Global Cardiac Assist Devices Market - 2023-2030
Global Cardiac Assist Devices Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.
Cardiac assist devices (CAD) are blood pumps that support the circulatory functions of severely ill cardiac patients. These are mechanical pumping devices designed to help the heart pump more blood. They work by taking blood from the heart and pumping it to the rest of the body, thus taking the burden off the heart.
These are small medical devices placed in the chest, a pacemaker helps control abnormal heart rhythms by using electrical pulses to prompt the heart to beat at a normal range. Cardiac assist devices are now commonly used in the treatment of severe heart failure as bridges to cardiac transplants.Market Dynamics
: Drivers & Restraints
Increase in the number of heart failure cases
An increase in the number of heart failure cases will increase the usage and application of cardiac assist devices. They help in pumping blood to the heart from other parts of the body.
For instance, according to the report published in 2022, it is estimated that heart failure has an estimated prevalence of 26 million people worldwide and contributes to increased healthcare costs worldwide. Heart failure remains a highly prevalent disorder worldwide with a high morbidity and mortality rate.
Additionally, according to the report published by AHA Journal, it is estimated that the prevalence of heart failure is 6 million, approximately 1.8% of the total US population. It also said that researchers have predicted a 46% increase in heart failure prevalence by 2030, reaching more than 8 million people in the US. Thus, the increase in the number of heart failures is expected to raise the market growth.
High costs of devices and the procedures
Increasing costs for the devices and procedures can hamper the market growth, as only few individuals can afford the treatment procedure cost. The overall cost for the 123 days of care including initial hospitalization was $197 957 for LVADs and $151 646 for heart transplants.Segment Analysis
The global cardiac assist devices market is segmented based on product, application, end-user, and region.
Ventricular assist device segment accounted for 48.3% of the market share
Ventricular assist devices segment is expected to hold a dominant share in the global cardiac assist devices market. A ventricular assist device (VAD) is a device that helps pump blood from the lower chambers of the heart to the rest of the body. The advantages of the devices over other types are holding the segment in the dominant position.
Left Ventricular Assist Devices (LVADs) are mechanical devices that are implanted in patients with advanced heart failure, help the heart pump blood more effectively, and could benefit patients with advanced heart failure as they await donors. They improve the function of the kidneys, liver, brain, and other organs by increasing blood flow to the body.
Additionally, the increase in the number of heart diseases, and increase in the geriatric population, and the increase in the number of launches of the devices are expected to drive the segment’s growth. Thus, the above factors are expected to hold a significant position in the market share.
North America is expected to hold a significant position in the global cardiac assist devices market share
North America holds a dominant share in the cardiac assist devices market share owing to the technological advancements in the field of cardiac assist devices and the rise in the prevalence of heart diseases which is expected to continue throughout the forecast period.
For instance, on July 11, 2023, SynCardia Systems, LLC., received the U.S. Food and Drug Administration (FDA) approval for the update of the SynCardia TAH-t label with real-world data further confirming the safety and performance of the Companion 2 Driver.
Additionally, on August 29, 2022, has released new late-breaking data that show its HeartMate 3 heart pump extends the survival of advanced heart failure patients by at least five years, providing a clear life-saving option for people battling later-stage disease for which it has received the US approval in 2020. Thus, the above factors are expected to drive the market growth in this region.COVID-19 Impact Analysis
The COVID-19 has impacted the cardiac assist devices market negatively. The reduction in the number of cardiovascular surgeries and the closure of hospitals during the period of lockdown has impacted the market growth. People refused to visit hospitals for treatment procedures because of the spread of the virus.Competitive Landscape
The leading companies with a significant market share include Medtronic Plc, Abiomed Inc., SynCardia Systems, Calon Cardio-Technology Ltd., Teleflex Incorporated, Abbott Laboratories, BiVACOR Inc., Berlin Heart GmbH, EVAHEART, INC., and Jarvik Heart, Inc.
• On January 24, 2023, Terumo, Japan's largest maker of medical supplies, established a wholly-owned subsidiary in the US. It has launched the US LVAD (left ventricular heart assist device) business.
• On June 26, 2021, CARMAT introduced the first implant of its Aeson bioprosthetic artificial heart in Germany.Why Purchase the Report?
• To visualize the global cardiac assist devices market segmentation based on product, application, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cardiac assist devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global cardiac assist devices market report would provide approximately 59 tables, 61 figures, and 187 Pages.Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies