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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According to the research report, the global cardiac prosthetic devices market was valued at US$2.9 bn in 2012 and is expected to reach US$5.3 bn by 2019, rising at a CAGR of 8.7% between 2013 and 2019. The growth of the global cardiac prosthetic devices market will be attributable to the growing cases of cardiovascular diseases across the globe.
Cardiac prosthetics are the best possible option for replacing a dysfunctional or diseased part of the heart. These medical devices are used for treating heart valves blockages. Today, implanting a cardiac prosthetic device is a common procedure for patients suffering from cardiovascular diseases. Some of the complications related to the failure of primary valves are prosthetic valve thrombosis (PVT), mechanical hemolytic anemia, prosthetic valve endocarditis (PVE), and thromboembolism.
The global cardiac prosthetic devices market is segmented on the basis of heart valve, pacemaker, and geography. The types of heart valves available in the global cardiac prosthetic devices market are mechanical heart valves, transcatheter heart valves, and tissue heart valves. The types of pacemakers in the market are implantable pacemakers and external pacemakers. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Out of all regional segment of the global cardiac prosthetic devices market, North America held a 35% share in the overall market in 2012. This region is expected to continue its dominance all through the forecast period due to a good presence of high-end technology, state-of-the-art infrastructure and medical facilities, and skilled healthcare personnel. Furthermore, the growing cardiac cases and conducive healthcare reimbursement policies are also propelling the global cardiac prosthetic devices market.
Analysts predict that Asia pacific will be the next big market for cardiac prosthetic devices due to growing support from the governments in the regions and improving healthcare facilities. Additionally, the increasing disposable incomes of the overall population and the technological advancements in medical devices and solutions are also expected to drive the cardiac prosthetic market in Asia Pacific.
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