The global cardiac prosthetic device market is expected to be over USD 8.7 billion by 2025, based on a new study by Grand View Research, Inc. Rising demand for minimally invasive devices has provided greater growth prospects for the market. New product development through technological advancements is anticipated to foster market growth. The major companies are focusing on expanding their product life and safety benefits of the cardiac prosthetic devices. Such initiatives undertaken by the key players have resulted in increasing survival rates and low stroke rates for transcatheter aortic valves.
Transcatheter Aortic Valve Replacement (TAVR) is covered by Evidence Development (CED) Coverage provided by the Centers for Medicare & Medicaid Services (CMS). Cardiac pacemakers are also covered under Medicare program. Initiatives for reimbursement from the government for such devices are anticipated to boost the demand for cardiac prosthetic devices.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/cardiac-prosthetic-devices-market
U.S. cardiac prosthetic devices market share, by product, 2015
·
Heart valve segment was one of the largest
segments in 2015 owing to rising prevalence of valvular disease and heart valve
failure.
·
Pacemakers segment is expected to grow
significantly, owing to rising reimbursement policies for pacemaker-related
surgeries.
·
Mechanical heart valve segment contributed
toward the one of the largest market share in 2015 owing to its increasing
product longevity. Moreover, they provide better hemodynamic efficiency. Since
mechanical valves are made up of strong durable materials, such as titanium and
carbon, they are preferred over other cardiac prosthetic devices.
·
Transcatheter valve is expected to exhibit
lucrative CAGR over the forecast period. TAVR has shown improved patient
survival rate as compared to medical therapy. In the past years, it has evolved
as a minimally invasive alternative treatment for surgical valve replacement.
·
Implantable pacemakers are one of the highest revenue
generating segments owing to their greater applicability pertaining to heart
failure (HF) and other cardiovascular diseases like stroke.
·
North America contributed toward the largest
market share of around 40.0% in 2015. This is primarily due to the fact that
the number of pacemaker implantations has increased amongst the Americans over
the past two decades. Moreover, companies are focusing on commercial
availability of technologically advanced devices in the U.S.
·
Asia Pacific is anticipated to witness highest
CAGR over the forecast period owing to the growing geriatric population in
Japan. In 2015, the geriatric population base accounted for around 27% in
Japan.
·
Some key companies in this market are Medtronic,
Inc.; St. Jude Medical, Inc.; Boston Scientific Corporation; Edwards
Lifesciences Corporation; Abbott Vascular; Siemens Healthcare GmbH; and Sorin
Group.
·
New product development through introduction of
advanced technology and mergers & acquisitions are some of the key
strategies adopted by the companies to enhance the demand for cardiac
prosthetic devices. For instance, in 2015, St. Jude Medical and Thoratec, a
company that specializes in mechanical circulatory support technology for the
treatment of advanced HF, entered into a definitive agreement aiming at
acquisition of the outstanding shares of Thoratec.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the Cardiac prosthetic device market on the basis of product:
Cardiac prosthetic device market Product Outlook (Market Revenue in USD Million, 2014 - 2025)
·
Heart valves
o
Mechanical valve
o
Tissue valve
§ Stented
tissue valve
§ Stentless
tissue valve
o
Transcatheter valve
·
Pacemakers
o
Implantable pacemakers
§ Single-Chamber
Battery Pacemaker
§ Dual-Chamber
Battery Pacemaker
§ Triple-Chamber
Battery Pacemaker
o
External pacemakers
Cardiac prosthetic device market Regional Outlook (Market Revenue in
USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
·
Middle East and Africa
o
South Africa
For press release of this report - http://www.grandviewresearch.com/press-release/global-cardiac-prosthetic-devices-market
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