Cardiac Prosthetic Devices Market Is Projected To Witness Growth Based On Rising Demand For Minimally Invasive Devices 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.
Cardiac prosthetic devices market, by region, 2014
- 2025 (USD Million)
Browse full research report on Cardiac
Prosthetic Devices Market Analysis:
Further key findings from the report 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.
For more information: http://www.grandviewresearch.com
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