by Cardiac assist devices provide circulatory support to patients suffering from heart failure or weak heart muscles. Key products associated with cardiac assist devices market are ventricular assist devices, total artificial hearts, and intra-aortic balloon pumps. Ventricular assist devices are implanted pumps that help the weakened heart pump blood through the body. Total artificial heart replaces the whole heart and are used for patients who are not eligible for heart transplants. Intra-aortic balloon pumps are temporary devices inserted via a catheter into the aorta to help the heart pump blood more efficiently. Rising prevalence of cardiovascular diseases such as hypertension, heart failure, and myocardial infarction is a major factor driving the demand for cardiac assist devices.
The global cardiac assist devices market is estimated to be valued at US$ 3.02 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Prevalence of Cardiovascular Diseases: Increasing geriatric population combined with sedentary lifestyle and rising incidence of chronic conditions such as obesity and diabetes are key factors elevating the burden of cardiovascular diseases globally. According to World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths in 2019, representing 32% of all global deaths. The demand for cardiac assist devices is expected to significantly grow to manage patients with advanced heart failure as prevalence of heart diseases continue rising.
Rising Healthcare Expenditure (second driver): Growing healthcare expenditure in developed as well as developing countries has enhanced access to advanced treatment options for cardiovascular patients. Government initiatives to increase healthcare coverage and availability of public and private health insurances have made cardiac assist devices more affordable. Furthermore, investments by medical device manufacturers to develop innovative surgical techniques and minimally invasive devices are expanding the scope of cardiac assist therapy. This is projected to propel the global cardiac assist devices market over the forecast period.
Segment Analysis
The cardiac assist devices market can be segmented into implantable heart pumps and extracorporeal heart pumps. Implantable heart pumps dominate the market with a share of over 60% as they provide long term and permanent support to heart patients as compared to extracorporeal heart pumps. Within implantable heart pumps, left ventricular assist devices account for the largest share due to high prevalence of left ventricular failure.
PEST Analysis
Political: Regulations around the use of cardiac assist devices are becoming more stringent. Approvals for new devices have also slowed down which can impact market growth.
Economic: The aging population coupled with rising healthcare expenditures is driving the demand for cardiac assist devices globally. However, high costs of these devices can affect affordability.
Social: Growing awareness about heart diseases and treatment options have increased acceptability of cardiac assist devices amongst patients. However, social stigma still remains for permanent implants.
Technological: Advancements in materials and miniaturization have enhanced device design. Wireless and portable external devices are gaining traction. However, high research costs are a challenge.
Key Takeaways
Global Cardiac Assist Devices Market Size is expected to witness high growth over the forecast period supported by rising heart failure incidence, aging population and technological advancements.
The North American region currently dominates the market owing to the large patient population, favorable reimbursements and regional presence of key market players such as 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.
Key players operating in the cardiac assist devices market 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. The market is slowly transitioning towards newer technologies such as portable and wireless systems through heavy investments by these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
