The size of the North American Cardiac Assist Devices Market is estimated to worth USD 903.56 million by 2028 and USD 584.03 million in 2023, growing at a CAGR of 9.12% between 2023 to 2028.
The North American cardiac assist devices market is projected to be driven by the growth in the incidence of cardiovascular illnesses, innovative therapies, medical device affordability, increasing adoption and acceptance of cardiac assist devices in this region, and medical device research and development. The growing frequency of heart failures and the number of patients with cardiovascular diseases (CVDs) drive the need for cardiac assist devices, which mechanically pump blood in patients with heart failures or weakened hearts. A favorable reimbursement system is also projected to boost market growth by boosting treatment rates and lowering out-of-pocket costs. In addition, other factors such as an aging population and an increase in the frequency of heart disease are projected to propel the market forward over the forecast period.
The need for cardiac assist devices has increased due to continued rapid improvements in assist device technology and innovative uses of current therapies. Over the forecast period, demand for assistive devices such as bridge-to-transplant, bridge-to-recovery, and destination treatments is projected to be driven by the presence of well-established reimbursement schemes and raising awareness. Significant market differentiation is technological advancements in innovative product creation. New product innovations are likely to attract investments from private equity investors and venture capitalists due to the ongoing investments in technological upgrades. As technology advances, the number of dependable cardiac assist devices has grown, providing greater patient treatment choices. Furthermore, the government has boosted funding for research and development projects in advanced medical treatment alternatives, emphasizing patient safety.
The cardiac assist devices market in North America is anticipated to be restrained by fierce rivalry among current companies, treatment complications and severity, and a lack of awareness among the rural population. In addition, the market for cardiac assist devices is also being held back by the high cost of assistive devices for severe heart failure and the high expense of follow-up treatment.
The market for cardiac assist devices in the North American region is expected to be hampered by the availability of alternative therapies, such as pacemakers, and the risk involved with device implantation.
This research report on the North America Cardiac Assist Devices Market segmented and sub-segmented into the following categories:
Regionally, North America accounts for a significant share of the global cardiac assist devices market and is estimated to have the forecast period's highest growth rate. Because of the high incidence of cardiovascular illnesses and significant companies in the area, North America led the cardiac assist devices market. The market for cardiac assist devices is growing in North America due to increased clinical studies and increased patient knowledge of the diversity of technologies available. In addition, there are numerous ventricular assist device programs at various hospitals in this region, which contributes to a higher rate of patient acceptance. These programs are targeted at raising awareness of devices. The United States is home to many of the world's obese population, which is one of the primary contributors to the growth in cardiovascular disease. Furthermore, the existence of technologically advanced healthcare infrastructure in the United States is expected to improve treatment rates and, as a result, market growth in the future years.
KEY MARKET PLAYERS:
Some notable companies operating in the North American cardiac assist devices market are Thoratec Corporation, MAQUET GmbH & Co, Teleflex Incorporated, Berlin Heart GmbH, Abiomed, Inc., HeartWare International, SynCardia Systems, Inc, Jarvik Heart, Inc., and Terumo Corporation. BiVacor Pty Ltd, Braile Biomedica Ltd., Calon Cardio-Technology Ltd., CardiacAssist, Inc., CardioBridge GmbH, Carmat SAS, Cleveland Heart, Inc., CorAssist Cardiovascular Ltd., Evaheart Medical USA, Inc., Leviticus Cardio Ltd., are the leading market players with dominance over 60% of the market.
Thoratec Corporation and Berlin Heart are the prominent players in the VAD segment, whereas Teleflex and MAQUET are dominant players in the Intra-Aortic Balloon Pumps (IABP) segment. SynCardia is the foremost company to provide the only Food and Drug Administration (FDA) approved Total Artificial Heart (TAH).
Factors such as an aging population, the increasing prevalence of heart diseases, advancements in device technology, and the rising number of heart transplants are driving market growth.
The market is expected to continue growing due to the aging population and technological advancements. It's likely to see increased innovation and improved patient outcomes.
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