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Cardiac Implants Market - Global Industry Insights, Trends, Outlook, And Opportunity Analysis, 2017-2025
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Rising prevalence of cardiovascular diseases is expected to boost growth of the cardiac implants market
Rising incidence of cardiovascular diseases is expected to boost growth of the cardiac implants market over the forecast period. According to the World Health Organization, in 2015, around 17.7 million deaths were recorded due to cardiovascular diseases, out of which around 7.4 million deaths were caused due to coronary heart disease and 6.7 million deaths due to stroke. The other factors that are contributing to growth of the market include sedentary lifestyle leading to adoption of unhealthy eating habits, rampant advancements in technologies such as Cardialen, Parachute Implant, Watchman, HVAD Pump (HeartWare Ventricular Assist System), and HeartMate 3 are leading to new therapies for heart failure as well as growing geriatric population. However, high cost of the devices making it unaffordable for the middle and low income population is hindering growth of the global cardiac implants market are.
Increasing demand for pacemakers is expected to propel growth of the cardiac implants market in North America
On the basis of regions, the global cardiac implants market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the market, owing to the rising demand for pacemakers. According to the Centers for Disease Control and Prevention, 2017, every year around 790,000 people have a heart attack, out of which 580,000 are reported as new cases, and 210,000 are recurring cases. Every 40 seconds one heart attack case is reported in the U.S. Furthermore, Asia Pacific is expected to be the key region in the global cardiac implants market. This is mainly due to rampant advancements in technology such as MRI compatible pacemakers, increasing demand for minimally invasive surgeries, and rising prevalence of cardiovascular diseases.
Increasing development of innovative products is expected to propel growth of the cardiac implants market
Major players operating in the global cardiac implants market include Medtronic, Inc. Boston Scientific Corporation, Abbott Vascular Inc., Edwards LifeScience Corporation, Thoractec Corporation, Syncardia systems, and St Jude Medical, Inc. Key players are focusing on strategic mergers and acquisitions and development of innovative products. For instance, in 2014, Medtronic announced the world’s first smallest minimally invasive cardiac pacemaker—Micra TPS (Transcatheter pacing system), in the U.S. The device is delivered into the heart directly through a catheter inserted in the femoral vein. Micra TPS does not require the use of wires to connect to the heart, this in turn reduces recovery time and complications as compared to conventional pacemaker implants.
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