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The beating heart patch market has witnessed significant growth in recent years due to rising adoption of advanced treatment procedures for cardiac diseases. Beating heart patches are bioengineered heart tissues that can temporarily replace or support the function of injured heart cells. Made from cultivated human cells, these patches help in repair and regeneration of damaged cardiac tissues. When surgically placed over the injured heart, beating heart patches begin pumping along with the natural heart rhythm, providing mechanical support. This overcomes the shortcomings of conventional cardiac therapies and prevents further loss of cardiac function. With the global prevalence of cardiovascular diseases showing an upward trend, beating heart patches are playing a vital role in improving the quality of life of patients. The global Beating Heart Patch Market is estimated to be valued at US$ 49.6 million in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2031.
Market key trends:
One of the major trends in the beating heart patch market is the increasing research activity focused on developing patches using novel materials. Researchers are exploring the potential of nanomaterials, stem cells and decellularized tissues to engineer patches with superior mechanical properties and biological integration. For example, some studies are investigating the use of graphene-based nanomaterials to enhance electrical conductivity and cell proliferation on patches. There is also significant focus on 3D bioprinting techniques to create patches with prevascularized networks, mimicking native heart tissues. Advances in tissue engineering and regenerative medicine approaches are further expected to help overcome current limitations and facilitate commercialization of next-generation beating heart patches over the coming years.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants with innovative products or technologies. However establishing brand and distribution channels is challenging.
Bargaining power of buyers: Buyers have high bargaining power as there are many established players offering beating heart patches. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and importance of their components in product development.
Threat of new substitutes: Threat of new substitutes is high with emerging alternatives like artificial heart, left ventricular assist devices.
Competitive rivalry: Intense competition among existing players to gain higher market share. Players focusing on new product launches and partnerships for business expansion.
Key Takeaways
The global beating heart patch market is expected to witness high growth over the forecast period.
Regional analysis: North America region accounted for the largest revenue share in 2020 attributed to established healthcare infrastructure, higher healthcare spending and growing incidence of cardiovascular diseases. Asia Pacific is anticipated to grow at a rapid pace attributed to large patient pool, rising healthcare expenditures and increasing focus of market players on tapping opportunities in emerging countries.
Key players: Key players operating in the beating heart patch market are Abbott, Boston Scientific Corporation, Bioventrix, Lepu Medical, and others. Abbott has a strong footprint in developed markets and is focusing on new product launches. Boston Scientific Corporation is investing in research and development activities to develop innovative patch designs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
