Market Trends of Cardiac Prosthetic Devices Industry
This section covers the major market trends shaping the Cardiac Prosthetic Devices Market according to our research experts:
Mechanical Valves are Expected to Hold the Significant Market Share in the Cardiac Prosthetic Devices Market.
The mechanical valves are expected to attribute a significant market share in the studied market owing to their lifetime solution for the patient due to their mechanical strength and flexibility of durable raw polymeric materials used in their manufacturing process. Furthermore, growing preference by physicians and patients due to the lower risk of clinical problems compared to other valves, as well as the reduced need for repetitive surgeries with these valves, contribute to the rise in adoption of these systems, propelling the market growth.
Additionally, many research activities are ongoing to understand the advantages and future opportunities provided by mechanical heart valves. For instance, as per the article published in May 2022 in PubMed, each surgical and transcatheter technique has advantages such as improved long-term durability with surgically installed mechanical valves. Hence, such advantages offered by the mechanical valve are expected to increase the demand and thereby drive segment growth over the forecast period. Furthermore, the rise in mechanical valve product approvals and launches by the key players is expected to drive market growth over the forecast period. For instance, in September 2021, Abbott received FDA approval for the company's Epic Plus and Epic Plus Supra Stented Tissue Valves to improve therapy options for people with aortic or mitral valve disease. These devices build off Abbott's Epic surgical valve platform and include innovations that make implantation of the valve and future cardiac interventions easier. The Epic Plus Stented Tissue Valves are the latest addition to Abbott's portfolio of surgical tissue and mechanical heart valves.
Hence, due to the rise in mechanical valve product launches by the key players and the increase in advantages offered by mechanical valves in cardiac surgeries, the studied segment is expected to drive market growth over the forecast period.
North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to witness significant growth in the cardiac prosthetic devices market throughout the forecast period due to the rising prevalence of cardiovascular disorders and the increase in product launches by the key players. For instance, according to the CIHI July 2022 report, about 2.4 million Canadians have heart disease, and collaboration between CIHI and CCS on the CCQI project has contributed to monitoring and improvements in key areas related to cardiac care interventions across Canada. Hence, such initiatives occurring across the studied region are expected to boost market growth over the forecast period.
Moreover, product launches, strategic partnerships, and acquisitions by the key players are expected to increase the market growth in the studied region over the forecast period. For instance, in April 2022, Abbott received FDA approval for its Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the U.S. with slow heart rhythms. This marks a significant advancement in patient care and brings new, never-before-seen features to patients and their physicians.
Also, increasing awareness programs by healthcare associations and manufacturers by promoting positive health and the advantages of technologically advanced prosthetics, along with the availability of advanced healthcare infrastructure in the region, contributes to its outstanding share in the global market revenue. For instance, in February 2022, Montreal Heart Institute Foundation (MHIF) launched a vast awareness campaign about the importance of research in the fight against cardiovascular disease.
Hence, due to the rise in the prevalence of cardiovascular diseases and the increase in product launches and awareness campaigns, North America is expected to witness a significant share of the market over the forecast period.
