Cardiovascular Repair And Reconstruction Devices Market Size, Share & Trends Analysis Report By Product (Heart Valve Repair, Graft, Patches), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global cardiovascular repair and reconstruction devices market size was valued at USD 2,831.1 million in 2016 and is expected to grow at a CAGR of 5.2% over the forecast period. Key factors contributing to market growth are increase in prevalence of Congenital Heart Defects (CHDs) and technological advancements in molecular chemistry, clinical pharmacology, cell biology, and vascular surgery.

According to American Heart Association, in 2015, Cardiovascular Diseases (CVDs) are a major cause of death in the U.S. and account for nearly 800,000 deaths in the country. Approximately 85.6 million people in the U.S suffer from the aftereffects of stroke or some or the other form of CVD. It is one of the major causes of death globally. In 2015, nearly 17.7 people died due to CVDs, which represents approximately 31% of the global deaths. The prevalence of mild CHD is rising in the U.S. Nearly 25% babies with CHD develop critical CHD in their first year, which needs to be treated with surgeries or medication. Thus, the cardiovascular repair devices market is likely to exhibit significant growth over the forecast period.

New technologically advanced products, product designs, raw material sourcing, raw material fabrication, clinical evaluation, preservation solutions, and preservation techniques have been developed. For example, the introduction of ePTFE by Gore Medical for the manufacturing cardiovascular patches. ePTFE patches are boosting the cardiovascular reconstruction devices market owing to increase in their usage for a range of applications of cardiovascular repair devices.

Furthermore, various clinical studies are being undertaken to study the applications of patches. Another example is SynerGraft developed by CryoLife, which is the decellularization technology used for processing pulmonary valves and pulmonary cardiac patch tissues. The SynerGraft process ensures virtual elimination of the allergic donor cell without disturbing structural integrity.

The introduction of transcatheter valves has boosted demand for tissue valves. Transcatheter Aortic Valve Implantation (TAVI) or Transcatheter Aortic Valve Replacement (TAVR) is an FDA-approved technique used in heart valve replacement for the treatment of symptomatic aortic stenosis. Edwards Lifesciences and Medtronic are some of the established players in the TAVR market. Furthermore, in April 2018, JenaValve which is a Germany based company has successfully enrolled for CE mark study for the next gen JenaValve Pericardial TAVR system and are expecting to do a limited launch in few European regions and countries compatible with CE mark within a couple of quarters. Entry of new players with advanced technology is expected to significantly boost the market growth in coming few years.

Technologically advanced cryopreservation techniques are also among factors contributing to the cardiovascular repair devices market growth. They help preserve raw materials extracted from animal tissues for a longer span of time, and this is playing a crucial role in increasing their life cycle. Technological developments such as these are positively impacting market growth by boosting the demand for cardiovascular grafts or patches.

Product Insights

As of 2016, the cardiovascular grafts segment held the maximum market share owing to increase in the adoption of grafts in surgeries. Applications of these products in pediatric surgeries is increasing owing to rise in the prevalence of CHDs, such as atrial septal defect, ventricular septal defect, and double-outlet ventricles, among others. Moreover, within this segment, endovascular stent grafts emerged as the largest sub segment owing to increase in their usage in vascular surgeries,especially for the treatment of thoracic and abdominal aortic aneurysms.

As of 2016, the heart valve repair segment held approximately 12% of the global market. Generally, the objective of heart valve surgeries is to cure heart diseases and extend life by restoring the function of the heart valve. Repairing the valve and retaining a person’s heart tissue is usually recommended. Some of the valve repair surgery devices are enCorSQ Mitral Valve Repair System by MiCardia Corporation and Edwards Sapien TAVR for aortic and mitral valve defects.

The cardiovascular patches segment is expected to be the fastest growing with a CAGR of 6.4% over the forecast period. Reduction in the adverse effects of technologically advanced xenogenicpericardial patches is among key factors expected to drive the market. These devices are used in various applications, such as tissue repair procedures, vascular repair & reconstruction, and dural repair.

Regional Insights

As of 2016, North America dominated the global cardiovascular repair and reconstruction devices market. There is high burden of cardiovascular diseases owing to aging of the population and unhealthy lifestyle. High economic development and presence of well-equipped research centers, hospitals, medical device manufacturers, and universities are some of the key factors boosting the development of new products and commercialization in this region. The presence of well-established reimbursement policies and sophisticated healthcare infrastructure are also expected to be among contributors for growth.

As of 2016, the U.S held over 40% of the total revenue share. The rate of occurrence of chronic conditions, such as arthritis, diabetes, cancer, and cardiovascular diseases is increasing. Some of the key drivers of this market are availability of technologically advanced products in various fields, such as molecular chemistry, cell biology, & cardiovascular surgeries, and increase in the prevalence of congenital heart diseases, such as ventricular septal defect & right ventricular outflow tract.

Asia Pacific is expected to witness the fastest growth over the forecast period. China, India, and other emerging economies in the region are at the forefront owing to their large population, aging population, high unmet healthcare needs, and changing lifestyle. Improvements in the healthcare infrastructure in the region is also contributing to the growth of the market. Moreover, the growing interest of global players in expanding to this region is also anticipated to contribute to market growth.

Cardiovascular Repair and Reconstruction Devices Company Market Share Insights

Some of the key players operating in this market are Medtronic; Bard Peripheral Vascular; Terumo Cardiovascular Systems Corporation; W. L. Gore & Associates, Inc.; Getinge AB; CryoLife, Inc.; Edwards Lifesciences Corporation; Baxter; and Admedus. The growing number of mergers and acquisitions by some of the key players, such as Terumo Cardiovascular and Medtronic, to gain market share is one of the crucial indicators of the existing competition. For instance, in 2014, Covidien, a company acquired by Medtronic, acquired the vascular devices product line of Reverse Medical Corporation for an unspecified merger amount. In 2017, Terumo Corporation, headquartered in Japan, acquired Bolton Medical, Inc. from its parent company to enhance its existing product portfolio in the U.S. as well as the global stent graft market.

Report Scope

Segments covered in the report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global cardiovascular repair and reconstruction devices market report on the basis of product type and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Heart Valve Repair

  • Cardiovascular Grafts

    • Endovascular stent graft

    • Hemodialysis access graft

    • Peripheral vascular graft

  • Cardiovascular Patches

    • By Application

      • Cardiac repair patches

        • Atrial septal defect

        • Common atrium

        • Defects of the endocardial cushion

        • Ventricular septal defect

        • Tetralogy of Fallot

        • Suture bleeding

      • Vascular Repair Patches

        • Carotid endarterectomy

        • Anomalous connection of the pulmonary veins

        • Transportation of the great vessels

        • Reconstruction of the portal and superior mesenteric veins

        • Others

    • By Raw Material

      • Synthetic patches

      • Biological patches