by Cardiac implants are medical devices that are implanted surgically or placed into the cardiovascular system to treat various heart conditions. Cardiac implants include stents, pacemakers, implantable cardioverter defibrillators (ICDs), implantable loop recorders, and heart valves. These implants offer effective treatment options for conditions like coronary artery disease, arrhythmias, cardiomyopathy and congenital heart disease.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of patients suffering from cardiovascular diseases is a major driver augmenting the growth of the cardiac implants market. As per the WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Conditions like coronary heart disease, cerebrovascular disease and rheumatic heart disease are becoming highly prevalent worldwide due to the rampant rise of risk factors like smoking, unhealthy diet and physical inactivity. This has significantly raised the demand for procedures involving cardiac implants for treating various heart conditions effectively.
SWOT Analysis
Strength: The cardiac implants market has high growth potential owing to rising prevalence of cardiovascular diseases. Advancements in implantable devices have improved treatment outcomes.
Weakness: High costs associated with cardiac implant procedures restrict wider adoption. Strict regulatory approvals delay new product launches.
Opportunity: Growing geriatric population prone to heart ailments presents an opportunity. Developing markets in Asia Pacific yet to be tapped represent scope for expansion.
Threats: Threat from alternative treatment modes like medications and lifestyle changes. Intense competition from existing and new market entrants.
Key Takeaways
The global cardiac implants market is expected to witness high growth over the forecast period of 2023 to 2030. Global Cardiac Implants Market Demand is projected to reach US$ 35,795.6 Mn by 2023, witnessing a CAGR of 8.1% during the forecast period.
Regional analysis: North America currently dominates the cardiac implants market owing to rapid technological advancements and availability of reimbursements. The region is expected to retain its leading position over the forecast period as well. Asia Pacific is predicted to witness fastest growth due to rising healthcare spending by nations like India and China coupled with growing burden of heart diseases.
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, and MicroPort Scientific Corporation. These companies are focusing on new product development and geographic expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
