Top Companies in the Cardiac Prosthetic Devices Market

The global cardiac prosthetic devices market was valued at USD 6.85 billion in 2023, driven by the rising prevalence of cardiovascular diseases and technological advancements across the globe. The market is expected to grow at a CAGR of 8.39% during the forecast period of 2024-2032, with the values likely to rise from USD 7.42 billion in 2024 to USD 14.14 billion by 2032.

Cardiac prosthetics are artificial implants designed to support the function of damaged or diseased heart tissues and structures. There are two primary types of devices. Artificial heart valves and mechanical circulatory support devices. They are frequently used as a long-term solution or as a stopgap until a heart transplant is performed. These devices play a vital role in treating various cardiovascular conditions including congenital heart abnormalities, valve issues, and heart failure are treated using mechanical circulatory support devices and prosthetic heart valves.

There is a growing trend in the market towards utilising tissue-engineered heart valves, providing a more natural option compared to conventional mechanical valves. Crafted from organic substances, these valves lessen the chance of blood clot formation. This trend is enhancing patient results and stimulating market expansion by creating improved valves with better durability and performance. The growing geriatric population across the globe is a major factor driving market growth. With increasing age, the incidence of cardiovascular conditions has increased. The market is collectively experiencing high awareness about cardiovascular health and available treatments bolstering the market demand for cardiac prosthetic devices.

The rise in research and development activities for cardiac prosthetic devices is driving innovation and the development of high-tech cardiac devices. Companies are working with educational institutions and regulatory agencies to create advanced products to meet healthcare requirements. The emphasis on research and development is resulting in the launch of new treatments and products, enhancing patient results and broadening treatment choices available in the industry.

The market is influenced by several innovations being launched by the key players to improve the cardiac prosthetic devices landscape. For instance, in March 2024, Medtronic plc announced the FDA clearance of its EvolutTM FX+ transcatheter aortic valve replacement (TAVR) system indicated for the management of symptomatic severe aortic stenosis. The company’s solid commitment toward consistently developing and advancing minimally invasive solutions for healthcare providers to enable effective and stable treatment for patients with aortic stenosis is a major factor driving the market growth.

Top Companies Leading the Cardiac Prosthetic Devices Market in 2024

1.    Abbott Laboratories
 

Abbott Laboratories is a global healthcare leader known for its commitment to cardiovascular health and bringing innovation through advanced medical devices, including cardiac prosthetic devices. Abbott’s portfolio includes innovative solutions like heart valves, including the MitraClip which was launched in 2018, for mitral valve repair and the Portico transcatheter aortic valve replacement (TAVR) system. The company received FDA approval for its first-of-its-kind TriClip™ transcatheter edge-to-edge repair (TEER) system in April 2024, which is designed for treatment of tricuspid regurgitation (TR).

  
2.    LivaNova PLC
 

LivaNova PLC is a prominent player in the medical technology field, specializing in cardiac surgery and neuromodulation. The company has a range of cardiac prosthetic devices including mechanical heart valves and oxygenators that are used by healthcare professionals in heart surgeries worldwide. LivaNova’s products are known for their reliability and innovative design, aimed at improving surgical outcomes and patient recovery times.

3.    Medtronic Plc

Medtronic Plc is a global healthcare technology company with a strong focus on cardiac prosthetic devices. The company’s extensive portfolio includes mechanical and tissue heart valves, transcatheter valves, and other innovative solutions like the CoreValve Evolut system for TAVR procedures. Medtronic’s cardiac devices are designed to provide durable and effective treatment options for patients with valvular heart diseases.

4.    Boston Scientific Corporation
 

Boston Scientific Corporation is a leading medical device manufacturer with a comprehensive portfolio of cardiac prosthetic devices. The company’s ACURATE neo2 transcatheter aortic valve system launched in September 2020, and the LOTUS Edge valve system launched in October 2016, are designed for minimally invasive heart valve replacement procedures.

5.    BioTronik
 

BioTronik specializes in cardiovascular and endovascular solutions, including cardiac prosthetic devices. The company’s portfolio includes pacemakers, implantable defibrillators, and heart valves. The company’s focus on technological innovation and patient-centric solutions has established it as a leader in the cardiovascular device market.

6.    Edwards Lifesciences Corporation
 

Edwards Lifesciences Corporation is a global leader in the development of heart valve technologies and cardiac prosthetic devices. The company’s flagship products, including the SAPIEN transcatheter heart valve series, are widely used in TAVR procedures. Edwards Lifesciences’ innovations in tissue-engineered heart valves and transcatheter technologies have revolutionized the treatment of aortic stenosis and other valvular heart diseases. The company has made the European launch of the Sapien 3 Ultra Resilia transcatheter aortic heart valve in May 2024.

7.    Colibri Heart Valve
 

Colibri Heart Valve is a specialized company focused on developing minimally invasive heart valve replacement technologies. Their primary product, the Colibri transcatheter aortic valve implantation (TAVI) system, is designed for ease of use and improved patient outcomes. The Colibri TAVI system is pre-mounted and pre-packaged, allowing for faster and simpler deployment during procedures.

8.    Meril Life Sciences Pvt Ltd
 

Meril Life Sciences Pvt Ltd, based in India, is dedicated to developing high-quality medical devices, including cardiac prosthetic devices. Meril’s Myval transcatheter heart valve is a notable product in their portfolio, designed to offer a minimally invasive alternative for patients requiring aortic valve replacement. The company’s commitment to innovation and quality has driven the development of advanced cardiovascular solutions that improve patient outcomes.