The cardiac restoration systems market comprises devices and therapies that help improve heart function in patients suffering from heart failure. Cardiac restoration systems such as annuloplasty rings, ventricular restoration systems, and mitral valves help reduce the ventricular volume and pressure, thereby enhancing pumping efficiency. These systems are less invasive alternatives to heart transplants and offer new hope to millions suffering from heart failure worldwide.
The cardiac restoration systems market is estimated to be valued at USD 2.63 Billion in 2024 and is expected to reach USD 3.75 Billion by 2031, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Key Takeaways
Key players operating in the cardiac restoration systems market are Abbott Laboratories, Medtronic plc, BioVentrix Inc, CryoLife Inc., Edwards Lifesciences Corporation. Abbott Laboratories dominated the global market in 2020 with a market share of over 30%, while Medtronic plc held a share of around 25%.
The rising prevalence of cardiomyopathy and heart failure drives the demand for cardiac restoration systems. According to the American Heart Association, over 6 million adults in the U.S. suffer from heart failure. Favorable reimbursement policies and increasing healthcare expenditure in developing nations also support Cardiac Restoration Systems Market growth.
Leading manufacturers are expanding their presence in emerging Asian countries to tap the high market potential. For instance, in 2021 Medtronic acquired Acutus Medical to strengthen its global foothold in cardiac electrophysiology solutions. BioVentrix also signed distribution agreements with healthcare providers in South Korea and Japan to distribute its Revivent TC system.
Market Key Trends
Advances in minimally invasive technologies represent a key trend in the cardiac restoration systems market. An increasing number of clinical trials focus on evaluating new minimally invasive annuloplasty devices, valves, and ventricular restoration approaches. For example, Edwards Lifesciences received an FDA breakthrough designation for its PASCAL transcatheter mitral valve repair system in 2021. When approved, the device will offer an alternative to open-heart surgery for reducing mitral regurgitation.
Porter's Analysis
Threat of new entrants: The technology required and high costs involved in cardiac restoration systems poses challenges for new entrants. However, established players are expanding their product portfolios which increases competitiveness.
Bargaining power of buyers: Buyers have moderate bargaining power given the life-saving nature of products and limited substitutes. Group purchasing organizations exert some pricing pressure on suppliers.
Bargaining power of suppliers: Key components originate from few suppliers globally. Suppliers have moderate power if products have proprietary designs but partnerships mitigate this for suppliers and OEMs.
Threat of new substitutes: Novel therapies like regenerative medications could supplant device-based alternatives but substitution threat remains low currently due to clinical evidence for cardiac restoration systems.
Competitive rivalry: Large multinationals dominate the market but regional specialized firms compete on customization. Growth depends on innovations to address residual risk and improved patient selection.
Geographical regions
North America currently accounts for the largest value share and is projected to continue dominating the market during the forecast period. This can be attributed to rising prevalence of cardiac conditions, advanced healthcare infrastructure and reimbursements, and focus on value-based care.
The Asia Pacific region is poised to grow at the fastest rate owing to increasing healthcare spending, large patient pools, and growing awareness. China, India, and South Korea are emerging as lucrative markets and global players are expanding their presence in these countries through partnerships and joint ventures.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
