The global cardiac assist devices market size is estimated at USD 1813.6 Million in 2020 and is poised to reach USD 2728.7 Million by 2025, growing at a CAGR of 8.451%.
MARKET DRIVERS:
Y-O-Y growth in the incidences of cardiovascular devices is solely 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, which is a dominant factor influencing the growth of the cardiac assist devices market. Changes in the schemes by the government and introduction or reimbursement policy in support to the common people to have heart surgeries free of cost drive the growth of the market. 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 gets recovers after the transplantation, and also, it is a long-term device. The attribute, as mentioned above, is making the market share expand.
The growing aging population across the world is creating chances for the global cardiac assist devices market. Rising research and development institutes in the medical sector are also fueling the demand of the market. Also, focusing on developing new devices and adding advanced features for the existing devices is lucrative for setting up growth opportunities for the cardiac assist devices market. Increasing demand for novel treatment procedures is surging the growth rate of the cardiac assist device market. The rise in the need to increase the survival rate is elevating the growth rate of the market.
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. The cost of installing the equipment is a bit expensive, which is slowly hindering the market's growth rate. The shortage of skilled persons in performing the procedure with the latest equipment is degrading the market's growth. The procedure is a complicated thing and should be done under some experts' guidance with specially designed equipment. It remained an as challenging factor for the growth of the cardiac assist device market.
Impact of COVID-19 on the global cardiac assist devices market:
Covid-19 announced as a global pandemic and emergence of the healthcare industry by the World Health Organization. COVID-19 was 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 had 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 supply chain globally; due to the nationwide lockdown, the supply chain had been stopped. The manufacturers of cardiac assist devices had stopped due to the workforce's unavailability and strict nationwide lockdown. Many concerning activities on cardiac devices had been stopped during the first quarter of 2020.
However, the uplift of lockdown has positively impacted the market growth, the ban on transportation was lifted, and the supply chain has been 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. Despite the negative impact created by the COVID-19 at 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 |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2002 to 2025 |
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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:
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.
Cardiac Assist Devices Market - By Region:
Geographically, North America is witnessed in holding the highest shares of the global cardiac assist devices market by increasing capita income in developed and developing countries. The Asia Pacific follows North America in leading shares of the market with the rise in the incidences of heart failure incidences. The increasing aging population and demand for effective treatment procedures at any cost are broadening the growth rate of the market. Europe is moving faster from recent years and is to 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 are playing a dominating role in 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, which controls 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 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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