Cardiovascular Prosthetic Devices Market Expected to Reach $61.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cardiovascular Prosthetic Devices Market," The cardiovascular prosthetic devices market size was valued at $26,937.8 million in 2021, and is estimated to reach $61,469.8  million by 2031, growing at a CAGR of 8.6% from 2022 to 2031. Cardiovascular prosthetic devices are developed to replace the damaged heart tissues. These devices are designed to mimic the working of normal cardiovascular organs. Cardiac prosthetic devices have allowed the heart surgeons to improve the treatment for heart blockages. Heart valves and pacemakers are the majorly used cardiac prosthetic devices. In addition, ventricular assist devices such as left ventricular assist devices (LVADs), biventricular assist devices (bi-VADs), right ventricular assist devices (RVADs) are used different cardiac surgeries such as heart transplantation, ventricular assist device implantation, and left ventricular reconstruction.

Factors that drive the growth of the cardiovascular prosthetic devices market size include rise in number of product launches and product approvals for cardiovascular prosthetic devices, increase in number of cardiovascular prosthetic devices industry and increase in prevalence cardiac diseases. Moreover, increase in the number of geriatric populations is anticipated to rise in the prevalence of cardiovascular diseases.

Cardiovascular prosthetic devices market trends include increase in the number of cardiovascular surgeries in geriatric population. For instance, according to World Health Organization, (WHO), it was reported that, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. The population of people aged 60 years and older will double (2.1 billion) by 2050. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. In addition, the American Heart Association (AHA) reports that the incidence of cardiovascular diseases (CVD) in US men and women is 40% from 40–59 years, 75% from 60–79 years, and 86% in those above the age of 80.

In addition, rise in the number of product launch and product approvals for cardiovascular prosthetic devices is anticipated to drive the growth of market. For instance, in Jan 2023, Abbott Laboratories, pharmaceutical and medical equipment manufacturing company, announced that the U.S. Food and Drug Administration (FDA) has approved the latest generation transcatheter aortic valve implantation (TAVI) system of the company, Navitor, to treat people with severe aortic stenosis who are at high or extreme risk for open-heart surgery.

Moreover, rise in awareness regarding treatment availability of cardiac diseases, increase in prevalence of hypertension and obesity are anticipated to drive the demand for cardiovascular prosthetic devices and boost the growth of market. Furthermore, increase in clinics equipped with advanced technology and the rise in expenditure by government to develop healthcare infrastructure drive the growth of the market. In addition, rise in disposable income among the population of developing nations and increase in R&D activities in medical device sector, both contribute to the expansion of the Cardiovascular Prosthetic Devices Market.

On the basis of type, the market is segmented into cardiac prosthetic devices and vascular prosthetic devices. The vascular prosthetic devices segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in number of product launch and products approvals for drug eluting stents and increase in number of companies who manufactures coronary stents.

On the basis of end user, the market is divided into hospitals, clinics, and others. The hospitals segment dominated the market in 2021 and is expected to continue this trend during the cardiovascular prosthetic devices market forecast period, owing to rise in expenditure by government to develop healthcare infrastructure and increase in number of numbers of population suffering from cardiovascular diseases.

North America accounted for most of the global cardiovascular prosthetic devices market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in the number of product launch and product approval, increase in the number of cardiovascular prosthetic devices industry who manufactures cardiovascular prosthetic devices, increase in number of valve replacement surgery and developed healthcare infrastructure. Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector, increase in the prevalence of cardiac diseases and increase in the number of geriatric populations.

The COVID-19 pandemic has significant impact on the cardiovascular prosthetic devices market share. Cardiovascular prosthetic devices market analysis during pandemic include the disruption to supply chains and healthcare systems which further caused delays in the availability of  devices and also led to an increase in the cost of these devices. 

Key Findings Of The Study

• By type, the cardiac prosthetic devices segment was the highest contributor to the market in 2021.
• By end user, the hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period