Cardiac prosthetics are chronic alternatives that replace a damaged or diseased part in the body.Cardiac prosthetic devices are used in the treatment of blockages in heart valves. Implantation of cardiac prosthetic devices is being increasingly accepted as one of the common procedures due to a rise in the number of patients suffering from valvular diseases. Prosthetic valve thrombosis (PVT), prosthetic valve endocarditis (PVE), mechanical hemolytic anemia and thromboembolism are some of the complications that involve the failure of primary valves.
Furthermore, these devices tend to improve the quality of life by reducing the morbidity and mortality rate by replacing diseased valves. It is been estimated that more than 60,000 patients undergo heart valve replacement in the U.S. every year. Thus, the usage and acceptance of cardiac prosthetic devices is on risemainly due to technological advances and better performance. Escalation in cardiac disorder prevalence is contributed by the factors such as rise in geriatric population, high obesity epidemic and rapidly changing lifestyle. The global cardiac prosthetic devices market was valued at USD 2,945.3 million in the year 2012 and is expected to record a growth rate of 8.7% during the forecast period from 2013 to 2019, to reach an estimated value of USD 5,290.0 million by 2019.
Geographically, North America accounts for the largest percentage share of the global cardiac prosthetic devices market accounting for over35% of the total market. This is justified by the presence of technologically updated infrastructure and well trained healthcare professionalsin this region compared to other regions. In addition, rising prevalence of cardiac diseases and established healthcare policies has further augmented the growth and development of cardiac prosthetic devices market in this region.Asia-Pacific region is anticipated to record high growth rate owing to increased participation of respective governments in improving the overall healthcare sector and huge untapped potential in these regions. In addition, rise in disposable incomes and increased preference of the population to avail technologically advanced medical solutions further support the growth of cardiac prosthetic devices market.
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The overall cardiac prosthetic devices market is highly fragmented with the presence of both established and emerging companies in this field that includes Edwards Lifesciences Corporation, Medtronic, Inc., Boston Scientific Corporation, St. Jude Medical, Sorin Group and others. The factors that contribute in the growth of overall cardiac prosthetic devices are continuous product modifications and upgradations followed by technological advances and increased preference for minimally invasive procedures. However, high cost of the products and procedures may limit the growth prospects for the development of cardiac prosthetic devices market.