May 29, 2024

Cardiac Implants Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Cardiac implants such as pacemakers, implantable cardioverter defibrillators and stents are medical devices used to treat heart diseases such as arrhythmias, coronary heart disease and congenital heart defects. Cardiac implants help in monitoring heart rhythm, improves the quality of heartbeats and opens blocked arteries. With rising incidence of cardiovascular diseases globally, the demand for cardiac implants has increased substantially over the years.

The global cardiac implants market is estimated to be valued at US$ 35,795.6 Mn in 2024 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.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/cardiac-implants-market-1176

The increasing geriatric population prone to heart diseases, growing prevalence of lifestyle diseases, technological advancement in cardiac implants and favourable reimbursement policies are some of the major factors expected to drive the growth of the global cardiac implants market during the forecast period. Moreover, launch of innovative products by market players is also anticipated to boost the market growth. However, high cost of cardiac implants and product recalls are the major factors expected to hinder the market growth.

Market key trends:

One of the key trends witnessed in the global cardiac implants market is growing preference for minimally invasive surgeries. Minimally invasive procedures for cardiac implantation involve small incisions and cause lesser trauma to the patient compared to traditional open-heart surgeries. This translates to quick recovery time and reduced hospital stay. Owing to these advantages, demand for minimally invasive cardiac implant devices is growing across the world. For instance, trans-catheter aortic valve replacement (TAVR) is gaining immense popularity as an alternative to open-heart surgery for replacing heart valves. Advancements in technologies such as robotic-assisted cardiac surgeries are further fueling the adoption of minimally invasive procedures. Robotic techniques enable surgeons to perform complex procedures through small incisions with improved precision, flexibility and control.

Porter’s Analysis

Threat of new entrants: The Cardiac Implants Market requires large capital investment to enter. Stringent regulations pertaining to product quality also limit new entrants.

Bargaining power of buyers: Individual customers have less bargaining power in the Cardiac Implants Market due to lack of alternative treatment options. However, large hospitals can negotiate prices from manufacturers.

Bargaining power of suppliers: Few global players dominate the supply of materials required for manufacturing cardiac implants. This gives suppliers a strong bargaining power.

Threat of new substitutes: Alternative treatment options like medications provide minimal threat currently. However, technological advancements can increase substitution threat over time.

Competitive rivalry: The market comprises global medical device giants and regional mid-sized players. Intense competition on pricing and innovation leads to higher quality products.

Key Takeaways

The global Cardiac Implants Market is expected to witness high growth.
Regional analysis: North America is the largest market for cardiac implants owing to increasing per capita healthcare expenditure and availability of skilled professionals. The Asia Pacific region is poised to offer lucrative opportunities with growing medical tourism industry in countries like India, Thailand and Malaysia.

Key players: Key players operating in the Cardiac Implants Market are Medtronic, Boston Scientific Corporation, Abbott, Edwards Lifesciences Corporation and LivaNova PLC. Increasing investments by these players to develop advanced implants will further drive the market growth.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it