Cardiac Prosthetic Devices Market Is Projected To Grow Rapidly Due To Increasing The Preference For Point Of Care (PoC) Cardiac Testing Kits Till 2025: Grand View Research, Inc.
The global cardiac prosthetic device market is
expected to be over USD 8.7 billion by 2025, based on a new study by Grand View
Research, Inc. Rising demand for minimally invasive devices has provided
greater growth prospects for the market. New product development through
technological advancements is anticipated to foster market growth. The major
companies are focusing on expanding their product life and safety benefits of
the cardiac prosthetic devices. Such initiatives undertaken by the key players
have resulted in increasing survival rates and low stroke rates for
transcatheter aortic valves.
Transcatheter Aortic Valve
Replacement (TAVR) is covered by Evidence Development (CED) Coverage provided
by the Centers for Medicare & Medicaid Services (CMS). Cardiac pacemakers
are also covered under Medicare program. Initiatives for reimbursement from the
government for such devices are anticipated to boost the demand for cardiac
prosthetic devices.
Browse full research report on Cardiac Prosthetic Devices
Market: http://www.grandviewresearch.com/industry-analysis/cardiac-prosthetic-devices-market
Further Key Findings From
the Study Suggest:
- Heart valve segment was one of the largest segments
in 2015 owing to rising prevalence of valvular disease and heart valve
failure.
- Pacemakers segment is expected to grow significantly,
owing to rising reimbursement policies for pacemaker-related surgeries.
- Mechanical heart valve segment contributed toward the
one of the largest market share in 2015 owing to its increasing product
longevity. Moreover, they provide better hemodynamic efficiency. Since
mechanical valves are made up of strong durable materials, such as
titanium and carbon, they are preferred over other cardiac prosthetic
devices.
- Transcatheter valve is expected to exhibit lucrative
CAGR over the forecast period. TAVR has shown improved patient survival
rate as compared to medical therapy. In the past years, it has evolved as
a minimally invasive alternative treatment for surgical valve replacement.
- Implantable pacemakers are one of the highest revenue
generating segments owing to their greater applicability pertaining to
heart failure (HF) and other cardiovascular diseases like stroke.
- North America contributed toward the largest market
share of around 40.0% in 2015. This is primarily due to the fact that the
number of pacemaker implantations has increased amongst the Americans over
the past two decades. Moreover, companies are focusing on commercial
availability of technologically advanced devices in the U.S.
- Asia Pacific is anticipated to witness highest CAGR
over the forecast period owing to the growing geriatric population in
Japan. In 2015, the geriatric population base accounted for around 27% in
Japan.
- Some key companies in this market are Medtronic,
Inc.; St. Jude Medical, Inc.; Boston Scientific Corporation; Edwards
Lifesciences Corporation; Abbott Vascular; Siemens Healthcare GmbH; and Sorin
Group.
- New product development through introduction of
advanced technology and mergers & acquisitions are some of the key
strategies adopted by the companies to enhance the demand for cardiac
prosthetic devices. For instance, in 2015, St. Jude Medical and Thoratec,
a company that specializes in mechanical circulatory support technology
for the treatment of advanced HF, entered into a definitive agreement
aiming at acquisition of the outstanding shares of Thoratec.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the Cardiac prosthetic
device market on the basis of product:
Cardiac prosthetic device market Product Outlook (Market
Revenue in USD Million, 2014 - 2025)
- Heart
valves
- Mechanical
valve
- Tissue
valve
- Stented
tissue valve
- Stentless
tissue valve
- Transcatheter
valve
- Pacemakers
- Implantable
pacemakers
- Single-Chamber
Battery Pacemaker
- Dual-Chamber
Battery Pacemaker
- Triple-Chamber
Battery Pacemaker
- External
pacemakers
Cardiac prosthetic device market Regional Outlook (Market
Revenue in USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Middle
East and Africa
- South
Africa
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-cardiac-prosthetic-devices-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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