Albany, NY -- (ReleaseWire) -- 04/25/2014 -- Cardiac Prosthetic Devices Market was valued at USD 2,945.3million in 2012 and is estimated to reach a market worth USD 5,290.0million in 2019at a CAGR of 8.7% from 2013 to 2019.
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Cardiac prosthetics are chronic alternatives that replace a damaged or diseased part in the body.Cardiac prosthetic devices are used in the treatment of blockages in heart valves. Implantation of these devices is being increasingly accepted as one of the common procedures due to a rise in the number of patients suffering from valvular diseases. Prosthetic valve thrombosis (PVT), prosthetic valve endocarditis (PVE), mechanical hemolytic anemia and thromboembolism are some of the complications that arise from failure of the primary valves.The growth of cardiac prosthetic devices market is primarily driven by increasing geriatric population, rise in the number of cardiac diseases (coronary artery, cardiovascular, peripheral vascular, rheumatic heart, cerebrovascular and valvular heart diseases). In addition, technological advances are also aiding the growth of this industry.
The cardiac prosthetic devices market can be segmented as heart valves and pacemaker. Heart valves are further categorized into mechanical heart valves, tissue heart valves and transcatheter heart valves. The market for cardiac prosthetic devices promises high growth mainly due to increasing incidence of cardiovascular disorders, rising preference for minimally-invasive procedures and consistent growth in the geriatric population. Additionally, a rise in obesity followed by continuous product modification and technological upgradation resulting in development of effective devices would propel the growth and uptake of cardiac prosthetic devices. However, high cost of devices, stringent approval process of these devices (Class III devices) and certain clauses of the Affordable Healthcare Act (AHA) that contribute in overall increase of the cost of medical devices are some of the factors that might hamper the growth of the cardiac prosthetic devices market.
At the regional level, North America was the largest market in 2012 for cardiac prosthetic devices market followed by the European region. Cardiovascular diseases such as valvular and rheumatic diseases have increased significantly in the developed nations. Furthermore, a rise in life expectancy of the population has increased the frequency of degenerative valve diseases. Hence, with the rise in prevalence of these diseases, demand for cardiac prosthetic devices is expected to increase during the forecast period. Asia-Pacific region is expected to grow at a higher CAGR of 10.9% from 2013 to 2019. This is majorly due to large and expanding population base, increased participation of the respective governments in healthcare sector and rising disposable incomes of the population.
The cardiac prosthetic devices market is characterized by the presence of well-established players operating in this market. The major companies competing in this market are Edwards Lifesciences Corporation, Medtronic, Inc., Sorin Group, St. Jude Medical and Boston Scientific Corporation.
The global cardiac prosthetic devices market is segmented as follows:
Cardiac Prosthetic Devices Market, by Segments
- Mechanical Heart Valves
- Tissue Heart Valves
- Transcatheter Heart Valves
- Implantable Pacemaker
- External Pacemaker
Cardiac Prosthetic Devices Market, by Geography
- North America
- Rest of the World (RoW)
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