The global cardiac prosthetic device market is expected to be over USD 8.7 billion by 2025, based on a new study by Grand View Research, Inc. Rising demand for minimally invasive devices has provided greater growth prospects for the market. New product development through technological advancements is anticipated to foster market growth. The major companies are focusing on expanding their product life and safety benefits of the cardiac prosthetic devices. Such initiatives undertaken by the key players have resulted in increasing survival rates and low stroke rates for transcatheter aortic valves.
Transcatheter Aortic Valve Replacement (TAVR) is covered by Evidence Development (CED) Coverage provided by the Centers for Medicare & Medicaid Services (CMS). Cardiac pacemakers are also covered under Medicare program. Initiatives for reimbursement from the government for such devices are anticipated to boost the demand for cardiac prosthetic devices.
Cardiac prosthetic devices market, by region, 2014 – 2025 (USD Million)
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Further key findings from the report suggest:
- Heart valve segment was one of the largest segments in 2015 owing to rising prevalence of valvular disease and heart valve failure.
- Pacemakers segment is expected to grow significantly, owing to rising reimbursement policies for pacemaker-related surgeries.
- Mechanical heart valve segment contributed toward the one of the largest market share in 2015 owing to its increasing product longevity. Moreover, they provide better hemodynamic efficiency. Since mechanical valves are made up of strong durable materials, such as titanium and carbon, they are preferred over other cardiac prosthetic devices.
- Transcatheter valve is expected to exhibit lucrative CAGR over the forecast period. TAVR has shown improved patient survival rate as compared to medical therapy. In the past years, it has evolved as a minimally invasive alternative treatment for surgical valve replacement.
- Implantable pacemakers are one of the highest revenue generating segments owing to their greater applicability pertaining to heart failure (HF) and other cardiovascular diseases like stroke.
- North America contributed toward the largest market share of around 40.0% in 2015. This is primarily due to the fact that the number of pacemaker implantations has increased amongst the Americans over the past two decades. Moreover, companies are focusing on commercial availability of technologically advanced devices in the U.S.
- Asia Pacific is anticipated to witness highest CAGR over the forecast period owing to the growing geriatric population in Japan. In 2015, the geriatric population base accounted for around 27% in Japan.
- Some key companies in this market are Medtronic, Inc.; St. Jude Medical, Inc.; Boston Scientific Corporation; Edwards Lifesciences Corporation; Abbott Vascular; Siemens Healthcare GmbH; and Sorin Group.
- New product development through introduction of advanced technology and mergers & acquisitions are some of the key strategies adopted by the companies to enhance the demand for cardiac prosthetic devices. For instance, in 2015, St. Jude Medical and Thoratec, a company that specializes in mechanical circulatory support technology for the treatment of advanced HF, entered into a definitive agreement aiming at acquisition of the outstanding shares of Thoratec.
For more information: http://www.grandviewresearch.com