by Cardiac implants are medical devices used to treat various cardiac disorders and diseases, such as coronary artery disease, arrhythmias, valvular heart disease, heart failure and congenital heart disease. Increasing prevalence of cardiovascular diseases worldwide due to changing lifestyle choices and rapidly growing geriatric population are key factors fueling the demand for cardiac implants. According to the World Health Organization, cardiovascular diseases account for over 17.9 million deaths globally every year, with over 75% of these deaths occurring in low and middle-income countries. Rising healthcare expenditure, improving reimbursement policies and introduction of technologically advanced cardiac implants are also contributing to the growth of this market.
The global Cardiac Implants Market is estimated to be valued at US$ 35,795.6 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends in the global cardiac implants market includes growing preference for minimally invasive cardiac procedures and increasing adoption of bioabsorbable stents and leadless pacemakers. Minimally invasive cardiac surgeries involve smaller incisions and cause less pain and quicker recovery compared to traditional open-chest surgeries. This has increased the demand for devices compatible with minimally invasive procedures. Bioabsorbable stents dissolve naturally in the body over time eliminating the need for subsequent procedures to remove the stent. Leadless pacemakers are entirely implantable without any wires and leads connecting the pacemaker to the heart thus reducing the risk of infections. Advanced techniques like three-dimensional printing are also being used to develop patient-specific cardiac implants with precise anatomical fit reducing complications. Rising focus on development of biodegradable implants and technological advancements will continue to shape the future of the cardiac implants market.
Porter’s Analysis
Threat of new entrants: Low barriers and costs to establish manufacturing facility for cardiac implants. However, presence of major players and requirement of robust distribution channels makes threat low.
Bargaining power of buyers: High due to availability of substitutes and focus on quality and pricing by hospitals and healthcare providers.
Bargaining power of suppliers: Moderate as raw materials are commoditized but certifications are required.
Threat of new substitutes: Moderate threat from minimally invasive surgeries and other alternative treatment options.
Competitive rivalry: High rivalry exists among major players to gain market share through new product launches and strategic partnerships.
Key Takeaways
Global Cardiac Implants Market Demand is expected to witness high growth driven by rising geriatric population and increasing prevalence of cardiovascular diseases.
Regional analysis: North America dominates the market attributed to developed healthcare infrastructure and increasing government funding for cardiac research. Asia Pacific is expected to witness fastest growth owing to large patient pool, growing healthcare spending and rising awareness regarding cardiac implants.
Key players operating in the cardiac implants market are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd. , Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation. The major players are focusing on new product launches and partnerships for sustainable growth in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
