The global Cardiac Assist Devices market is estimated to be valued at USD 1.37 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Cardiac assist devices are used to support or replace the function of a failing heart. These devices help improve the pumping action of the heart and are used primarily in patients with severe heart failure. They can be temporary, such as ventricular assist devices (VADs), or permanent, such as total artificial hearts. Cardiac assist devices provide hemodynamic support while awaiting heart transplantation or recovery.
B) Market Dynamics:
The growth of the cardiac assist devices market can be attributed to various factors, including:
1) Technological Advancements: Advances in technology have led to the development of more advanced and efficient cardiac assist devices. For example, the introduction of continuous-flow VADs has improved the survival rates and outcomes for patients with heart failure. These devices have a longer lifespan, lower complication rates, and smaller size compared to older pulsatile-flow VADs.
2) Increasing Prevalence of Cardiovascular Diseases: The increasing prevalence of cardiovascular diseases, such as heart failure, coronary artery disease, and cardiomyopathy, is driving the demand for cardiac assist devices. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for 17.9 million deaths each year.
C) Market Key Trends:
One key trend in the Cardiac Assist Devices market is the shift towards minimally invasive procedures. Traditionally, cardiac assist devices were implanted through open-heart surgery. However, advancements in technology have enabled the development of less invasive procedures, such as percutaneous implantation. This approach reduces the risk of complications, shortens hospital stays, and improves patient outcomes.
D) SWOT Analysis:
- Strengths: Technological advancements and increasing adoption of cardiac assist devices.
- Weaknesses: High cost of devices and limited reimbursement coverage.
- Opportunities: Growing demand for minimally invasive procedures and untapped markets in developing countries.
- Threats: Stringent regulatory approval processes and potential risk of device malfunction or failure.
E) Key Takeaways:
- The global Cardiac Assist Devices market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing technological advancements and the prevalence of cardiovascular diseases.
- North America is the fastest-growing and dominating region in the cardiac assist devices market, due to the high incidence of heart failure and the presence of well-established healthcare infrastructure.
- Key players operating in the global Cardiac Assist Devices market include MAQUET GmbH & Co., Berlin Heart GmbH, Teleflex Incorporated, Thoratec Corporation, Heart Ware International, SynCardia Systems, Inc., and ABIOMED.
In conclusion, the global Cardiac Assist Devices market is poised for significant growth in the coming years. Technological advancements and the increasing prevalence of cardiovascular diseases are driving the demand for these devices. The shift towards minimally invasive procedures and the untapped markets in developing countries present lucrative opportunities for market players. However, challenges such as the high cost of devices and stringent regulatory approval processes need to be addressed to ensure sustained market growth.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the cardiac assist devices market include Abbott Laboratories, Berlin Heart GmbH, Maquet GmbH (Getinge AB), ReliantHeart, Inc., SynCardia Systems, LLC, ABIOMED, Inc., BiVACOR, Inc., Medtronic plc., XENIOS AG.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cardiac Assist Devices Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cardiac-assist-devices-market/download-sampleMarket DynamicsDemand for the cardiac assist devices market is projected to grow with rising heart ailments, failure incidence, and heart transplantation.
With the aging population and advances in the treatment of cardiac disease, the number of cardiac assist devices sales continues to increase.
Cardiac assist devices are increasingly being used as lifetime support or destination therapy.
Improvements in device design and advances in surgical and medical management are anticipated to create new growth opportunities.
