The Latin American cardiac assist devices market size is valued at USD 144.86 Million in 2022 and is estimated to be worth USD 207.49 Million by 2027, growing at a CAGR of 7.45% during the period 2022 to 2027.
Cardiac assist devices are mechanical pumps that help the heart pump more efficiently and keep blood flowing freely throughout the body. When oral drugs fail to help a patient survive congestive heart failure, cardiac assist devices are employed.
Cardiac failure is caused mainly by weakening heart muscles, which reduces the heart's ability to provide sufficient blood circulation throughout the body. In such circumstances, the heart can be donated to the suffering patient; however, due to rapid advancements in healthcare, the number of donors for heart transplantation is decreasing, extending the life span of some patients.
Other essential factors projected to drive market expansion include an aging population and an increase in the prevalence of coronary artery disease. In addition, heart-related disorders, particularly heart failure, are becoming more common due to increased adoption of unhealthy food habits, lack of sufficient exercise, increased stress, and sedentary lifestyles. As a result, demand for cardiac assist devices is likely to rise over the forecast period, boosting the market growth.
Latin America's Cardiac Assist Devices Market is Increasing Demand for Cardiac Assist Devices, Providing a Lucrative Environment for Cardiac Assist Devices Market Growth Furthermore, rapid technological improvements, as well as an increase in the number of cardiac surgeries among heart patients, are driving the expansion of the cardiac assist devices market.
Due to the high prevalence of heart disorders such as cardiac failure, improved patient knowledge of such devices, and increased adoption of cardiac assist devices in hospitals and home care, Latin America accounted for the largest market share globally in 2020.
Alternative techniques, such as Cardiac assist devices, are being driven by a shortage of cardiac donors and an increase in the number of patients waiting for a heart transplant. The high cost of the equipment and treatments makes them unaffordable for low- and middle-income patients, resulting in decreased demand and market growth.
Cardiac assist devices, on the other hand, are pretty costly. As a result, the market for cardiac assist devices in Latin America is hampered by high equipment costs and low per capita income. Other issues limiting market growth include the availability of alternative treatments, such as pacemakers and the dangers associated with device implantation.
Due to the strong product acceptance among patients, Latin American cardiac assist devices accounted for a moderate market share. A cardiac assist device is a device that is placed in the chest of a patient. It aids in pumping blood from the heart to the rest of the body and has the necessary force to distribute enough blood throughout the body.
This research report on the Latin American Cardiac Assist Devices Market has been segmented and sub-segmented into the following categories.
Geographically, the Latin America area is one of the fastest-growing contributors to this industry due to technological improvements and the rising incidence of heart disease as the number of people suffering from heart disease rises, demand increases.
The demand for cardiac assist devices is expanding in Latin America, with increased clinical studies and increased patient awareness of the diversity of available technologies. Various cardiac assist device programs in multiple hospitals throughout the region result in higher patient acceptance rates. These campaigns are designed to raise awareness regarding cardiac assist devices.
The Mexico Cardiac Assist Devices Market holds the largest market share globally and is estimated to grow at a decent CAGR as the growing number of people suffering from heart disease and technological improvement drive the growth in this region.
The Brazil Cardiac Assist Devices Market accounted for more than 30% of Latin American CAD implants, with the number of implants increasing year after year. As a result of the increasing acceptance rate for these devices, the cardiac assist devices market is predicted to grow considerably.
KEY MARKET PLAYERS
Noteworthy companies operating in the Latin American cardiac assist devices market are Thoratec Corporation, MAQUET GmbH & Co, Teleflex Incorporated, Abiomed, Inc., CardiacAssist, Inc., CorAssist Cardiovascular Ltd., Evaheart Medical USA, Inc, CardioBridge GmbH, Carmat SAS, Cleveland Heart, Inc, Berlin Heart GmbH.,
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