The cardiac restoration systems market will register a CAGR of over 5% by 2023
NEW YORK, June 11, 2019 /PRNewswire/ --
About this market
CVDs are a class of diseases that affect the heart and blood vessels with conditions such as coronary heart disease, stroke, peripheral arterial disease, and aortic disease. They are usually caused due to the high risk of blood clots and fatty deposition in arteries. Blockage of the blood flow into the heart valve leads to regurgitation and stenosis. The increasing number of mitral valve regurgitation, mitral valve stenosis, and heart failure cases, where the heart cannot pump enough blood and oxygen to other parts of the body, is driving the market growth. Hence, the demand for cardiovascular restoration devices is expected to increase to treat the damaged and diseased heart valves, which, in turn, drives the market growth. Our analysts have predicted that the cardiac restoration systems market will register a CAGR of over 5% by 2023.
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Market Overview
Growing medical tourism in emerging economies
Medical tourism refers to patients traveling to countries such as Singapore, Malaysia, Thailand, and India to obtain medical treatment with high-quality healthcare, affordability, and accessibility benefits. Medical tourism is a booming industry, as each medical expertise is focused on offering niche services to attract foreign patients. The rise in quality of medical services and infrastructure in developing economies is a contributor to the growth of medical tourism, which propels the growth of the global cardiac restoration systems market during the forecast period.
Increasing number of product recalls
A product recall is a process of retrieving defective cardiac restoration systems from consumers with compensation. Product recalls tending to occur when there is a manufacturing defect in the product, which causes potential health-related risks to consumers. The increasing number of products recalls by manufacturers can slow down the launch of products in the market, affecting the sales and revenues of vendors, which, in turn, hinders the global cardiac restoration systems market growth.
For the detailed list of factors that will drive and challenge the growth of the cardiac restoration systems market during 2019-2023, view our report.
Competitive Landscape
The market appears to be fairly concentrated. The presence of few companies including Abbott and BioVentrix Inc., the competitive environment is quite intense. Vendors in the global cardiac restoration systems market are focused on implementing developmental strategies such as M&A and high R&D investments to improve their market share and expand their presence globally. CryoLife Inc., Edwards Lifesciences Corp., NeoChord Inc., and Xeltis AG are some of the major companies covered in this report.
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