July 19, 2024

Increasing Cardiovascular Diseases in the World Are Augmenting the Growth of the Global Cardiac Assist Devices Market

Cardiac Assist Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2022-2028.

Market Overview:

Cardiac assist devices, also known as mechanical circulatory support devices, are medical devices designed to support or replace the function of a failing heart in patients with severe heart failure or other cardiac conditions. These devices are used when the heart is unable to pump blood effectively to meet the body’s oxygen and nutrient requirements.

Competitive Landscape:

Major players operating in the global cardiac assist devices market include ABIOMED, SynCardia Systems, Inc., Heart Ware International, Thoratec Corporation, Teleflex Incorporated, Berlin Heart GmbH, and MAQUET GmbH & Co.

Key Market Drivers:

The prevalence of cardiovascular diseases, such as heart failure, is rising globally. Sedentary lifestyles, unhealthy dietary habits, and the growing aging population contribute to the increasing burden of heart disease. This has created a significant demand for cardiac assist devices as a treatment option. This is expected to augment the growth of the global cardiac assist devices market. For instance, according to the World Health Organization, cardiovascular diseases take around 17.9 million lives annually worldwide.

Advancements in technology have led to the development of innovative and more efficient cardiac assist devices. These devices offer improved patient outcomes, reduced complications, and enhanced patient comfort. Key technological advancements include the miniaturization of devices, wireless connectivity, and the use of biocompatible materials.

The aging population is prone to cardiovascular diseases and heart failure. As the global population continues to age, the demand for cardiac assist devices is expected to rise. Older adults require long-term management of heart failure, and cardiac assist devices can provide the necessary support. This is estimated to enhance the growth of the global cardiac assist devices market.

Covid-19 Impact Analysis:

The COVID-19 pandemic had a significant impact on the global Cardiac Assist Devices Market. The healthcare systems were overwhelmed, and resources were redirected toward managing the pandemic, resulting in a decline in elective procedures and non-urgent healthcare services. This has negatively impacted the growth of the global cardiac assist devices market.

Key Takeaways:

North America is expected to dominate the growth of the global cardiac assist devices market, owing to the high prevalence of cardiovascular diseases and the presence of well-established healthcare infrastructure. Technological advancements and favorable reimbursement policies further drive the market in this region. For instance, in September 2021, Cereno Scientific and Abbott partnered in order to utilize the CardioMEMS technology in a clinical trial involved in treating pulmonary arterial thrombotic and hypertension conditions.

The Asia Pacific is estimated to witness high growth in the global cardiac assist devices market. Factors such as growing healthcare expenditure, rising awareness about advanced treatment options, and improving healthcare infrastructure in countries like China and India are driving market growth. For instance, according to the National Institutes of Health (NIH), in 2020, around 4.77 million death happened in India due to cardiovascular issues.