The global Cardiac Implants Market is estimated to be valued at US$ 35,795.6 Mn or 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 Overview:
Cardiac implants are medical devices that are implanted in the heart to treat various cardiac conditions such as coronary artery diseases, heart failure and heart rhythm problems. Stents, pacemakers and heart valves are some common types of cardiac implants that help restore heart functions.
Market key trends:
One of the key trends driving the growth of the cardiac implants market is rising prevalence of cardiovascular diseases worldwide. According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Growing geriatric population prone to chronic heart conditions and increasing adoption of unhealthy lifestyles leading to high blood pressure, diabetes and obesity are fueling the incidences of heart diseases. As a result, demand for cardiac implants to treat such diseases has been witnessing significant rise over the past few years.
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SWOT Analysis
Strength: The cardiac implants market is driven by the increasing prevalence of cardiovascular diseases across the globe. The rising geriatric population prone to heart conditions also contributes to market growth.
Weakness: High costs associated with cardiac implants and heart surgeries and lack of reimbursement policies in developing nations limit the market’s reach.
Opportunity: Growing medical tourism and emergence of affordable medical treatments in developing countries offer new opportunities. Rapid advancements in materials and technologies used in cardiac implants will expand the market scope.
Threats: Stringent regulatory standards for approval of new and modified cardiac implants threaten market prospects. Lack of medical infrastructure and skilled professionals pose challenges in rural areas.
Key Takeaways
The global cardiac implants market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. Rising obesity, unhealthy lifestyle habits such as poor diet, lack of exercise, and smoking are major drivers.
Regional analysis: North America dominated the global cardiac implants market in 2023 and is expected to remain the highest revenue generator over the forecast period. This is attributed to the advanced healthcare infrastructure and high accessibility to innovative medical technologies. Asia Pacific is poised to showcase fastest growth owing to growing medical tourism, rising healthcare spending, and increasing focus on expanding healthcare access in major countries such as India and China.
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. Major players are focusing on new product launches, mergers, acquisitions and geographical expansion strategies to strengthen their market presence.
