Cardiovascular prosthetic devices are implantable or external devices that replace or assist parts of the cardiovascular system, such as the heart, arteries, or veins. Prosthetic cardiac devices improve survival and significantly increase the quality of life in most patients. Significant key players like Abbott Laboratories, Boston Scientific, and Medtronic, among others, are actively operating in the market.
The global cardiovascular prosthetic device market reached US$ 15.3 billion in 2022 and is expected to reach US$ 28.9 billion by 2030, growing with a CAGR of 8.4% during the forecast period 2023-2030. The rise in heart failure incidence fuels the cardiovascular prosthetic device market size. Due to the massive rise in technological advancements in countries like the U.S. and Canada, the market is seeing an increase in demand from North American regions.
In recent years, the cardiovascular prosthetic devices market has witnessed a series of product launches and approvals that have contributed to its growth.
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the cardiovascular prosthetic devices market.
Cardiovascular Prosthetic Devices Market Drivers:
An increase in the incidence of cardiovascular diseases will boost market growth:
The market is expanding due to an increase in patients with cardiovascular disease. Every person who has a heart illness will endure a cardiac prosthesis to recover from the condition.
- For instance, the WHO reports that the main cause of mortality worldwide is cardiovascular diseases (CVDs), which claim an estimated 17.9 million lives annually. Coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other illnesses are within the category of heart and blood vessel disorders known as CVDs.
- Heart attacks and strokes account for more than four out of every five CVD fatalities; one-third of these deaths happen before age 70. As a result, the market is rising due to a rise in cardiovascular disorders.
An increase in the number of obese people will drive the growth of the market:
The market will develop more rapidly if there are more fat individuals. People are more susceptible to elevated cholesterol, which results in obesity due to the change in lifestyle and the food consumed. Obese persons are more likely to have cardiovascular illnesses.
- For instance, according to NIHR, obese individuals have a 28% higher chance of developing heart disease than healthy individuals of normal weight. People often choose more practical treatments for the condition. Thus, increasing the population's rate of obesity will spur market expansion.
Market Restraints:
Complications associated with the devices will decline the market growth
The complications associated with using the devices may inhibit the market's expansion. There are numerous adverse effects and complications associated with heart surgery and device implantation.
According to the European Society of Cardiology, cardiovascular prosthetic device adverse effects include structural failure of the valves, intravascular hemolysis, and others. Thus, an increase in the complexity of the devices can harm the market.
Market Key Player:
The major global players in the cardiovascular prosthetic device market include
- Abbott Laboratories
- Boston Scientific Corporation
- Lepu Medical Technology Co. Ltd
- Medtronic Inc
- Biotronik
- Meril Life Sciences Pvt. Ltd
- Pacetronix
- MicroPort Scientific Corporation
- Artivion, Inc
- JC Medical Inc.
DataM Intelligence’s report on the global cardiovascular prosthetic devices market provides insights into the key drivers, challenges, top trends, and opportunities in the market. It also provides you with a geographical analysis and competitive landscape, which will paint a clear picture of the current market scenario.
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