CARDIAC PROSTHETIC DEVICES MARKET ANALYSIS

The global cardiac prosthetics devices market is estimated to be valued at US$ 7.5 billion in 2023 and is expected to exhibit a CAGR of 9.3% during the forecast period (2023-2030).

Analysts’ Views on Global Cardiac Prosthetics Devices Market:

Increasing number of investment scenarios by the market players for the development of extracardiac pacing systems is expected to drive the growth of the market over the forecast period. For instance, in April 2020, AtaCor Medical, Inc., a medical equipment manufacturer, announced that it had completed a US$ 25 billion Series B financing. The financing syndicate, led by a corporate partner, includes existing investors Broadview Ventures and aMoon Fund as well as new investors Hatteras Venture Partners, Catalyst Health Ventures (CHV), and Longview Ventures, a Broadview affiliate. The investment supports efforts to reach U.S. (United States) and EU (Europe) regulatory clearances for AtaCor’s novel extracardiac temporary pacing system as well as development efforts for additional extracardiac therapies.

Figure 1. Global Cardiac Prosthetics Devices Market Share (%), by Product Type, 2023

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Global Cardiac Prosthetics Devices Market – Driver

Prevalence of cardiovascular diseases across the world

Increasing prevalence of various cardiovascular diseases such as atrial fibrillation, heart failure, and others is expected to foster the market growth over the forecast period. For instance, in June 2022, according to the report published by the Arrhythmia Alliance, AF Association & STARS, a coalition of patient groups, charities, professional medical organizations, and industry groups, reported that in 2021, the prevalence of atrial fibrillation was found to the approximately 37,574 billion cases worldwide, which was increased by 33% during the last 20 years.

Increasing products Approval from the U.S. FDA (Food and Drug Administration)

The key market players are focused on launching new products in the market by gaining product approval from the U.S. FDA (Food and Drug Administration), which in turn is expected to drive the segment growth over the forecast period. For instance, in September 2021, Abbott, a medical device manufacturing company, announced that the U.S. Food and Drug Administration (FDA) has approved the company's Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease.

Figure 2. Global Cardiac Prosthetics Devices Market Value (US$ Billion), by Region, 2023

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Global Cardiac Prosthetics Devices Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global cardiac prosthetic devices market over the forecast period. This is attributed to the increasing prevalence of heart failure. For instance, on January 5, 2023, a report published by the Centers for Disease Control and Prevention, stated that approximately 6.2 billion adults in the U.S. have heart failure in the year 2018-2020

Global Cardiac Prosthetics Devices Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The COVID-19 pandemic had a negative impact on the global cardiac prosthetics devices market. This is because there was a disruption in supply chain management, and cardiac surgeries were on hold impacting the cardiovascular devices employed in the diagnosis and surgical procedures. For instance, an article titled "COVID-19: retrospective analysis of cardiac surgery capacity in German heart centers" published in the European Heart Journal in August 2022, stated that on January 1, 2020, in 53 Germany-based cardiac surgery departments, 800 intensive care beds were allocated. This capacity was reduced to 595 beds in April 2021 by a 25.6% decrease. As a result, the number of operating rooms for cardiac surgery procedures was reduced from 207 to 152 (-26.9%) during the first two lockdowns.

Global Cardiac Prosthetics Devices Market Segmentation:

The global cardiac prosthetics devices market report is segmented into product type, end user, and region.

Based on Product type, the global cardiac prosthetics devices market is segmented into heart valves and pacemaker. Out of which, the pacemaker is expected to dominate the global cardiac prosthetics devices market during the forecast period and this is due to the increased product approvals from the U.S. FDA (Food and Drug Administration) by the market players  

Based on End user, the global cardiac prosthetics devices market is segmented into hospitals, specialty clinics, ambulatory surgical centers and others. The hospital segment is expected to dominate the market over the forecast period and this is due to the increasing prevalence of cardiovascular diseases worldwide

Among all the segmentations, the product type segment has the highest potential due to the increasing adoption of growth strategies such as collaboration by the market players. For instance, in June 2022, Orchestra BioMed, Inc., a biomedical company, announced Strategic Collaboration, with the closing of US$ 110 billion in Private Equity Financing and Plans to List on Nasdaq Through a Merger with Health Sciences Acquisitions Corporation 2, a blank check company. Under the collaboration, multiple significant transactions is included such as:

A global strategic collaboration between Orchestra BioMed, a biomedical innovation company and Medtronic plc., a medical device company to develop Orchestra BioMed BackBeat Cardiac Neuromodulation Therapy (CNT) as a potential treatment for hypertension in patients who are indicated for a cardiac pacemaker.

Global Cardiac Prosthetics Devices Market Cross Sectional Analysis:

Increasing research and development activities by key market players are driving the growth of the product type segment in North America region. For instance, on May 20, 2023, Cleveland Clinic, a non-profit academic medical center, that provides clinical and hospital care and is a leader in research, education, and health information initiated a clinical trial and the results shows dual-chamber leadless pacemaker system to be safe and effective for patients with heart rhythm issues

Global Cardiac Prosthetics Devices Market: Key Developments

On February 9, 2023, Royal Philips, a global leader in health technology, announced that it had entered into a long-term strategic partnership with TriHealth, a leading Cincinnati-based integrated healthcare delivery system, to adopt Philips’ integrated portfolio of cardiology solutions for its new TriHealth Heart & Vascular Institute on the campus of Bethesda North Hospital and the Harold and Eugenia Thomas Comprehensive Care Center.

In August 2021, Millar, Inc., a medical device company, and Schwarzer Cardiotek, a medical technology manufacturer, announced that they had entered into a strategic partnership to promote the direct connection between the Millar Mikro-Cath and the EP-Tracer recording system to improve the efficient implantation and optimal placement of pacemakers.

In January 2021, Boston Scientific, a medical device company, announced that it had entered into a definitive agreement to acquire Preventice Solutions, Inc., a privately-held company that offers a full portfolio of mobile cardiac health solutions and services, ranging from ambulatory cardiac monitors – including short and long-term Holter monitors – to cardiac event monitors and mobile cardiac telemetry.

In March 2020, SynCardia Systems, LLC, a privately-held manufacturer of Total Artificial Heart, received the U.S. Food and Drug Administration (FDA) approval for its 50cc temporary Total Artificial Heart (TAH) System as a bridge to heart transplant.

Global Cardiac Prosthetics Devices Market: Key Trend

Increasing research and development activities

Increasing number of research and development activities for assessing the safety and efficacy of cardiac prosthetic devices, is expected to drive the growth of the market over the forecast period. For instance, in February 2020, The Cardiac & Vascular Institute, U.S., announced to perform a successful procedure in the PROMISE II pivotal study of the LimFlow Percutaneous Deep Vein Arterialization System for the treatment of “no option” Chronic Limb-Threatening Ischemia.

Global Cardiac Prosthetics Devices Market: Restraints

Product recall from the U.S. FDA (Food and Drug Administration)

Increasing number of product recalls from the U.S. FDA is expected to hinder the market growth over the forecast period. For instance, in May 2021, Abbott (formally known as “St. Jude Medical”), a medical device company, announced that it had recalled Assurity and Endurity Pacemakers for Potential Moisture Ingress Causing Electrical Short and Reduced Battery Life. Furthermore, the U.S. FDA has identified this as a Class I recall, the most serious type of recall which may cause serious injuries or death.

Challenges associated with the pacemaker

Challenges associated with pacemaker use are further expected to hinder the market growth over the forecast period. For instance, in May 2021, according to the report published by the U.S. FDA (Food and Drug Administration) reported that some consumer electronic devices, such as certain cell phones and smartwatches, include high-field strength magnets may cause certain implanted medical devices to switch to magnet mode and suspend normal operations until the magnet is moved away from the medical device.

Global Cardiac Prosthetics Devices Market - Key Players

Major players operating in the global cardiac prosthetics devices market include Abbott., Artivion, Inc., Medtronic, Boston Scientific Corporation, Edwards Lifesciences Corporation., Siemens Healthcare Private Limited, LivaNova PLC (Sorin Group), Asahi Kasei Corporation., OSYPKA MEDICAL, Lepu Medical, MicroPort Scientific Corporation., Vitatron, Koninklijke Philips N.V., Progetti srl and Shree Pacetronix Ltd.

Definition: Cardiac prosthetic devices are used to replace damaged or diseased natural valves of the heart. These devices increase the survival rate and improve the quality of life in patients suffering from cardiovascular diseases. Cardiac prosthetic devices include prosthetic heart valves such as mechanical heart valves and tissue heart valves along with annuloplasty rings, pacemaker leads, defibrillator leads, tissue patches, ventricular assist devices, and artificial hearts.