The global cardiac implants market is expected to register at a CAGR 7.82% during the forecast period from 2018–2023
Market Research Future (MRFR) recognizes the following companies as the key players in the global cardiac implants market that includes Abbott (US), Amg International (Germany), Edwards Lifesciences Corporation (US), B. Braun Melsungen AG (Germany), Biotronik (US), Boston Scientific Corporation (US), LivaNova PLC (UK), Medtronic Plc (US), SynCardia Systems, Inc. (Arizona), and Terumo Corporation (Japan)
Cardiac implants are used to control irregular heartbeats in people with heart disorders such as myocardial ischemia, arrhythmias, and acute myocardial infarction, among others. The increasing prevalence of cardiac diseases and the growing population of older adults across the globe is expected to propel the growth of the market. On the other hand, the high cost associated with cardiac implants and risk of injections due to these implants may restrain the market growth over the forecast period.
The global cardiac implants market has been segmented into cardiac rhythm management devices, coronary stents, prosthetic heart valve devices, ventricular assist devices, implantable loop recorder/implantable cardiac monitor, and others. By indication, the market has been segmented into arrhythmias, myocardial ischemia, acute myocardial infarction, heart failure, and others. On the basis of end-user, the market has been segmented into hospitals, cardiac care centers, ambulatory centers & home care, academic institutes, and others. The cardiac care centers accounted for a market value of USD 5,954.8 in 2017.
Geographically, the Americas is expected to dominate the global cardiac implants market. In this region, the rising prevalence of cardiac diseases and high adoption rates of cardiac implantable electronic devices has led to the growth of the market. In Europe, the cardiac implants market is anticipated to grow owing to the factors such as rising funding from the government for the healthcare sector and growing initiatives for heart patients by insurance companies in the region. Additionally, the rising prevalence of several heart diseases in the region has led to the increase in adoption of cardiac implants. In Europe, Italy accounted for a market share of 9.9% in the year 2017. The Asia-Pacific region is expected to be the fastest growing market for cardiac implants. Factors such as the growing geriatric population, changing lifestyle, and the rising trend of medical tourism in the Asia-Pacific region are expected to drive the market. Furthermore, the Middle East and Africa accounts for the lowest share of the global market due to the presence of poor and slow developing countries, majorly, in the African region.
Key Findings of the Study:
- Global cardiac implants market is projected to reach USD 38,054.3 million by 2023 with 7.82% CAGR during the review period of 2018 to 2023.
- Americas accounted for the largest share in the region due to the high adoption rate of cardiac implants and the growing prevalence of cardiac diseases.
- The hospital segment is accounted for the largest share, holding a market value of USD 8,721.6 million in 2017.
- Some of the players operating in the cardiac implants market include Abbott, Amg International, Edwards Lifesciences Corporation, and B. Braun Melsungen AG, among others.
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