Cardiac Restoration System Market: Introduction
Cardiovascular diseases such as congestive heart failure, heart attack, and stroke are the leading cause of deaths across the world. Cardiac repair and regeneration is one of the challenges faced by modern medicine. New research & development provides advancement in clinical research to support cardiac restoration after a heart attack.
Global Cardiac Restoration System Market: Competitive Landscape
The global cardiac restoration market is highly fragmented due to presence of prominent players. A large number of manufacturers hold a significant market share in their respective regions. A few leading players operating in the global cardiac restoration market are Abbott, CryoLife, Inc., NeoChord, Inc., BioVentrix, and Edwards Lifesciences Corporation. Key developments by industry players such as product launch, approval, and merger & acquisition are anticipated to drive the market. For instance, in July 2019, Abbott received approval from the U.S. Food and Drug Administration (FDA) for MitraClip heart valve repair device for the treatment of mitral regurgitation (MR). In March 2019, Abbott received approval for extended indication of MitraClip from the U.S. FDA. It is used in heart failure patient as well as in MR. in January 2019, Cephea Valve Technologies, Inc. was acquired by Abbott. This acquisition enabled the company to enhance their market position in structural heart devices and to prove the compressive treatment for mitral valve disease. In December 2014, Edwards Lifesciences Corporation acquired CardioKinetix, a developer of Parachute heart failure device.
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Founded in 1984, CryoLife, Inc. is headquartered in Kennesaw, Georgia, United States. The company is engaged in the manufacture, processing, and distribution of medical devices and implantable human tissues. The company’s products are used in cardiac and vascular surgical procedures focused on aortic repair. CryoLife, Inc. offers medical devices and processed tissues under four families including BioGlue On-X mechanical heart valves; Surgical Adhesive and surgical products; JOTEC endovascular and surgical products; and cardiac and vascular human tissues. It operates through two reportable segments: Medical Devices and Preservation Services. The company has presence in the U.S. and the global market.
Incorporated in 1888, Abbott Laboratories is headquartered in Abbott Park, Illinois, U.S. Abbott Laboratories is a medical and pharmaceutical devices company that provides pharmaceutical products, diagnostic products, nutritional products, and vascular products. The company operates through four business segments: Established Pharmaceutical, Diagnostic, Nutritional, and Cardiovascular & Neuromodulation. In January 2017, Abbott Laboratories completed the acquisition of St. Jude Medical, Inc. This acquisition is likely to strengthen Abbott’s position in the market across all its core businesses.
Edwards Lifesciences Corporation
Edwards Lifesciences Corporation is a global leader in structural heart disease and critical care monitoring. The company operates through three product segments: Transcatheter Heart Valve Therapy, Surgical Heart Valve Therapy, and Critical Care. Edward Lifesciences offers transcatheter therapies for repair and replacement of tricuspid and mitral valve of the heart. The company has presence in the U.S., Europe, Japan, and rest of the world. Its products are available in more than 100 countries.
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Global Cardiac Restoration System Market: Dynamics
Increase in Prevalence of Cardiovascular Diseases - Driver
Increase in aging population with mitral valve regurgitation is anticipated to drive the global cardiac restoration system market. Furthermore, rising prevalence of cardiovascular diseases such as heart attack, stroke, and coronary heart disease is likely fuel the growth of the market. for instance, According to the Canadian Journal of Cardiology, the prevalence of congenital heart defects is rising in Canada, leading to increase in economic burden and surge in inpatient costs. As per the statistics from the Government of Canada, congenital heart defects is a leading cause of infant deaths in the country. In 2017, approximately 26 million people were suffering from heart failure across the world.
Product Recall - Restrain
In May 2019, Food and Drug Administration (FDA) recalled the Abbott mitral valve device product i.e. MitraClip XTR Clip due to the reports of the product unexpectedly opening and becoming nonfunctional. Additionally, FDA recalled the HeartMate 3 left ventricular assist system manufactured by Abbott. Increase in product recall incidence is likely to hamper the market during the forecast period.
Global Cardiac Restoration System Market: Segmentation
The global cardiac restoration system market can be segmented on the basis of products, application, end-user and region.
Based on products, the global cardiac restoration system market can be divided into:
- Mitral Valve Restoration System
- Left Ventricular Restoration System
In terms of application, the global cardiac restoration system market can be bifurcated into:
- Percutaneous Ventricular Restoration
- Surgical Ventricular Restoration
Based on end-user, the global cardiac restoration system market can be divided into:
- Ambulatory Surgical Centers
- Specialty Clinics
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.