Cardiac Prosthetic Devices Market, By Product Type (Heart Valves (Mechanical Heart Valves, Tissue Heart Valves(Tissue Heart Valves and Stentless Tissue Valves) and Transcatheter Heart Valves), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Others (Academic & Research Institutes and Others)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Jun 2023

Code : CMI3862

Pages :155

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenges And Opportunities

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: 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.