According to the latest report by IMARC Group, titled “Cardiovascular Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cardiovascular implants market size reached US$ 19.8 Billion in 2018. Cardiovascular implants refer to devices that support the heart and circulation or help in rhythm control. They are widely used to treat several heart conditions including heart failure, myocardial infarction, and coronary artery diseases. These devices can be divided into two general categories: the ones that function by remaining inside the patient’s body after a surgery, and others that are employed only during the course of the surgery and hospital stay. One of the most popular types of implants is pacemakers, which regulate the heartbeat at a stable pace. These devices are highly reliable and efficient owing to which they are constantly gaining preference across the globe.
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Global Cardiovascular Implants Market Trends:
There has been a significant rise in the prevalence of cardiovascular diseases, owing to shifting dietary patterns, inflating disposable income levels and hectic work schedules. This, in confluence with a rapidly growing geriatric population across the globe, is one of the major factors driving the growth of the market. Furthermore, manufacturers are continually investing in research and development (R&D) activities to manufacture safe and efficient variants equipped with advanced technologies. They are introducing smart stent devices, which are anticipated to create a positive outlook for the market. Furthermore, numerous governmental regulations aimed at the improvement of healthcare infrastructure and making quality healthcare services accessible to all are also impelling the demand for these implants. On account of the aforementioned factors, the market is projected to exceed a value of US$ 27.1 Billion by 2024, growing at a CAGR of around 5% during 2019-2024.
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On the basis of the product type, the market has been divided into coronary stent, implantable cardioverter defibrillator (ICD), heart valve, implanted cardiac pacemaker, cardiac resynchronization therapy (CRT) device and peripheral stent.
Based on the material, the market has been categorized into metals and alloys, polymers and biological materials.
On the basis of the procedure type, the market has been bifurcated into angioplasty and open-heart surgery.
Based on the indication, the market has been segmented into arrhythmias, myocardial ischemia, acute myocardial infarction, congestive heart failure and others.
On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been studied in the report with some of the key players being Biotronik, Abbott Laboratories, AMG International, B-Braun, Johnson & Johnson, W.L. Gore & Associates, Medtronic, Boston Scientific, Sorin, Edwards Lifesciences, Fortimedix, Neovasc Inc., On-X Life Technologies, Proxy Biomedical, Reva Medical and Shree Pacetronix Ltd.
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