The global cardiac implants market is estimated to garner noteworthy revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the higher prevalence of cardiovascular disorders and heart diseases worldwide. Furthermore, escalating administrative approval for cardiac implants is also projected to propel the growth of the market during the forecast period. Cardiovascular diseases are one of the major causes of death worldwide. As per a report published by World Health Organization (WHO), about 17.9 million people lost their lives in 2019 due to CVDs across the globe which was 32% of entire global deaths. Furthermore, another data released by American Heart Association demonstrated that about 90% of people encounter out-of-hospital cardiac arrest which results in death. Cardiac implants are developed and utilized to monitor misbalanced heartbeats, heart rhythm disorders, heart failure, coronary artery diseases, myocardial, infarction, and others. These are the prime factors to drive the growth of the market over the forecast period.
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The market is segmented by procedure into angioplasty, and open-heart surgery, out of which, the angioplasty segment is anticipated to hold a notable share in the global cardiac implants market. The growth of the segment is ascribed to the effectiveness and accuracy of the procedure and the growing geriatric population. Angioplasty is a procedure in which the narrowed arteries are opened up by using a particular tool such as, a catheter.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cardiac implants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on account of a higher prevalence of death due to CVDs. Other major factors to hike the growth of the market include the increasing geriatric population and higher consumption of cigarettes in the region. Data published by Diseases Control and Prevention (CDC), demonstrated that 3,800 younger people in the USA start smoking cigarettes every day. Furthermore, Heart diseases are the most common reason for death in North America. Based on another report published by the Centers for Diseases Control and Prevention (CDC), in 2019, 659,000 people lost their lives due to heart diseases solely in the USA while the number of annual deaths is 805,000.
Furthermore, the global cardiac implants market is projected to grow at a significant pace in the Asia Pacific region over the forecast period on the back of similar factors such as, the growing geriatric population and the rising prevalence of heart diseases in the region. Based on a report by Asian Development Bank (ADB), the geriatric population in the region is estimated to reach approximately 923 million by the middle of this century.
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The global cardiac implants market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cardiac implants market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Higher prevalence of cardiovascular disorders and heart diseases, growing consumption of cigarettes, and increasing geriatric population are the major factors driving the growth of the cardiac implants market.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Boston Scientific Corporation, BIOTRONIK SE & Co., KG, ZOLL Medical Corporation, Medtronic plc, LivaNova PLC, Abbott Laboratories, MEDICO S.R.L., Lepu Medical Technology Co., Ltd., Cook Group, and Shree Pacetronix Ltd.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, material, procedure, application, end-user, and by region.
The angioplasty segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The possibility of infection owing to implantable pacemakers is estimated to hamper the market growth.
North America region will provide more business opportunities for growth of the cardiac implants market in the future on the back of growing geriatric population and higher consumption of cigarettes.
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