Cardiac Prosthetic Devices Market - Global Outlook and Forecast 2020-2025

INDUSTRY INSIGHTS

The global cardiac prosthetic devices market size will be valued at USD 19 billion in 2025 and is expected to grow at a significant rate during the forecast period. The growing incidence of arrhythmia caused by arterial fibrillation (AF), structural heart diseases, especially heart valve diseases worldwide, is the major factor contributing to the growth. As the occurrence of AF in the general population in developed countries is between 1.5% and 3%, and in the elderly population around 20%, the market is likely to increase its market share considerably. Moreover, the prevalence of several valvular disorders such as aortic stenosis (AS), mitral regurgitation, pulmonary stenosis, tricuspid regurgitation, and congenital heart defects has increased at a significant rate over the past few years globally.

The demand for transcatheter valve replacement techniques is growing at a phenomenal rate due to the growing awareness of the devices, favorable reimbursement coverage, and increased prevalence of high-risk patients. The increasing mortality rate due to severe heart valve diseases, especially in the elderly population, is a key global concern among healthcare providers. Therefore, to address this concern, medical practitioners prefer to perform heart valve replacement surgeries with transcatheter technique among high-risk patients. Hence, the increase in the target population, coupled with a growing risk of severe heart valve diseases, is expected to increase the demand for transcatheter surgical techniques.

SNIPPETS

• The demand for implantable cardiac prosthetic devices is expected to witness the highest incremental growth of $10 billion during the forecast period. 
• Vendors are likely to focus on developing leadless cardiac pacemaker devices as well as transcatheter mitral valve replacement products to increase the effectiveness of these products. 
• The demand for technically advanced prosthetics devices is likely to be increased at a significant rate in the coming years worldwide due to the continuous focus on technological advances and improvements, which include MRI-conditional pacemakers and transcatheter replacement devices.
• While North America, especially the US, is likely to dominate the cardiac prosthetic devices market during the forecast period, APAC is expected to grow at the fastest rate. 

CARDIAC PROSTHETIC DEVICES MARKET SEGMENTATION

This research report includes a detailed segmentation by

1. Products
2. End-user
3. Geography

INSIGHTS BY PRODUCTS

The heart valve replacement devices market is growing at a healthy rate. An increase in the aging population and the presence of a large pool of patients with heart valve diseases is a major factor in driving the segment growth. The market is expected to grow significantly in the coming years due to the growing demand for transcatheter heart valve replacement procedures, especially TAVR, and the availability of next-generation cardiac prosthetic valves.

The growth of the transcatheter heart valves can mainly be attributed to superior safety and efficacy features, coupled with the growing prevalence of heart valve diseases globally. The penetration is high in developed countries such as the US, Germany, Japan, France, the UK, Italy, and Spain.  Similarly, advances in heart valve repair & replacement technologies have helped to boost unit sales of tissue heart valves as the improvement in tissue valves has increased durability, which makes them suitable for implantation in young patients. However, the share of mitral tissue valve replacement procedures is expected to increase during the forecast period as end-users are opting for TAVR heart procedures over aortic tissue valve replacement procedures. The mechanical heart valves segment is likely to account for a slower rate than the tissue and transcatheter heart valves segments. The demand for mechanical heart valves is declining, especially in developed economies, due to high risks and complications of cardiac prosthetic devices and the rapid evolution of advanced tissue and transcatheter heart valves with higher safety and efficacy. However, the global mechanical heart valves market is growing due to a steady increase in demand for mechanical heart valves in developing and emerging countries as these devices are relatively less expensive and offer long-life expectancy.

Advances in technology are improving the safety and efficacy of pacemakers. The conventional cardiac pacemaker segment is growing at a healthy rate due to the high uptake of technologically advanced implantable pacemakers, such as leadless and MRI compatible pacemakers. CRT-P device enhances the heart’s effectiveness and increases the blood flow compared to standard pacemakers. They also improve heart failure symptoms such as shortness of breath, fatigue, and exercise intolerance. CRT-P is an advanced type of pacemaker that provides certain additional advantages such as sensing of heart rate and delivering shock accurately.

Moreover, another prime function of the CRT-P device is to minimize the future chances of heart failure. Hence, the adoption of CRT-Ps is increasing at a significant rate. Besides, favorable public and private reimbursement coverage across the globe is projected to boost the adoption of CRT-Ps, resulting in the overall growth of the global cardiac pacemaker market.

INSIGHTS BY END-USERS

Hospitals are the major end-users for the cardiac prosthetic devices market as they perform a high number of implantation procedures. The increasing number of heart ailments and the growing implantations in the hospitals are fueling the growth of the segment. Healthcare professionals in hospitals use advanced cardiovascular prosthetic devices such as implantable pacemakers, CRT-Ps, transcatheter, tissue, and mechanical heart valves as a treatment procedure of cardiac diseases. The specialty cardiology center segment is expected to grow at an absolute growth of over 140% during the forecast period. The segment is likely to grow at a faster rate than hospitals as they are equipped with better infrastructure for cardiology care. Specialty cardiac centers provide exclusive healthcare services to patients with suspected or diagnosed heart diseases. These centers are solely dedicated to treating patients that are suffering from several ailments such as arrhythmia and structural heart diseases. Ambulatory Surgery Centers (ASC) are growing at a promising rate as they are modern healthcare settings equipped with sophisticated healthcare infrastructure. This segment is expected to witness healthy growth, especially in developed countries, due to the growing popularity of procedures such as pacemaker implants and TAVR over conventional open surgical techniques for implanting cardiac prosthetic heart devices.

INSIGHTS BY GEOGRAPHY

The growth in North America is mainly attributed to the high incidence of cardiac diseases such as heart valve disease and abnormal heart rhythms, the availability of advanced healthcare infrastructure and constant technological innovations, and growing acceptance for transcatheter and other MI procedures. A strong preference for MI procedures is one of the key reasons for high market share. Europe is the second-largest cardiac prosthetic devices market, particularly Western Europe, has a well-established healthcare infrastructure with access to advanced healthcare services, especially for replacement procedures for heart diseases such as arrhythmia and heart valve diseases. Also, the increasing incidence of abnormal heart rhythm, heart valve disease, rapid adoption of advanced cardiac devices, and high healthcare expenditures are driving the cardiac prosthetic devices market growth in Europe.

APAC is growing at a significant rate and is expected to grow during the forecast period. The presence of a large pool of patient population, improvements in healthcare infrastructure, and increased healthcare expenditure are the factors contributing to the growth. Further, the increasing prevalence of heart diseases is a key factor driving the cardiac prosthetic devices market shares.

Brazil, Mexico, and Argentina are the major revenue contributors to Latin America. Cardiovascular diseases (CVDs) are the major cause of mortality in the region. The presence of a large pool of the patient population that requires cardiac prosthetic devices, an increase in government initiatives and funding on healthcare, and improvements in healthcare infrastructure are the main factors driving the growth.

Turkey, Saudi Arabia, and South Africa are the major revenue contributors to the MEA region. The MEA cardiac prosthetic devices market is growing due to the presence of a large pool of patients that require heart valve replacement devices, pacemakers, and CRT-Ps, an increase in government initiatives and healthcare funding, and improvements in healthcare infrastructure. Moreover, the market in MEA is expected to grow due to the increase in healthcare spending, improved literacy rates, increasing awareness about healthcare treatments, and a large middle-class population with high spending power.

INSIGHTS BY VENDORS

The global cardiac prosthetic devices market is highly competitive and characterized by the presence of a few key players and a significant number of other prominent players offering a wide range of advanced and innovative devices. The market is witnessing rapid technological advancements and is significantly affected by new product launches. Abbott, BIOTRONIK, Boston Scientific, Edwards Lifesciences, and Medtronic are the major players with dominant shares in the market. The dominant presence of major players is attributable to their strong presence and endorsement for their products due to the availability of abundant clinical data/evidence regarding safety and efficacy.

Key Vendors

• Medtronic
• Boston Scientific
• Abbott
• Edwards Lifesciences
• BIOTRONIK

The cardiac prosthetic devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

By Products

• Cardiac Peacemakers
• Conventional Cardiac Peacemakers
• Cardiac Resynchronization Therapy Pacemakers (CRT-Ps)
• Heart Valve Replacement Devices
• Transcatheter Heart Valves
• Tissue Heart Valves
• Mechanical Heart Valve

By End-user

• Hospitals
• Specialty Cardiac Centers
• ASCs

By Geography

• Europe
• Spain
• Germany
• Italy
• France
• UK
• North America
• US
• Canada
• APAC
• South Korea
• China
• Japan
• Australia
• India
• Latin America
• Brazil
• Argentina
• Mexico
• Middle East & Africa
• Turkey
• Saudi Arabia
• South Africa