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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CryoLife, Inc.

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.

Abbott Laboratories

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:

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold 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.

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