July 15, 2024

Emerging Technologies Set to Boost the Cardiac Assist Devices Market

The Cardiac Assist Devices Market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cardiac assist devices are mechanical pumps used to support the circulatory system either partially or completely in case of cardiac dysfunction or heart failure. The devices offer support to the native heart by reducing the workload and allowing the heart muscle to rest. Major types of cardiac assist devices available in the market include ventricular assist devices, total artificial hearts, and intra-aortic balloon pumps. These devices have proven to be beneficial for bridge-to-transplant, bridge-to-recovery, and destination therapy applications.

Market Dynamics:

Growing prevalence of cardiovascular diseases across the globe is a major factor driving the growth of the cardiac assist devices market. According to WHO,cardiovascular diseases accounted for over 18 million deaths in 2020 and are the number one cause of death globally. Furthermore, rapid technological advancements in the field of mechanical circulatory support devices are expected to fuel the market growth over the forecast period. For instance, increasing focus of key players on developing miniaturized and portable ventricular assist devices is expanding the applications of these devices. In addition, favorable reimbursement policies for cardiac assist devices in developed regions like North America and Europe are providing a boost to the market. However, high costs associated with these devices and disadvantages such as thrombosis and device malfunctions are some of the factors expected to hamper the market growth to some extent.

Segment Analysis

The global cardiac assist devices market is dominated by the ventricular assist devices (VAD) segment. The VAD segment currently commands more than 85% of the total market share owing to the rising demand for these devices in cases of advanced heart failure. VAD devices help cardiac patients in pumping blood from the lower chambers of the heart to the rest of the body when the heart becomes too weak to pump sufficiently on its own. Some key VAD devices include left ventricular assist devices (LVAD), right ventricular assist devices (RVAD), and bi-ventricular assist devices (BiVAD).

PEST Analysis

Political: Governments across major countries are undertaking various initiatives to increase awareness about heart diseases and provide better access to treatment options like cardiac assist devices. For instance, the Affordable Care Act in the US is helping enhance insurance coverage for such medical devices.

Economic: The growing global economy is enabling greater affordability of advanced cardiac treatments. However, the high costs involved remain a key challenge affecting market growth in low and middle-income countries.

Social: Rising lifestyle diseases, unhealthy diets, obesity and growing geriatric population are major social drivers escalating the prevalence of heart failure cases worldwide. This is propelling the demand for cardiac assist devices.

Technological: Continuous R&D efforts are aiding development of miniaturized, portable and durable cardiac assist devices. New technologies like magnetically levitated centrifugal pumps are helping address prior limitations and improving clinical outcomes.

Key Takeaways

The global cardiac assist devices market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing geriatric population prevalence of cardiovascular diseases. The market size is projected to increase from US$ 3.2 Bn in 2023 to over US$ 8 Bn by 2030.

North America currently captures over 40% share of the global market owing to supportive regulatory environment, rising healthcare investments and presence of leading device manufacturers in the region. However, Asia Pacific is emerging as the fastest growing regional market with a CAGR of over 15% during the forecast period. This can be attributed to growing medical tourism, rising healthcare expenditures and increasing focus of international players on expanding presence in Asian countries.

Key players operating in the cardiac assist devices market are Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others. Major players are engaged in new product launches, geographic expansions and mergers & acquisitions to strengthen their market position.

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