed cardiac implants often have to undergo a rigorous approval process and abide by various established standards. These stringent regulatory requirements are expected to deter growth. However, the global market will likely witness increasing opportunities in emerging economies due to the changing healthcare scenario in these countries combined with a rise in disposable income and awareness regarding medical devices.
Top Players:
MRFR’s competitive profiling and analysis of growth strategies of leading market players have been included in the report. Market players of note include C.R. Bard, Inc., Edwards Life-sciences Corporation, Medtronic plc, Boston Scientific Corporation, Terumo Corporation, Thoratec Corporation, SynCardia Systems, Inc., Abbott Laboratories, and B. Braun Melsungen AG.
Segmentation:
The Global Cardiac Implants Market is made up of several key components that have been analyzed in MRFR’s report. Segmentation has been determined on the basis of product, application, end-user, and region. Products have been segmented into cardiac rhythm management devices, coronary stent devices, prosthetic heart valves, and cardiac assist devices. Due to the high demand for devices to help manage arrhythmias, the market share for the cardiac rhythm management devices segment has been observed to be the most significant. Meanwhile, the coronary stent devices segment is projected to witness the fastest growth.
Applications of cardiac implants have been found in arrhythmias, myocardial ischemia, acute myocardial infarction, congestive heart failure, and others. Arrhythmias are the most common application of cardiac implants. The congestive heart failure segment is growing at the fastest rate and is expected to grow considerably over the forecast period.
End-users of cardiac implants are segmented into hospitals, ambulatory surgical centers, and others. Although hospitals have acquired the largest share of the market, the ambulatory surgical centre segment is expected to grow at the highest rate due to increased demand for emergency care of cardiovascular disorders.
Regional Analysis:
The Asia Pacific is expected to be a significant regional market in the global cardiac implant market, primarily due to the presence of several emerging economies in the region. The rising rate of mortality due to cardiovascular diseases in the region has contributed to the increased demand for cardiac implants in the APAC region. Countries such as Japan, China, and India are witnessing large reforms in the healthcare sector, and rapid development of the same, in tandem with government support for the advancement of existing healthcare technologies, is expected to drive the demand for cardiac implants in the region. The APAC market represents a significant opportunity for the growth of the global cardiac implant market in the coming years.
The Americas and Europe have somewhat similar growth patterns and are expected to be significant markets for the global cardiac implant market. Well-developed healthcare sectors along with the presence of several market-leading players in these regions have been the key supporting factors for the growth of these regional markets. Moreover, they have a high geriatric population and favorable reimbursement policies, driving the demand for cardiac implants.
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