The global cardiac assist devices market size is estimated to be worth USD 2950.6 million by 2027 from USD 1966.8 million in 2022, growing at a CAGR of 8.4% during the forecast period.
Assist devices are mechanical pumps that connect with the heart to increase pumping efficiency and maintain optimal blood flow throughout the body. Cardiac-assist devices treat end-stage heart failure and are based on the individual's demands. These are meant to assist the heart in operating normally by taking over its function when it gets weak. It circulates blood throughout the body via the heart and has the necessary power to distribute sufficient blood throughout the body. The intra-aortic balloon pump is a long, narrow balloon that regulates blood flow through the aorta, the largest blood vessel in the body. According to blood flow, the gadget expands and contacts. As a result, it gets smaller while the heart beats, allowing blood to circulate freely throughout the body.
When the heart relaxes, it expands to keep more blood in the heart. These devices help maintain a constant blood flow to the heart and do not require mechanical bearings. It also serves as a transplant bridge, is available in miniature sizes, and provides life-saving support for heart patients recovering from or waiting for a heart transplant. As technology advances, the number of dependable ventricular assist devices (VAD) has grown, providing more significant patient treatment choices. Furthermore, the government has boosted financing for research and development projects in advanced medical treatment alternatives, emphasizing patient safety. The significant market advantage is technological advancements in innovative product development. New product innovations are likely to attract investments from private equity and venture capital firms due to ongoing investments in technical upgrades (VCs). Wireless power through transcutaneous energy transfer has also been developed by LVAD manufacturers (TET).
MARKET DRIVERS:
Y-O-Y growth in the incidences of cardiovascular devices is majorly promoting the global cardiac assist devices market growth.
Cardiac assist devices are used as mechanical pumps for patients with weak hearts and reduce the risk of death due to heart failure, a dominant factor influencing the growth of the cardiac assist devices market. Changes in the schemes by the government and the introduction of reimbursement policy in support of the common people to have heart surgeries free of cost drive the market's growth. The rise in the concern towards health is also one of the factors accelerating the market's demand. The decreasing number of heart donors drives the growth rate of the cardiac assist devices market to the extent. Cardiac assist devices promote assistance until the heart recovers after the transplantation, and also it is also a long-term device. The attribute, as mentioned above, is making the market share expand.
The growing aging population worldwide is creating chances for the global cardiac assist devices market. In addition, rising research and development institutes in the medical sector are also fueling the market's growth. Also, focusing on developing new devices and adding advanced features to existing ones is lucrative for setting up growth opportunities for the cardiac assist devices market. Furthermore, increasing demand for novel treatment procedures is surging the growth rate of the cardiac assist device market. In addition, the rise in the need to increase the survival rate is elevating the market's growth rate.
MARKET RESTRAINTS:
However, increasing risk factors during blood clots and bleeding procedures is undoubtedly a restraining factor for the global cardiac assist devices market to grow. In addition, the cost of installing the equipment is a bit expensive, slowly hindering the market's growth rate. Furthermore, the shortage of skilled persons performing the procedure with the latest equipment degrades the market's growth. Moreover, the procedure is complicated and should be done under some experts' guidance with specially designed equipment. Therefore, it remained a challenging factor for the growth of the cardiac assist device market.
Impact of COVID-19 on the global cardiac assist devices market:
Covid-19 was announced as a global pandemic and the emergence of the healthcare industry by the World Health Organization. COVID-19 first arrived as a regional pandemic and became a global pandemic. COVID-19 is an infectious disease that spreads quickly from person to person; to control the transmission, all the governments have imposed nationwide lockdown and a ban on transportation modes. The pandemic had affected all sectors of the economy except in the case of the healthcare sector.
The sudden emergence of the outbreak had kept many lives at risk. During the COVID-19 period, the widespread had increased the positive cases rapidly. The cardiac assist devices market has a global supply chain; the supply chain was stopped due to the nationwide lockdown. In addition, the manufacturers of cardiac assist devices had stopped due to the workforce's unavailability and strict nationwide lockdown. Therefore, many concerning activities on cardiac devices were stopped during the first quarter of 2020.
However, the uplift of the lockdown has positively impacted the market growth, the ban on transportation was lifted, and the supply chain resumed. The COVID-19 infected young patients suffering from idiopathic cardiomyopathy treated for acute multi-organ failure require cardiac surgery. As per the reports, young pre-diseased patients show that the covid-19 directly affects pre-diseased hearts but can be treated with LVAD implantation (left ventricular assist device); the cardiac diseases led to the increase in the demand for cardiac assist devices. Hence, manufacturers in the industry are manufacturing the devices to meet the needs of the patients and hospitals. Therefore, despite the negative impact of COVID-19 in the earlier period of 2020, the market is anticipated to witness the largest market share in the coming years.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Covered |
By Type and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
This research report has been segmented and sub-segmented the global cardiac assist devices market based on type and region.
Cardiac Assist Devices Market - By Type:
The ventricular assist device (VAD) type is leading with the highest shares of the market. Increasing awareness of treatment procedures is gearing up the growth of the market. In addition, rising support from the government through investments is leveraging the development of the market.
Cardiac Assist Devices Market - By Region:
Geographically, the North American cardiac assist devices market accounted for the majority of the global market share by increasing capita income in developed and developing countries. The Asia Pacific region registered a substantial share in the worldwide market in 2021 with the rise in heart failure incidences. The increasing aging population and demand for effective treatment procedures at any cost are broadening the market's growth rate. Europe has been moving faster in recent years and will hit the highest CAGR in the coming years. Increasing the construction activities of hospitals with the latest equipment is leveraging the demand of the market. The Middle East and Africa are anticipated to have inclined growth rates in foreseen years.
KEY MARKET PLAYERS:
Companies that dominate the global cardiac assist devices market profiled in the report are Thoratec Corporation, Berlin Heart GmbH, Abiomed, Inc., HeartWare International, Jarvik Heart, Inc., Terumo Corporation, Calon Cardio-Technology Ltd., CardiacAssist, Inc., CardioBridge GmbH, Carmat SAS.
Thoratec Corporation is the leading provider of Ventricular Assist Devices, controlling nearly half of the European Market. It also occupies a prime position in the US market, accounting for 75% of the market. MAQUET GmbH & Co occupies the second position with the dominance of about 15% of the market.
RECENT MARKET DEVELOPMENTS:
Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
Market Segmentation
5.1 Global Cardiac Assist Devices Market, by Type
5.1.1 Ventricular Assist Devices (VAD)
5.1.1.1 Right Ventricular Assist Device (RVAD
5.1.1.2 Left Ventricular Assist Device (LVAD)
5.1.1.3 Bi-Ventricular Assist Device (Bi-VAD
5.1.1.4 External Ventricular Assist Devices
5.1.2 Intra-Aortic Balloon Pumps (IABP)
5.1.3 Total Artificial Heart (TAH)
Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
Market Leaders' Analysis
8.1 Thoratec Corporation
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Berlin Heart GmbH
8.3 Abiomed, Inc
8.4 HeartWare International
8.5 Jarvik Heart, Inc
8.6 Terumo Corporation
8.7 Calon Cardio-Technology Ltd.
8.8 CardiacAssist, Inc.
8.9 CardioBridge GmbH
8.10 Carmat SAS
Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
List of Tables
List of Figures
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