Albany, NY — 12/05/2017 — In its new research report on the global market of cardiac prosthetic devices, Transparency Market Research states that the market will grow at a CAGR of nearly 8.7% between 2013 and 2019. The report, titled “Cardiac Prosthetic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, adds that the market, which valued US$2,945.3 million in 2012, will rise to US$5,290.0 million by 2019.While the primary factor behind the steady growth prospects of the global cardiac prosthetic devices market is the globally rising prevalence of a number of cardiovascular diseases related to coronary artery, rheumatic heart, cerebrovascular, valvular, peripheral vascular, etc., there are many other factors driving the market substantially as well.
The report states that a number of other factors, such as continuous modification and upgradation of products, rising preference for minimally invasive treatments, high obesity, rising density of geriatric population base across the globe and changing lifestyles, also contribute significantly towards the growth of the market. However, the high cost of these products and associated procedures may limit market growth by certain extent during the forecast period.
The report classifies the global cardiac prosthetic devices market broadly into types of pacemakers and heart valves. The report further classifies the product segment pacemakers into external and implantable pacemakers. The segment heart valves is further classified into transcatheter heart valves, tissue heart valves, and mechanical heart valves.Geographically, the report segments the global market into regional markets of North America, Asia-Pacific, Europe and Rest of the World. Amongst these, the regional market of North America accounted for the largest share of the market, nearly 35%, in 2012.
North American regional market features the presence of high-end technology and most updated infrastructure, coupled with well trained healthcare personnel compared to other regional markets. Rising prevalence of cardiovascular disease and established policies in healthcare and medicine also allows this market to make increased use of cardiac prosthetic devices.The regional market of Asia pacific is expected to record growth at the highest pace during the forecast period, owing to increased participation of government bodies towards improving healthcare facilities of countries in these regions. The rising disposable incomes of population in these regions, and rising preference for technologically advanced medical solutions and devices will also support growth of the market.
The report states that the global cardiac prosthetic devices market is a highly fragmented marketplace, and features the presence of many established as well as emerging businesses. Chief players in the marketplace include Boston Scientific Corporation, Sorin Group, Medtronic, Inc., St. Jude Medical, and Edwards Lifesciences Corporation, among others.
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