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

Cardiac Prosthetic Devices MarketSize and Trends

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).

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

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

Market Trends

Increasing 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.