The cardiac implants market comprises devices such as cardiac pacemakers, defibrillators, stents, and prosthetic heart valves. Cardiac implants play a vital role in the treatment and management of cardiovascular diseases (CVD) by restoring the heart's ability to pump blood efficiently. Pacemakers help regulate abnormal heart rhythms, defibrillators provide electrical shocks to restore normal heart rhythm during cardiac arrest. Stents are used to open clogged arteries and improve blood flow, while prosthetic heart valves replace damaged or diseased valves. The increasing incidence of cardiovascular disorders globally owing to lifestyle changes, obesity, and growing geriatric population is driving the demand for cardiac implants.
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.
Key Takeaways
Key players operating in the cardiac implants market are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd., Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation.
The key opportunities in the cardiac implants market include technological advancements in minimally invasive procedures and product innovation. Companies are focusing on developing innovative implantable devices with enhanced functionalities and longer battery lives.
The increasing focus on expanding healthcare infrastructure and rising medical tourism in developing nations is expected to drive the global expansion of the cardiac implants market during the forecast period.
Market Drivers
The rising geriatric population globally is the major driver of the cardiac implants market. Age is one of the most important risk factors for heart disease. According to the WHO, the world's population aged 60 years and older is expected to reach 2 billion by 2050. Elderly patients are more susceptible to cardiac conditions like coronary artery disease, heart failure, and arrhythmias, thus driving demand for cardiac implants. Additionally, the increasing prevalence of lifestyle diseases like diabetes and obesity is contributing to the growing burden of CVDs, thereby propelling market growth.
PEST Analysis
Political: The governments across regions are implementing various healthcare reforms and favorable initiatives to enhance the quality of cardiovascular care. This is positively impacting the growth of the cardiac implants market.
Economic: Rising disposable income and growing healthcare expenditure are driving more patients to opt for advanced cardiac treatments involving implants. Additionally, favorable reimbursement policies are supporting the market growth.
Social: Growing incidence of heart diseases due to changes in lifestyle and increasing geriatric population are influencing the demand for cardiac implants. Also, raising awareness about various treatment options is encouraging people to seek implants.
Technological: Development of innovative implant devices with advanced features such as bioresorbable scaffolds and products enabled with wireless communication capabilities are expanding the application areas and fueling the adoption rate. Technology progress is also helping manufacturers enhance the safety and efficacy of implants.
The cardiac implants market in terms of value is concentrated maximally in North America. The region accounts for a significant market share due to the early accessibility to novel technologies, sizable patient population, and strong healthcare infrastructure. Europe holds the second largest revenue share attributing to the rising public focus on active aging. The Asia Pacific region is emerging as the fastest growing market for cardiac implants driven by increasing medical expenditures, healthcare reforms promoting cardiac care, and expansion of private insurance coverage in countries like China and India.
Japan dominates the cardiac implants market in the Asia Pacific region attributable to the large geriatric patient pool and availability of universal health coverage. Countries like India, China, Australia are showing high potential for market growth considering the improving economic conditions, growing awareness, and strengthening healthcare systems. China, in particular, is projected to be the fastest expanding regional market in the coming years credited to rapid development of private health insurance, focus of key players on market penetration, and rising lifestyle diseases.
