Global Cardiac Prosthetic Devices Market Report and Forecast 2024-2032

Cardiac Prosthetic Devices Market Size

The global cardiac prosthetic devices market was valued at USD 6.85 billion in 2023, driven by the rising prevalence of cardiovascular diseases and technological advancements across the globe. The market is expected to grow at a CAGR of 8.39% during the forecast period of 2024-2032, with the values likely to rise from USD 7.42 billion in 2024 to USD 14.14 billion by 2032.

Cardiac Prosthetic Devices Market Outlook

• Rising incidence of heart diseases and technological innovations are expected to propel the market demand for cardiac prosthetic devices.

• In March 2023, the FDA approved Medtronic's Evolut FX+ TAVR system, demonstrating progress in cardiac prosthetic devices and expanding the market for better treatment choices.

• North America is projected to lead the market, driven by the increasing rate of cardiovascular disease, surgeries, and the introduction of new products.

Cardiac Prosthetic Devices Market Overview

Cardiac prosthetics are artificial implants designed to supplement or replace the heart's natural function. There are two primary types of devices. Artificial heart valves replace damaged or malfunctioning heart valves to let the blood flow return to normal. Mechanical circulatory support devices serve to supplement or replace the pumping action of the heart. They are frequently used as a long-term solution or as a stopgap until a heart transplant is performed. Heart disorders such as congenital heart abnormalities, valve issues, and heart failure are treated using mechanical circulatory support devices and prosthetic heart valves. These devices can improve heart function and general quality of life because they are constructed of safe materials and are shaped like the structure and function of the heart.

Cardiac Prosthetic Devices Market Growth Drivers

Rising Prevalence of Cardiovascular Disease

Cardiovascular diseases, such as coronary artery disease, heart failure, and valvular heart disease, are among the top reasons for illness and mortality worldwide. The World Heart Federation stated that in 2021, about 20.5 million deaths occurred due to cardiovascular diseases, underscoring the importance of having effective treatment choices available. Higher levels of understanding and improved imaging methods enable the early identification and diagnosis of heart issues, resulting in an increased need for cardiac prosthetic devices.

Technological Advancements Boosts Market Growth

Technological developments are driving the market with more efficient, long-lasting, and physiologically suitable technologies. Future-generation cardiac devices are more effective and safer, which appeals to both patients and medical experts. Transcatheter-assisted valve replacement (TAVR), a minimally invasive technique that offers an alternative to open, less invasive heart surgery, is transforming the treatment of aortic stenosis. Tissue-engineered heart valves are increasing in the market as they lower the danger of blood clots and the need for continuous anticoagulant treatment. By providing remote monitoring features, digital technology integration into medical devices like ICDs and smart pacemakers is also improving patient outcomes and enabling individualized care.

Cardiac Prosthetic Devices Market Trends

Shift Towards Minimally Invasive Procedures

To offer speedier recovery times and better outcomes, the industry is witnessing a shift towards less invasive procedures. Technology like transcatheter-assisted valve replacement (TAVR) and minimally invasive mitral valve repair have transformed cardiac care by eliminating the need for open heart surgery to accomplish complex operations. Advanced prosthetic devices are becoming necessary as minimally invasive therapies gain popularity, improving patients' quality of life.

Implementation of Favorable Reimbursement Policies

Reimbursement policies play a critical role in the widespread use of cardiac prosthetic devices, thanks to support from both government and private insurance policies. This reduces financial obstacles for patients and encourages the utilization of cardiac prosthetic devices. Partnerships and distribution networks are continuing to drive market growth as well.

Adoption of Tissue Engineered Heart Valves

There is a growing trend in the market towards utilizing tissue-engineered heart valves, providing a more natural option compared to conventional mechanical valves. Crafted from organic substances, these valves lessen the chance of blood clot formation. This trend is enhancing patient results and stimulating market expansion by creating improved valves with better durability and performance.

Increasing Focus on Research and Development

The rise in research and development activities for cardiac prosthetic devices is driving innovation and the development of high-tech cardiac devices. Companies are working with educational institutions and regulatory agencies to create advanced products to meet healthcare requirements. The emphasis on research and development is resulting in the launch of new treatments and products, enhancing patient results and broadening treatment choices available in the industry.

Recent Developments in the Cardiac Prosthetic Devices Market

In March 2024, the FDA approved the Medtronic plc EvolutTM FX+ transcatheter aortic valve replacement (TAVR) system for the management of symptomatic severe aortic stenosis. Larger coronary access apertures are made possible by the Evolut FX+'s unique diamond-shaped frame design, which improves catheter mobility without sacrificing valve function. With the recognized benefits of the Evolut TAVR platform, this device is intended to enhance care for a variety of patients.

Cardiac Prosthetic Devices Market Segmentation

Market Breakup by Product

• Heart Valve
  • Mechanical Heart Valves
  • Tissue Heart valves

• Pacemaker
  • Implantable Pacemakers
  • External Pacemaker

• Vascular Prosthetic Devices
  • Stents
  • Synthetic grafts
  • Others

• Others

Market Breakup by End User

• Hospital/Clinics

• Specialty Cardiac Centers

• Ambulatory Surgical Centers

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Cardiac Prosthetic Devices Market Share

Market Breakup Based on End User Set to Witness Substantial Growth

Based on the end user, the market is divided into hospitals, research institutes, specialty clinics, and others. Among these, hospitals or clinics are expected to dominate the market due to their advanced infrastructure, up-to-date diagnostic equipment, and qualified healthcare professionals. They provide comprehensive cardiovascular units, offering varied care and acting as an integral zone for initial diagnosis and immediate treatment. Hospitals contribute to the development of heart disease medicines by taking part in clinical trials and research. As global healthcare systems continue to grow, especially in developed nations, hospitals will play an increasingly significant role in offering cutting-edge heart disease therapies.

Cardiac Prosthetic Devices Market Analysis by Region

Based on the region, the market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is expected to dominate the market in the forecast period. The market growth can be attributed to the rising number of people with cardiovascular illness and the number of heart procedures. Market expansion is also impacted by an increase in alliances, mergers, and acquisitions amongst the leading companies in the sector.

Leading Players in the Cardiac Prosthetic Devices Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:

Abbott Laboratories

The company, founded in 1888 has its headquarters in Illinois. It is a major player in the healthcare sector and specializes in a range of medical products. Their product line includes tissue heart valves like Epic Plus and Epic Plus Supra Stented Tissue Valves, as well as mechanical heart valves like the Masters Series. These devices are crucial for patients who need valve replacement due to conditions such as aortic stenosis and mitral valve regurgitation.

LivaNova PLC

Established in 2015 and headquartered in London, the company provides Carbomedics Carbo-Seal, Valsalva, and Perceval Sutureless Heart Valve to enhance surgical results for severe heart valve conditions.

Medtronic Plc

Established in Dublin, Ireland in 1949, Medtronic is a top medical technology company. Its focus is on cardiac prosthetic devices, specifically heart valves such as the CoreValve Evolut series and Melody Transcatheter Pulmonary Valve.

Boston Scientific Corporation

Established in Marlborough, Massachusetts, USA in 1979, this company specializes in creating medical devices for various interventional medical fields. ACURATE neo2™ and LOTUS Edge™ Aortic Valve Systems are important products in the lineup.

Other companies include Edwards Lifesciences Corporation, Colibri Heart Valve, Meril Life Sciences Pvt Ltd, BioTronik, Lepu Medical Technology Co Ltd, and Siemens Healthineers.

Key Highlights of the Report

Key Questions Answered in the Cardiac Prosthetic Devices Market

• What was the global cardiac prosthetic devices market value in 2023?
• What is the global cardiac prosthetic devices market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What are the major factors aiding the global cardiac prosthetic devices market demand? 
• What are the market's major drivers, opportunities, and restraints?
• What is the market segmentation based on product?
• What is the market segmentation based on end user?
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global cardiac prosthetic devices market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the cardiac prosthetic devices market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?
• What role does the rising prevalence of cardiovascular diseases play in market expansion?