Global Cardiac Assist Devices Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global cardiac assist devices market is expected to witness a CAGR of 8.5% during the forecast period (2018-2023). In the segmentation based on products type, ventricular assist devices are expected to dominate the global market.
Increasing Advancements in Technology
The continuously rapid advancements in the assist devices technologies and the novel applications of the existing treatments have led to an increase in the cardiac assist devices. In March 2015, FDA approved the Impella 2.5 System, which helps the patients in maintaining a stable heart function and circulation during certain high-risk percutaneous coronary intervention (HRPCI) procedures. Engineers are also exploring many other innovative solutions which helps in the implant success and is driving the cardiac assist devices market. Hence, the market is dependent upon the large number of innovations for growth.
Other factors responsible for the market growth are lack of donor's hearts for transplantation, aging population, and increasing heart diseases, these factors are leading to the increase in cardiac assist devices implantations in patients with severe heart complications.
High Costs of the Instruments
The cardiac assist devices are highly expensive. The high costs of the devices and the low per capita income in the developing and underdeveloped countries is likely to impede the market of cardiac assist devices in low-income countries. The healthcare facility in these countries is still not well developed and advanced technologies are not affordable for the population owing to the high cost, thereby, restraining the growth of the market.
Other factors such as availability of alternative treatments, like pacemakers, and the risk associated with device implantation also hindering the market growth.
North America is leading the Market
North America is the leading market because of the high rate of heart failure cases that are being diagnosed every year. Europe holds the second largest market is owing to the increasing geriatric population. The APAC regions have a large number of underserved patients suffering from cardiac diseases, hence, they represent an attractive future market for cardiac assist devices.
Key Developments in the Market
August 2017: Abbott introduced HeartMate 3 Left Ventricular Assist System, the latest milestone in therapy for advanced heart failure patients.
Major Players: ABIOMED INC., BERLIN HEART GMBH, BIOHEART INC., BIVACOR PTY LTD, BRAILE BIOMEDICA LTD, CALON CARDIO-TECHNOLOGY LTD, CARDIAC ASSIST INC., CARDIOBRIDGE GMBH, CIRCULITE INC., AND CARDIOKINETIX INC., amongst others.
Reasons to Purchase this Report
Current and future cardiac assist devices market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Analysis on the segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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