Cardiac Prosthetic Devices Market: Growing Importance of Valve Reconstruction Procedures to Stimulate the Demand for Heart Valves

Rising incidence of cardiac anomalies and chronic cardiac diseases is a key factor that is fuelling the demand for cardiac prosthetic devices all across the globe. Innovations in the area of medicine and healthcare, such as implantable pacemakers and stentless valves, have added a new dimension to the global cardiac prosthetic devices market. Also, owing to greater awareness amongst the masses, the demand for minimally invasive surgical procedures has gone up. This in turn stimulates the demand for cardiac prosthetics in almost every regional segment of the cardiac prosthetic devices market.

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Obesity, diabetes, and hypertension are a few of the common ailments that cause heart disorders which drive the demand for cardiac prosthetic devices. Last but not the least, the global cardiac prosthetic devices market is also fuelled by the growing global geriatric population. The rapid growth of this demographic is brought about by greater life expectancy due to continuous advancements in the field of medical science.

Asia Pacific, North America, Europe, and Rest of the World are the four main regional segments of the global cardiac prosthetic devices market. Back in 2013, North America held the highest share in the overall market owing to the presence of a large geriatric population and chronic heart conditions brought about by unhealthy food habits and changing lifestyles. Improvement in medical and health reimbursement policies by the federal government is also a noteworthy factor that has fuelled the growth of the cardiac prosthetic devices market in North America.

However, considering the ongoing trends and the latest developments, industry forecasts indicate that Asia Pacific will prove to be very lucrative market for cardiac prosthetic devices in the forthcoming years. The demand for cardiac prosthetic devices from Asia Pacific is generated due to a rapidly growing population and rising incidence of diabetes and obesity on a massive scale. In fact, the number of diabetes cases in most Asia Pacific economies is increasing at an alarming rate.

There are three main product segments that dominate the global cardiac prosthetic devices market, namely pacemakers, external pacemakers, and heart valves. Each of these segments is further categorized on the basis of the purpose served by each. The segment for heart valves is sub-categorized into transcatheter heart valves, mechanical heart valves, and tissue heart valves. Patients suffering from cardiac valve-related problems have to undergo surgery wherein the damaged valves are replaced with these devices.

The segment of heart valves holds the largest share in the global cardiac prosthetic devices market. The expansion of this segment can be attributed to greater improvements in the area of valve reconstruction procedures and surgeries. The heart valves segment is anticipated to consistently grow during the forecast period as well owing to rising popularity of biological stentless valves and effective treatments in the field of cardiology.

Single-chamber, dual-chamber, and triple-chamber battery pacemakers are the types of pacemakers used extensively in the global cardiac prosthetic devices market.

The presence of only a handful of companies collectively holding the largest share makes the global cardiac prosthetic devices market a highly oligopolistic one. This industry can also be called a highly fragmented one owing to the active participation of some of the emerging players in addition to the ones already established in the market.

Boston Scientific Corp., Siemens Healthcare, St Jude Medical Inc., and Medtronic Inc. are some of the prominent market players in the global cardiac prosthetic devices market that have grown significantly and have managed to retain their impeccable market performance over the years. Other companies in the global cardiac prosthetic devices market are Abbott Laboratories, Abiomed Inc., AtriCure Inc., Edward Lifesciences Corporation, and the Sorin Group.

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Stringent and cumbersome government approval process coupled with the implementation of the Affordable Healthcare Act is expected to hamper the growth of the cardiac prosthetic devices market in the next few years.

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