Increasing healthcare expenditure and key innovations driven by some of the major cardiac devices manufacturers in the region is expected to boost the overall sales of heart implants devices in North America and Europe.
Albany, NY -- (SBWIRE) -- 05/09/2018 -- In a growing cardiac implants market where profits and growth prospects run together, many companies are vying to plunge into this untapped market. Heart implants are end-stage operations, where a failing heart is replaced with healthier donor heart. Over the course of decades, many cutting-edge innovation took place to offer sound and reliable artificial cardiac devices. As per the WHO, heart disorder is one of the major cause of concern globally, killing more than 17.5 million people in 2012. It amounts to 31% of overall global deaths. Europe and Western Pacific are the prominent locations where mortality rate from heart disorders is scaling the peak. Heart implants is the lifesaving medium to improve the patient's ailing conditions. Though the demand for heart implants is high, the supply is marginally low in the industry. As per the European Commission's Department of Health and Consumers, only 2,004 transplants were conducted against the need for 3,400 patients in 2012.
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The heart implants market is expected to grow exponentially during the forecast period, primarily due to the changing lifestyle, fatal accidents, physical inactivity and prognosis of patients with heart failure leading to end-stage cardiac disorder are some of the key drivers of this market. High prevalence of cardiac disorders among middle class population is another significant driver for heart implants market. Though the market seems optimistic in coming years, shifting trends from heart-beating donations to non-heart beating procedures, high costs of devices along with stringent regulatory procedures in some of the key nations can led to some negative impact on this industry. However, this billion dollar industry is expected to witness upward trend during the forecast period 2015–2025, primarily due to rise in demand for heart implants.
Heart implants market is broadly classified on the basis of implant devices, implant procedure and cardiovascular disorders.
Different devices are used depending upon the types of cardiovascular disorders. Among all types of cardiovascular disorders, coronary heart disease is the one which claims more life than others. This is followed by peripheral atrial disease, rheumatic heart disease and congenital heart disease. While, coronary artery bypass, balloon angioplasty, valve replacement and heart transplantation are key implant procedure, implantable cardioverter defibrillator (ICD), pacemakers, cardiac resynchronization therapy (CRT), coronary stents, and peripheral stents are some of the key implant devices. ICD and CRT are the most popular types of implant devices, however, ICD's is anticipated to witness significant growth during the forecast period. New generation ICD's, are projected to capture the significant market share due to its dual ability of preventing heart from cardiac arrest as well as acting sometimes as pacemaker to make heart beat at proper rate and rhythm.
Most of the demands for heart implants is expected to generate from developed economies including North America and Europe. Increasing prevalence of heart related disorders, government focus towards providing reliable healthcare solution, increasing healthcare expenditure and key innovations driven by some of the major cardiac devices manufacturers in the region is expected to boost the overall sales of heart implants devices in North America and Europe. More than half of the demand for heart implants is expected to generate from North America and Europe. Asia Pacific is the next in trail. Increasing healthcare expenditure is one of the key driving factor in Asia Pacific. Compared to North America and Europe, Asia Pacific is relatively untapped market that needs to be capitalized and thus offers good market prospects for heart implant devices manufacturers.
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Some of the key market players in heart implants market are Boston Scientific, Medtronic plc, St. Jude Medical, Inc., Angiotech Pharmaceuticals, Bard Incorporated and Carmat SA.