The global cardiovascular prosthetic devices market has set a valuation of US$ 5.1 Bn in 2021, and further, is expected to expand at a CAGR of 8.1% to reach US$ 11.9 Bn by the year 2032.
“Rising prevalence of cardiovascular diseases and demand for minimally-invasive procedures is expected to uplift the cardiovascular prosthetic devices market growth.”
| Attributes | Details |
|---|---|
| Cardiovascular Prosthetic Devices Market Value in 2021 | US$ 5.1 Billion |
| Cardiovascular Prosthetic Devices Market Value in 2032 | US$ 11.9 Billion |
| Cardiovascular Prosthetic Devices Market CAGR (2022 to 2032) | 8.1% |
The purpose of developing cardiovascular prosthetic devices is to replace damaged heart tissues. The functionality of these devices is intended to resemble that of typical cardiovascular systems. The use of cardiovascular prosthetics has improved the way cardiac surgeons treat heart blockages. Pacemakers and heart valves are the two most common prosthetics.
The market for cardiovascular prosthetic devices is driven owing to the increasing prevalence of atrial septal defect (ASD) and valvular disease, the increasing rates of cardiovascular diseases, and the geriatric population. The new technology innovations and growing adaptation rates of these devices are likely to propel the market in the forecast period.
Additionally, constant growth in the elderly population, increasing preference for minimally-invasive procedures, technological upgradation resulting in the development of effective devices, and an upsurge in obesity followed by continuous product development are expected to boost the market for cardiovascular prosthetic devices. Moreover, the rising prevalence of hypertension among people is predicted to rise in the cardiovascular prosthetic market in the projected period.
Due to the high prevalence of cardiovascular disorders such as rheumatic diseases and valvular disorders and the growing demand for the devices in the North American countries are expected to develop the highest market for cardiovascular prosthetic devices in the projected years.
Europe is also expected to grow with a lucrative market share. With the rising prevalence of heart valve disease and irregular heart rhythm disease, along with the quick adoption of improved prosthetic devices, the market is expected to grow in the near future.
The rising population and developing healthcare infrastructure in the developing countries in the Asian region are predicted to expand the growth of the cardiovascular prosthetic devices market. Adding to that the developing reimbursement policies in these is propelling the market growth.
Some of the market players operating in the cardiovascular prosthetic devices market are Abbott Laboratories, Edwards Lifesciences Corporation., Medtroic Inc., W. L. Gore & Associates, Inc., Lifetech Scientific Co., Ltd., Abiomed, Inc., BIOTRONIK SE & Co. KG, Pacetronix, Meril Life Sciences Pvt. Ltd., Venus Medtech and others.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 8.1% 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2012 to 2021 |
| Forecast Period | 2022 to 2032 |
| Qualitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
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| Customization | Available Upon Request |
The global cardiovascular prosthetic devices market is anticipated to register a CAGR of 8.1% during the forecast period.
The top 3 players in the global cardiovascular prosthetic devices market are Abbott Laboratories, Edwards Lifesciences Corporation., and Medtroic Inc.
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Cardiovascular Prosthetic Devices Market
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