The surge in prevalence cardiac diseases, an increase in the number of clinics equipped with advanced technology, a rise in the geriatric population, and the growing awareness regarding treatment availability of cardiac diseases drive the global cardiovascular prosthetic devices market.
PORTLAND, Ore., March 9, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cardiovascular Prosthetic Devices Market by Type (Cardiac Prosthetic Devices, Vascular Prosthetic Devices), by End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031“According to the report, the global cardiovascular prosthetic devices industry was valued at $26.93 billion in 2021 and is estimated to generate $61.46 billion by 2031, witnessing a CAGR of 8.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The surge in prevalence cardiac diseases, an increase in the number of clinics equipped with advanced technology, a rise in the number of product launches and product approvals for cardiovascular prosthetic devices, a rise in the geriatric population, a rise in disposable income among the population of developing nations, and the growing awareness regarding treatment availability of cardiac diseases drive the cardiovascular prosthetic devices market. However, the high cost of cardiovascular prosthetic devices and cardiovascular surgeries and risk of complications associated with the implantation of cardiovascular prosthetic devices are likely to hinder the market growth during the forecast period. On the other hand, the rise in expenditure by government to develop healthcare infrastructure, the increase in R&D activities in the medical device sector, and an increase in the prevalence of hypertension and obesity will present new growth opportunities for the global market in the coming years.
Impact of Covid-19 on Cardiovascular Prosthetic Devices Market-
- The COVID-19 pandemic had a significant impact on the cardiovascular prosthetic devices market. This is owing to the disruption in supply chains and healthcare systems which caused delays in the availability of cardiovascular prosthetic devices and an increase in their cost.
- Further, the number of surgeries performed, which required the use of cardiovascular prosthetic devices, came down drastically during the pandemic, as many hospitals gave priority to the treatment of COVID-19 patients and postponed elective surgeries.
- However, the post-pandemic effect on the cardiovascular prosthetic devices market is positive due to a rise in the number of cardiovascular surgeries and increase in the number of consultations for cardiac disorders.
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The cardiac prosthetic devices segment to dominate the market during the forecast period
Based on type, the cardiac prosthetic devices segment contributed to the largest share of over half of the global cardiovascular prosthetic devices market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to a rise in the number of key players who manufacture cardiac prosthetic devices and an increase in the number of product launches and product approvals for cardiac prosthetic devices. However, the vascular prosthetic devices segment is projected to witness the fastest CAGR of 9.0% from 2022 to 2031. This is due to an increase in the number of product approvals for vascular prosthetic devices such as stent in Asia-Pacific.
The hospitals segment to grab the lion’s share during the forecast period
Based on end user, the hospitals segment grabbed the highest share of nearly two-thirds of the cardiovascular prosthetic devices market in 2021 and is expected to dominate the market in 2031. The same segment would witness the fastest CAGR of 8.9% from 2022 to 2031. This is owing to a rise in the number of hospitals and an increase in the number of cardiac surgeries performed globally.
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North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global cardiovascular prosthetic devices market and is likely to maintain its dominance during the forecast timeframe. This is owing to a rise in the number of product launches and product approvals, an increase in the number of key players who manufacture cardiovascular prosthetic devices, an increase in number of valve replacement surgeries, and the growing number of developed healthcare infrastructure in the region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 9.4% during the forecast period. This is owing to the rise in expenditure by government organizations to develop the healthcare sector, an increase in the prevalence of cardiac diseases, and a rise in the geriatric population in the region.
Leading Market Players
- B Braun Melsungen AG
- Boston Scientific Corporation
- Artivion Inc.
- Meril Life Sciences Pvt. Ltd.
- Edwards Lifesciences
- Medtronic PLC
- Johnson and Johnson
- W. L. Gore & Associates Inc.
- Abbott Laboratories
The report analyzes these key players of the global cardiovascular prosthetic devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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