Cardiac Implant Devices Market : Market Analysis by Knowledge Sourcing Intelligence
According to the United Nations statistics, the number of people aged 60 years or above is projected to increase from 962.3 million in 2017 to 2080.5 million by 2050. Since aged people are the most susceptive to suffer from heart diseases, the demand for cardiac disease implants is growing significantly, thus positively impacting the growth of cardiac implant devices market.
On the basis of product type, implant devices market is segmented as Implantable Closure Devices, Pacemaker Implants, Implantable Cardioverter Defibrillator (ICD), Left Atrial Appendage (LAA) Closure Device, Coronary Stents, and Prosthetic Heart Valves, Insertable Cardiac Monitor (ICM), Implantable Heart Pump, and Total Artificial Heart. While on the basis of geography it is divided into North America, South America, Europe, Middle East& Africa, and the Asia Pacific.
Cardiac Implant Devices Market by Product Type
By product type, the cardiac implant devices market is segmented as Implantable Closure Devices, Pacemaker Implants, Implantable Cardioverter Defibrillator (ICD), Left Atrial Appendage (LAA) Closure Device, Coronary Stents, Prosthetic Heart Valves, Insertable Cardiac Monitor (ICM), Implantable Heart Pump, and Total Artificial Heart. The coronary stents segment accounted for a major market share in 2018owing to the rising prevalence of coronary heart diseases worldwide. Furthermore, the growing prevalence of atrial fibrillation worldwide is expected to drive the demand for LAA closure devices. In addition, a growing number of deaths due to strokes may be the reason for atrial fibrillation which is another factor to anticipate the demand for LAA closure devices. For instance, as per The World Health Organization, 3 million women and 2 million women die worldwide due to strokes.
Prosthetic Heart Valves
A prosthetic heart valve is a device implanted in the heart of those patients who suffer from valvular heart diseases, when one of the valves of the heart malfunction, then the cure is the replacement of the natural valve with the artificial valve. The main function of the valves is to induce unidirectionally blood flow through the valve structure between the heart chambers. Growing prevalence of valvular diseases globally is one of the prime factors to augment the market demand for these valves during the period of five years. In valvular heart disease, the valves become narrow and hard which either pumps the blood back due to which the heart muscle enlarges and thickens. In addition, sometimes there is a possibility of a blood clot, which further increases the risk of strokes or pulmonary embolism. Furthermore, the aging population coupled with the growing prevalence of chronic diseases are is another factor which further increases the risk of heart diseases due to which there may be a significant number of patients who can face valvular heart diseases which will further, anticipate the demand for the prosthetic heart valves during the forecast period, thus positively impacting the growth of cardiac implant devices market.
Cardiac Implant Devices Market by Geography
By geography, cardiac implant devices market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Geographically, the global cardiac implant devices market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. These regions have been further segmented into countries which hold a significant share in the market. Growing geriatric population is one of the major factors shaping the growth of cardiac implant devices in the U.S.
According to the United States Census Bureau, all baby boomers will be older than age 65 by 2030, expanding the size of the older population such that 1 in every 5 residents will be at retirement age. Moreover, according to the Centers for Disease Control and Prevention, 6 in 10 adults in the U.S. suffer from chronic disease. According to the National Cancer Institute, an estimated 1,735,350 new cases were to be diagnosed in 2018. The rising aging population is significantly increasing the number of cases of cardiovascular diseases among people. Growing incidence and prevalence of diabetes among people in this country is also contributing to the rising incidence of various cardiovascular diseases among people.
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