May 29, 2024
Cardiac Assist Devices Market

Cardiac Assist Devices Market is Transforming Healthcare System by Reducing Heart Disease Burden

Cardiac assist devices are mechanical pumps that help support heart function and blood flow in people with weakened hearts. These devices are typically used temporary to support patients until they can receive a heart transplant. However, with technological advancements, some can also be used for longer periods or even as destination therapy in place of a heart transplant. The growing prevalence of cardiac diseases and rising number of patients requiring heart transplants have created significant demand for cardiac assist devices globally. These devices provide an improved quality of life for patients with advanced heart failure by improving the heart’s pumping efficiency.

The Global Cardiac Assist Devices Market is estimated to be valued at US$ 3.69 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the cardiac assist devices are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc., Aexcel Coatings., Sokan New Materials, and Jotun AS. These players are focused on developing technologically advanced products and expanding to emerging markets which is fueling the market growth. The increasing incidences of cardiovascular diseases and rising number of patients requiring heart transplants are major factors driving the demand for cardiac assist devices. Furthermore, growing investments by market players for research and development activities to develop innovative devices are contributing to the market growth.

Geographically, North America dominates the Global Cardiac Assist Devices Market Size due to growing geriatric population, rising prevalence of cardiovascular diseases, and availability of advanced healthcare infrastructure. Meanwhile, Asia Pacific is expected to exhibit a high growth rate over the forecast period owing to increasing healthcare expenditures, growing medical tourism, and rising awareness regarding cardiac diseases treatment.

Market key trends

One of the key trends gaining traction in the Cardiac Assist Devices Market is the growing popularity of minimally invasive surgical procedures. These procedures offer several benefits compared to conventional open-heart surgeries such as reduced hospital stay, less post-surgery complications, and quicker recovery time. With technological advancements, manufacturers are focusing on developing miniaturized cardiac assist devices that can be implanted using minimal incisions. This is expected to drive the demand for such devices and thereby augment the market growth.

Porter’s Analysis

Threat of new entrants: High costs associated with R&D and regulatory approvals act as a barrier.

Bargaining power of buyers: Large buyers can negotiate better prices and delivery terms.

Bargaining power of suppliers: High dependency on certain raw material suppliers increases their bargaining power.

Threat of new substitutes: Technological advancements leading to new alternatives pose a threat.

Competitive rivalry: Intense competition among existing players to gain higher market share.

Geographical Regions

North America accounted for the largest market share in terms of value as the region has witnessed high adoption of advanced cardiac assist devices. Significant focus on research and increasing prevalence of cardiovascular diseases have driven the market in the region.

Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising geriatric population, increasing healthcare expenditure, growing awareness regarding cardiac diseases, and developing healthcare infrastructure. Rising medical tourism in countries such as India and Thailand is further contributing to the market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it