Cardiovascular Implants Market: Prevalence of heart disorders is a major factor fueling the market growth
Cardiovascular implants are used to treat heart diseases. Implantable devices are sophisticated modern devices that provide patients with several benefits. Cardiovascular implants are meant to remain inside a patient’s body for the proper functioning of heart and blood vessels. Cardiovascular implants are of two primary types: one that remains inside a patient after s/he goes home and the other is used only during surgery or over the course of the patient’s hospital stay. Cardiac implantable device design has witnessed rapid changes in terms of size and technical features in the past few years.
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Based on device type, the global cardiovascular implant devices market can be classified into cardiac rhythm management devices, interventional cardiac devices, and prosthetic devices. The cardiac rhythm management devices segment is likely to expand at a rapid pace during the forecast period, due to increase in life expectancy and technological developments such as cardiac resynchronization therapy. Moreover, cardiac rhythm management devices are increasingly used for the management of arrhythmia and heart failure. In terms of end-user, the global market can be categorized into hospitals, ambulatory surgical centers, and research institutes. The hospitals segment is expected to expand at a high CAGR during the forecast period, as most patients prefer to visit hospitals for diagnosis and treatment. Moreover, larger number of cardiac implanted surgeries are conducted in hospitals.
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Prevalence of heart disorders and aging population are the major factors fueling the growth of the global cardiovascular implants market. Moreover, rise in awareness about these implants and established infrastructure are projected to drive the market during the forecast period. However, high cost of devices and stringent approval process are anticipated to restrain the market in the next few years.
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In terms of region, the global cardiovascular implants market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market. The region is expected to account for a significant share of the global market during the forecast period, due to rise in prevalence of heart disorders because of unhealthy lifestyle. Moreover, according to American Heart Association report (2015), about 85.6 million people suffer from cardiovascular diseases in U.S. Increase in geriatric population and availability of reimbursement for implantable devices are likely to propel the market in Europe from 2018 to 2026. Additionally, rise in prevalence of cardiovascular diseases boost the growth of the market in the region. According to European Cardiovascular Disease Statistics (2017), cardiovascular diseases accounted for 455 deaths in Europe in 2017. Surge in prevalence of cardiac disorders and increase in adoption of advanced diagnostic tools in the health care system are likely to augment the market in Asia Pacific during the forecast period. According to the European Heart Journal (2016), prevalence of cardiovascular diseases is increasing in China. Rise in prevalence of cardiovascular diseases, availability of modern diagnostic tests and procedures, and established health care infrastructure are likely to boost the growth of the cardiovascular implants market in Middle East & Africa during the forecast period.
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Key players operating in the global cardiovascular implants market are Edwards Life sciences Corporation, Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Terumo Corporation, BIOTRONIK, and LEPU MEDICAL, among others.
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