Market Overview:
A Beating heart patch is a bioabsorbable cardiac patch that is applied to the epicardial surface of the heart to bridge injured or damaged areas. It provides an acellular biocompatible matrix that supports tissue remodeling and regeneration. Beating heart patches have gained prominence in recent years owing to their ability to reduce adverse effects associated with conventional surgical procedures such as heart blockages or risks of infections. They improve cardiac function and regeneration by enhancing natural healing processes of the heart. The availability of acellular biopolymer patches has simplified surgical repair procedures for congenital heart diseases and ischemic conditions.
Market key trends:
One of the key trends in the beating heart patch market is the growing research in developing heart patches with advanced properties. Researchers are working on injectable heart patches that can be delivered minimally invasively using catheters. These self-assembling patches could dynamically adapt to the beating motions of the heart. There is also ongoing research towards developing patches that release growth factors, genes or cells to actively stimulate regeneration of cardiac tissues. 3D printing is another emerging area that allows customization of heart patches based on patient’s cardiac anatomy. This improves surgical outcomes. Such technological advancements are expected to expand the applications of heart patches in treating various cardiovascular diseases.
The global Beating Heart Patch Market Demand is estimated to be valued at US$ 223.6 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The beating heart patch market requires high initial investments in R&D. Stringent regulatory procedures also limit the threat of new entrants.
Bargaining power of buyers: The availability of alternative treatment options like pacemakers provides moderate bargaining power to the buyers.
Bargaining power of suppliers: The suppliers have lower bargaining power due to the presence of multiple raw material suppliers.
Threat of new substitutes: Technological advancements have led to the development of alternatives like pacemakers, providing threat from substitutes.
Competitive rivalry: The market is competitive with the presence of multiple regional and global players.
Key Takeaways
The global beating heart patch market is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing prevalence of cardiovascular diseases.
Regional analysis: North America dominated the beating heart patch market in 2022 due to the rising geriatric population and increasing incidence of CVDs. However, Asia Pacific is anticipated to witness fastest growth owing to growing healthcare infrastructure and rising medical tourism in the region.
Key players: Key players operating in the beating heart patch market are Harvard Apparatus Regenerative Technology, Inc.,CorMatrix Cardiovascular, Inc.,Acell Inc.,Cytograft Tissue Engineering, Inc., Biomatrica, Inc.,Tepha, Inc.,LifeNet Health, Inc.,CollPlant Ltd.,SynCardia Systems, LLC,Cardiovascular Systems, Inc.,Biotronik SE & Co. KG,Admedus Ltd.,C. R. Bard, Inc.,W. L. Gore & Associates, Inc.,Xenogenics Corporation. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it