Cardiac Prosthetic Devices Market Size

Cardiac Prosthetic Devices Market Analysis

The cardiac prosthetic devices market studied is anticipated to grow with a CAGR of nearly 9.2% during the forecast period.

COVID-19 had a significant impact on the cardiac prosthetic devices market owing to delayed cardiac consultation and surgical procedures. Moreover, many complications, such as prosthetic valve failure, were reported in COVID-19-infected patients. For instance, as per the article published in December 2022 in Springer, due to the hypercoagulability associated with COVID-19 infection, the risk of prosthetic valve failure and valve thrombosis was found to be more prone in hospitalized COVID-19-infected patients. However, in the post-pandemic situation, as the restriction was lifted, the market is expected to witness significant growth due to the increase in post covid cardiac complications and the rise in technological advancements in cardiac prosthetic devices.

The major factors attributing to the growth of the market are the rise in the prevalence of multiple cardiovascular indications, atrial fibrillation, cardiac valve failure, and stroke. For instance, as per the data from the CARES report 2021, 97.6% of adults and 2.4% of children were reported with out-of-hospital cardiac arrest in 2021 in the United States, and the median age of OHCA is considered to be 64 years. Hence, prosthetic devices are widely utilized to cope with the rising prevalence of cardiac complications globally and support cardiac health for a longer period, thereby driving market growth. Furthermore, the rise in the global geriatric population is likely to increase the market growth since cardiac complications rise with age. For instance, according to the World Population Prospects 2022 report published by the United Nations, the global geriatric population is increasing rapidly around the world, and between 2022 and 2050, the older population is projected to grow at rates above 3% per year in Northern Africa and Western Asia, sub-Saharan Africa, Oceania (excluding Australia and New Zealand) and Central and Southern Asia.

Moreover, product launches and strategic initiatives by the key players are expected to drive market growth over the forecast period. For instance, in June 2021, Medtronic launched Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular (AV) block patients via a minimally invasive approach. The device can sense atrial activity without a lead or device in the upper chamber of the heart. Thus, developments in medical devices like pacemakers are expected to increase in demand for cardiac prosthetic devices and lead to market growth over the forecast period.

Hence, due to the rise in cardiac complications, the increase in the geriatric population, and the surge in cardiac prosthetic device launches by the key players, the studied market is expected to drive market growth over the forecast period. However, the strict regulatory framework and the high cost of implantation, and the risk of repetitive surgeries are likely to restrain the market growth.