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.
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
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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