Cardiac Restoration Systems Market: Key Insights
The rising incidence of heart failure and a leading cause of morbidity and mortality worldwide primarily drives the cardiac restoration systems market. Additionally, the growing prevalence of risk factors such as hypertension, diabetes, and obesity, coupled with an aging population, has resulted in significant increase in patients suffering from heart failure. Such factors have accelerated the demand for cardiac restoration systems designed to improve the heart's function by restoring its natural geometry and reducing the volume of the heart.
Another key driver of the cardiac restoration systems market is the rising demand for minimally invasive surgical procedures. Minimally invasive procedures offer several advantages over traditional open surgeries, such as shorter hospital stays, faster recovery times, and reduced healthcare costs. Cardiac restoration systems are becoming increasingly popular due to their ability to be used in minimally invasive procedures, providing an alternative to more invasive and expensive surgical procedures. This is particularly important for patients who are not eligible for traditional open surgeries or may have a higher risk of complications.
Moreover, technological advancements in cardiac restoration systems are also driving the market growth. Manufacturers are increasingly investing in research and development to develop new and innovative products that offer improved patient outcomes. For instance, there has been a growing trend toward developing implantable devices that can be placed directly into the heart. These devices provide several advantages over external devices, such as improved durability and reduced risk of infection.
Increasing Product Recalls to Drive Cardiac Restoration Systems Market
Based on American Heart Association, Inc. report, based on 2020, 19.05 million deaths accounted for due to CVD globally, escalating by 18.7% from 2010. Additionally, in 2020 mortality related to congenital cardiovascular defects was 2817 deaths in the US, with an increase of 11.9%. This is mainly due to socioeconomic status (SES) as a major contributor to identified differences responsible for infant mortality with critical congenital disabilities and greater mortality among socioeconomically deprived patients. This can result in the developing new and innovative products that offer improved patient outcomes. Such aforementioned factors are responsible for accelerating demand for cardiac restoration systems ultimately driving the overall market growth during the forecast period.
Cardiac Restoration Systems Market: Segmental Overview
The global cardiac restoration systems market is segmented on the basis of product, application and end user. Based on product the cardiac restoration systems market is segmented into mitral valve restoration systems, left ventricular restoration systems. Based on application, the market is segmented into percutaneous ventricular restoration, surgical ventricular restoration. Based on end user, the cardiac restoration systems market is segmented into hospitals, ambulatory surgical centers, specialty clinics.
Based on application, the surgical ventricular restoration segment held the substantial share in the cardiac restoration systems market. Surgical ventricular restoration (SVR) treats patients with congestive heart failure by surgically reshaping the heart to improve its function. The market for SVR segments is expected to grow due to an increase in the prevalence of heart failure, coupled with advancements in surgical techniques and technologies. The aging population, sedentary lifestyle, and unhealthy eating habits are the primary factors driving the growth of the SVR market. Furthermore, the rising healthcare expenditure and increasing awareness about the availability of advanced cardiac treatments also contribute to the market's growth. The SVR segment market is expected to expand as new treatment methods and technologies are developed, making it easier to perform the procedure and improving patient outcomes.
Cardiac Restoration Systems Market: Competitive Landscape and Key Developments
XELTIS, Abbott, BioVentrix Inc., CryoLife Inc., Edwards Lifesciences Corp., NeoChord Inc., Xeltis AG, CardioKinetix Inc, ON-X LIFE TECHNOLOGIES INC, and Valtech among the key players operating in the cardiac restoration systems market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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