Cardiac Prosthetic Devices Market Report 2024

The cardiac prosthetic devices market size has grown rapidly in recent years. It will grow from $7.4 billion in 2023 to $8.2 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth during the historic period can be attributed to the increasing elderly population with a higher prevalence of cardiovascular diseases, the rising incidence of cardiovascular conditions, advancements in surgical techniques, greater awareness among patients and healthcare providers about cardiac health, and supportive government policies and funding for cardiovascular health programs.

The cardiac prosthetic devices market size is expected to see rapid growth in the next few years. It will grow to $12.56 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the increasing elderly population susceptible to cardiovascular diseases, higher spending on healthcare services and devices, favorable insurance and reimbursement conditions, a growing patient preference for advanced treatment options, and a higher prevalence of lifestyle-related heart conditions. Major trends during this period include the development of smaller, more efficient cardiac prosthetic devices for minimally invasive procedures, advancements in biocompatible materials, integration with wearable technology, improvements in battery technology, and the utilization of 3D printing technology.

The rising prevalence of cardiovascular diseases is expected to drive the growth of the cardiac prosthetic devices market. Cardiovascular diseases (CVDs) encompass a range of disorders affecting the heart and blood vessels, such as coronary artery disease, heart attacks, and strokes. Factors contributing to the high prevalence of CVDs include unhealthy lifestyles, obesity, poor diet, inadequate physical activity, high-stress levels, and an aging population. Cardiac prosthetic devices are crucial in managing these conditions by supporting or replacing the heart's function or its components. For example, data from the Office for National Statistics in December 2022 showed that 3.6 million people (6.4%) had a cardiovascular condition, 3.7 million (6.8%) had a respiratory disease, and 6.6 million (12.1%) had one of these conditions as of March 21, 2021. Thus, the prevalence of cardiovascular diseases is fueling the expansion of the cardiac prosthetic devices market.

Leading companies in the cardiac prosthetic devices market are focusing on advanced technologies such as transcatheter pacing systems to improve cardiac function, reduce procedural invasiveness, and enhance patient outcomes for managing heart rhythm disorders. A transcatheter pacing system is a minimally invasive device implanted through a catheter that regulates the heart’s electrical activity without the need for external wires or surgery. For instance, in January 2022, Medtronic plc, an Ireland-based medical device company, introduced the Micra AV Transcatheter Pacing System. This compact, minimally invasive device is designed to treat bradycardia (slow heart rate) by providing precise pacing that synchronizes with the heart’s natural rhythm. Its small size and internal battery contribute to a longer lifespan, while remote monitoring capabilities allow healthcare providers to effectively track device performance and patient outcomes.

In December 2022, Johnson & Johnson, a US-based pharmaceutical company, acquired Abiomed Inc. for an undisclosed amount. This acquisition aims to bolster Johnson & Johnson’s position in the cardiovascular sector by expanding its range of advanced heart pump technologies. Abiomed Inc., a US-based manufacturer, is known for its innovative heart pumps that offer mechanical circulatory support.

Major companies operating in the cardiac prosthetic devices market are Abbott Laboratories, Medtronic plc, Siemens Healthcare GmbH, Boston Scientific Corporation, Laboratory Corporation of America Holdings, Terumo Corporation, Edwards Lifesciences Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology (Beijing) Co. Ltd., Hansen Medical Inc., Abiomed Inc., LivaNova PLC, Meril Life Sciences Pvt. Ltd., MicroPort Scientific Corporation, ATRICURE INC., CryoLife Inc., LifeTech Scientific Corporation, TTK Healthcare Limited, Venus Medtech (Hangzhou) Inc., Braile Biomedica, Kawasumi Laboratories Inc., St. Jude Medical Inc., Sorin Group, Aortic Innovations Inc., Mic Pacetronixro.

North America was the largest region in the cardiac prosthetic devices market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cardiac prosthetic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cardiac prosthetic devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cardiac prosthetic devices are medical devices designed to support or replace the function or components of the heart. They are crucial for treating various cardiac conditions and managing patients with heart failure or structural heart issues.

The main types of cardiac prosthetic devices include valves and pacemakers. Valves are artificial devices implanted in the heart to replace malfunctioning natural heart valves. They are used in applications such as surgery and research and serve various end users, including hospitals, clinics or cardiac centers, ambulatory surgical centers, and other medical facilities.

The cardiac prosthetic devices market research report is one of a series of new reports that provides cardiac prosthetic devices market statistics, including cardiac prosthetic devices industry global market size, regional shares, competitors with a cardiac prosthetic devices market share, detailed cardiac prosthetic devices market segments, market trends, and opportunities, and any further data you may need to thrive in the cardiac prosthetic devices industry. This cardiac prosthetic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cardiac prosthetic devices market consists of sales of ventricular assist devices, implantable cardioverter defibrillators, and cardiac resynchronization therapy devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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