Press release
Cardiac Pacemakers Market: Advancements, Trends, and Growth Opportunities in the Global Healthcare Sector
Several factors are driving the market for cardiac prosthetic devices, including the increasing prevalence of heart diseases, an ageing population, technological advancements in the field of medical devices, and rising demand for minimally invasive surgical procedures. Furthermore, there is a growing trend towards personalised medicine and the development of personalised cardiac prosthetic devices for individual patients.
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Key Takeaways from Market Study
Sales of cardiac prosthetic devices are expected to rise at a CAGR of 7.6% through 2027.
The global cardiac prosthetic devices market is currently valued at US$ 6.6 billion.
Market in Canada is anticipated to expand at a CAGR of 6.8% over the forecast period.
Demand for external pacemakers is predicted to increase at a CAGR of 7% from 2022 to 2027.
Market in Germany is set to increase at a CAGR of 5% through 2027.
Region-Wise Analysis
North America: The North American region is a significant market for cardiac prosthetic devices due to the high prevalence of heart diseases, well-established healthcare infrastructure, and favorable reimbursement policies. The United States is the largest market in this region, followed by Canada.
Europe: Europe is also a significant market for cardiac prosthetic devices, driven by factors such as the aging population, high incidence of heart diseases, and advanced healthcare infrastructure. The United Kingdom, Germany, France, and Italy are the major markets in this region.
Asia-Pacific: The Asia-Pacific region is a fast-growing market for cardiac prosthetic devices, owing to the increasing awareness of heart diseases, rising healthcare expenditure, and growing adoption of advanced medical technologies. China, Japan, and India are the major markets in this region.
Latin America: The Latin American market for cardiac prosthetic devices is also growing rapidly, driven by factors such as increasing government initiatives to improve healthcare infrastructure and rising prevalence of heart diseases. Brazil, Mexico, and Argentina are the major markets in this region.
Competitive Landscape
The primary manufacturers of cardiac prosthetic devices are committed to providing a broad selection of cutting-edge and unique products. Manufacturers of cardiac devices are focusing on technical developments to meet the unmet needs of cardiac disorders. To strengthen their R&D division and produce superior cardiac prosthetic devices, top market businesses are employing product approval and acquisition strategies.
For instance :
In 2020, CMS increased its coverage for artificial hearts and ventricular assist devices with the fulfilment of the Medicare regulations to provide more patients with a range of prosthetic heart devices such as Abbott's HeartMate 3.
Key Companies Profiled
CryoLife, Inc.
TTK Healthcare
Venus Medtech
Vitatron
Abiomed, Inc.
AtriCure, Inc.
Biotronik
Boston Scientific Corporation
Braile Biomedica
Abbott Laboratories
Edwards Lifesciences Corporation
Labcor Laboratrios
Lepu Medical Technology Co. Ltd.
Lifetech Scientific
Cardiac Prosthetic Devices Industry Research Segments
By Product Type :
Implantable Pacemakers
External Pacemakers
Transcatheter Heart Valves
Tissue Heart Valves
Mechanical Heart Valves
By End User :
Hospitals
Specialty Centers
Ambulatory Surgical Centers
Others
Key Questions Covered
What is the cardiac prosthetic devices market?
What are the factors driving the growth of the cardiac prosthetic devices market?
Who are the major players in the cardiac prosthetic devices market?
How is the cardiac prosthetic devices market segmented regionally?
What are the trends and opportunities in the cardiac prosthetic devices market in different regions?
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