Cardiovascular Prosthetic Device Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Cardiovascular Prosthetic Device Market is Segmented By Product Type (Pacemakers, Implanted Heart Valves, Stents, Others), By End User (Hospitals, Clinics/Cardiac Centers, Ambulatory Surgical Centers, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Cardiovascular Prosthetic Device Market Size

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 the incidence of heart failures is fueling up 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.

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, Medtronic, among others are actively operating in the market.

Cardiovascular Prosthetic Device Market Scope

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Cardiovascular Prosthetic Device Market Dynamics

An Increase in the Incidence of Cardiovascular Diseases will Boost the Market Growth

An increase in the number of cardiovascular-diseased patients is boosting the growth of the market. Every individual who is suffering from heart disease will definitely undergo a cardiac prosthesis in order to get cured of the disease.

For instance, according to WHO, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. CVDs are a group of disorders of the heart and blood vessels and include coronary heart disease, cerebrovascular disease, rheumatic heart disease and other conditions. More than four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age. Thus increase in the number of cardiovascular diseases is expanding the market growth.

Increase in the Number of Obese People will Drive the Growth of the Market

Increasing the number of obese people will expand the market’s growth. Due to the change in lifestyle and the food that is uptaken, people are more vulnerable to high cholesterol, which leads to obesity. Highly obese people have more cardiovascular diseases.

For instance, according to NIHR, people who are obese have a 28% increased risk of heart disease compared with healthy people of normal weight.In order to treat the disorder, people often choose more convenient procedures. Thus, increasing the number ofobese people will boost the market growth.

Complications associated with the Devices will Decline the Market Growth

The complications associated with the use of the devices can decline the growth of the market. There are a number of side effects and complications to performing heart surgery or implantation of any kind of device. According to the European Society of Cardiology, the side effects associated with cardiovascular prosthetic devices include structural failure of the valves, intravascular hemolysis, and others. Thus, an increase in the complications of the devices can affect the market negatively.

Cardiovascular Prosthetic Device Market Segment Analysis

The cardiovascular prosthetic device market is segmented based on product type, and end-user.

The Pacemaker Segment Holds 39.7% of the Global Cardiovascular Prosthetic Device Market Share

A pacemaker is a small device that's placed (implanted) in the chest to help control the heartbeat. Pacemakers send electrical pulses to help the heart beat at a normal rate and rhythm. Pacemakers can also be used to help your heart chambers beat in sync so your heart can pump blood more efficiently to the body. This is needed for heart failure cases.

An increase in the number of patients suffering from arrhythmia increases the use of pacemakers. Arrhythmia, or irregular heartbeat, is a problem with the rate or rhythm of your heartbeat. For instance, according to CDC, each year in the United States, about 454,000 are diagnosed with arrhythmia. Thus, the increased number of arrhythmia patients is fueling the pacemaker segment growth.

Source: DataM Intelligence Analysis (2023)

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Cardiovascular Prosthetic Device Market Geographical Share

North America Accounted for Approximately 38.7% of the Market Share in 2022

Due to the rising prevalence of cardiovascular diseases in this region and the increase in advancements and technologies in order to heart-related issues, there is a rapid expansion in the market in these regions.

For instance, various sources list the number of individuals in the United States with an implantable pacemaker anywhere between 500,000 and 3 million. The chance of pacemaker implantation increases dramatically with age. In fact, over 70% of all pacemakers are implanted in patients over the age of 65.

Source: DataM Intelligence Analysis (2023)

Cardiovascular Prosthetic Device Market Companies

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, and JC Medical, Inc among others.

COVID-19 Impabct Analysis

Russia-Ukraine Conflict Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the cardiovascular prosthetic device market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the cardiovascular prosthetic device market growth over the forecast period.

By Product Type

• Pacemakers
• Implanted heart valves
• Stents
• Others

End User

• Hospitals
• Clinics/Cardiac Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On September 22 2021, Abbott announced that the U.S. Food and Drug Administration (FDA) had approved the company's EpicPlus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease. These next-generation devices build off Abbott's Epic surgical valve platform, which has a decades-long history of safety and strong clinical outcomes. And it also includes innovations that make implantation of the valve and future cardiac interventions easier.
• On February 7 2022, Abbott announced the world's first patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i pivotal clinical study. The implant of Abbott's investigational Aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology. It is the first to occur around the world within the pivotal trial.
• On January 17 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) has approved the company's latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor, to treat people with severe aortic stenosis who are at high or extreme risk for open-heart surgery. The Navitor TAVI system is the latest addition to the company's comprehensive transcatheter structural heart portfolio that offers less invasive treatment options to physicians and patients for some of the most common and serious heart diseases.

Why Purchase the Report?

• To visualize the cardiovascular prosthetic device segmentation based on product type, end-user and region as well as understanding key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cardiovascular prosthetic device market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The cardiovascular prosthetic device market report would provide approximately 53 tables, 54 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies