Medtronic, Boston Scientific, Abbott, Edwards Lifesciences, and BIOTRONIK are identified as prominent vendors in the cardiac prosthetic devices market.
Arizton’s recent market research report on cardiac prosthetic devices market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights on the segmentation by Products (cardiac pacemakers and heart valve replacement devices), End-users (hospitals, specialty cardiac centers, and ambulatory surgical centers), and Geography (APAC, Europe, North America, Latin America, and Middle East & Africa).
The cardiovascular prosthetic devices market is expected to grow at a CAGR of over 14% during the period 2019–2025.
Irregular heartbeat or arrhythmia has emerged as a global challenge for healthcare providers. According to several epidemiological estimates, the prevalence of abnormal heart rhythms increases in the aging population. According to the CDC survey, approximately 33.5 million, which is around 0.5% of the world’s population had abnormal heart rhythms in 2013. About 90,000 cases of supraventricular tachycardia are diagnosed annually in the US. Moreover, around 25% of all emergency care visits for supraventricular tachycardia result in hospitalization in the US. Ventricular arrhythmias causes around 75% to 80% of cases of sudden cardiac deaths annually, which is estimated to result in 184,000 to 450,000 deaths in the US.
The leading drivers and trends driving the growth of the cardiovascular prosthetic devices market are discussed below:
High Demand for Transcatheter Heart Valve Replacement Procedures
The demand for transcatheter valve replacement techniques is increasing at a phenomenal rate due to the growing awareness among patients and favorable reimbursement coverage. The growing elderly population is a significant burden on the healthcare system across the globe. The increasing mortality rate due to severe heart valve diseases, especially in the elderly population, is a key concern among healthcare providers. To address this growing mortality rate, medical professionals prefer to perform heart valve replacement surgeries with transcatheter technique among high-risk patients. The rise in the target population, coupled with the growing risk of severe heart valve diseases, is expected to increase the demand for transcatheter surgical techniques. Edwards Lifesciences has been a market leader in providing highly innovative and breakthrough transcatheter aortic heart valves for many years. Medtronic is the second leading company offering transcatheter-based aortic valve replacement devices, including the Hancock II valve for treating several valvular diseases.
Arrival of Leadless Cardiac Pacemakers
Leadless cardiac pacemakers are expected to avoid complications related to lead and pocket pacemakers. The future of leadless technology is promising, which is likely to lead to expanding pacing capabilities. Leadless pacemakers offer an innovative and safe alternative for cardiac pacing in patients who require single-chamber pacing while avoiding common drawbacks of traditional transvenous pacemakers. Future development avenues are boundless as vendors are focusing on transforming the kinetic energy from cardiac motion to develop leadless pacemaker with dual-chamber pacing capabilities and resynchronization therapy, as well as potentially utilizing leadless pacemakers with subcutaneous defibrillators, thereby improving the overall patient’s outcome. Nanostim’s leadless pacemaker shows around 71% reduction in complications up a period of two years. The longest follow-up study on Nanostim’s leadless pacemaker was recently published for three-year outcomes from the LEALDESS clinical trial. The results concluded that freedom from complications was around 90% at 40 months follow-up.
High Demand for Cardiovascular Prosthetic Devices Integrated with Remote Monitoring Features
The introduction of the latest generation cardiac pacemakers with remote monitoring features is capturing the attention of end-users, and vendors are focusing on developing pacing systems with wireless connectivity to external monitoring systems. This could eliminate the timely visit of patients to hospitals for their device interrogation. These wireless systems allow daily monitoring of the patient’s health status without any MRI scan or other sources. Several manufacturers have developed remote monitoring platforms to monitor implantable devices such as pacemakers that are capable of transmitting a complete set of data of stimulator functions. Unlike conventional pacemakers, the pacemakers with connectivity features can be reprogrammed with the help of remote monitoring platforms without any surgical intervention.
Medtronic, Boston Scientific, Abbott, Edwards Lifesciences, and BIOTRONIK are identified as prominent vendors in cardiac prosthetic devices market.
The complete overview of the latest market research report on the cardiovascular prosthetic devices market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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