The global market for cardiac assist devices is estimated at USD 1813.6 Million in 2019 and is poised to reach USD 2728.7 Million by 2024, growing at a CAGR of 8.451%.
Globally, there are around 25 million cases of Heart failure. The scarcity of donor organs to meet the demands has steered to the development of Cardiac Assist Devices. These are sort of mechanical pumps that work laterally with the heart to enhance its pumping efficiency and uphold the optimum blood flow throughout the body. These devices are employed in patients suffering from End-Stage Congestive Heart Failure, where the chances of survival through medications alone is minimal. Various pipeline products are going through clinical trials in order to provide vigorous clinical data on the safety and efficacy of the devices. The launch and approval of novel technologically advanced products will further increase the demand for cardiac assist devices in the future.
Increasing incidences of cardiovascular devices are the major factor driving the demand of the market. Cardiac assist devices are used as mechanical pumps for the patients with weak hearts and reduce the risk of death due to heart failure which is a dominant factor influencing the growth of the market. Changes in the schemes by government and also introduction or reimbursement policy in support to the common people to have heart surgeries at free of cost is driving the growth of the market. Rise in the concern towards health is also one of the factors accelerating the demand of the market. The decreasing number of heart donors is driving the growth rate of the market to the extent. Cardiac assist devices promote assistance until the heart get recovers after the transplantation and also it is a long term device. The aforementioned attribute is making the market shares to expand.
However, increasing risk factors during the procedures like blood clots and bleeding is certainly a restraining factor for the Cardiac Assist Devices Market to grow. Cost for installation of the equipment is a bit expensive and this is slowly hindering the growth rate of the market. The dearth of skilled persons in performing the procedure with the latest equipment is degrading the growth of the market. The procedure is complex thing and should be done under the guidance of some experts with specially designed equipment. This remained an as challenging factor for the growth of cardiac assist device market.
Growing aging population across the world is creating chances for the Cardiac Assist Devices Market. Rising research and development institutes in the medical sector are also fueling the demand of the market. In addition, focus on developing new devices and adding advanced features for the existing devices is lucratively to set up growth opportunities for the market. Increasing demand for novel treatment procedures is surging the growth rate of the cardiac assist device market. The rise in the demand to increase the survival rate is elevating the growth rate of the market.
This research report segmented and sub-segmented the Global Cardiac Assist Devices Market into the following categories and evaluated market size and forecast to each segment till 2024.
Cardiac Assist Devices Market - By Type
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. Rising support from the government through investments is leveraging the demand of the market.
North America is witnessed in holding the highest shares of the market by owing to increasing capital income in both developed and developing countries. Asia pacific is following North America in leading shares of the market with the rise in the incidences of heart failure incidences. Increasing aging population and demand for effective treatment procedures at any cost is broadening the growth rate of the market. Europe is moving at a faster rate from recent years and is to hit the highest CAGR in the coming years. Increasing constructional activities of hospitals with the latest equipment are leveraging the demand of the market. The Middle East and Africa is anticipated to have inclined growth rate in foreseen years.
Thoratec Corporation is the leading provider of Ventricular Assist Devices, which controls nearly half of the European Market. It also occupies the prime position in the US market accounting for 75% of the market. MAQUET GmbH & Co occupies the second position with dominance on about 15% of the market.
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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