ESOMAR-certified consulting firm Future Market Insights (FMI) forecasts steady growth for global cardiac assist devices over the assessment period between 2021 and 2031. The market is poised to expand at 5.29% CAGR, surpassing valuation of US$ 1231.8 Bn in 2021.
Driven by increasing demand for ventricular assist devices, the market is expected to register healthy growth in the upcoming decade. Surging cases of heart failure across the globe have resulted in increased demand for ventricular assist devices.
Technological advancements in ventricular assist devices intended to curb the mortality rate have driven the adoption in the U.S., the U.K., and Germany. Due to the benefits such as minimal hospital stays and fast recovery, demand for minimally invasive devices have improved the adoption of ventricular assist devices.
With rising prevalence of coronary heart diseases, demand for left ventricular assist devices in countries including the U.S. and the U.K., market is anticipated to witness billion-dollar opportunity during the forecast period.
Favorable government initiatives and fast-track approval for ventricular assist devices have improved the market demand, registering year-on-year growth at 5.90% CAGR in 2021.
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2016-2020 Global Cardiac Assist Devices Market Outlook in Comparison to 2021-2031 Forecast
Cardiac Assist Devices Market recorded steady growth at 5.64% CAGR during the historical period of 2016 and 2020. Rising prevalence of heart failure across the globe resulted in increased demand for cardiac assist devices.
With mounting cases of coronary heart diseases, technological development in the field of ventricular assist devices is recognized as a key driver for the growth of the Cardiac Assist Devices Market.
As per FMI’s analysis, growth in cardiac assist devices is attributed to the growing prevalence of lifestyle disorders that are the major cause for cardiovascular diseases.
Cardiovascular diseases such as coronary heart disease and others have led to increased cases of heart failure, especially across the U.S., the U.K., and India. Every year around 6.2 million Americans die from heart failure, as per the data of Centers for Disease Control and Prevention.
Demand for heart transplantation have significantly increased due to the rising cases of heart failure. However, due to the unavailability of heart donor and long waiting list result in increased mortality rates.
Hence, patients are opting for ventricular assist devices for the treatment of heart failure. Due to the increased demand of ventricular assist devices, leading companies are continuously developing advanced cardiac assist devices catering the demand.
Key companies are adopting cutting-edge technologies such as artificial intelligence and internet of thinking to facilitate the rising demand and curb the mortality rates.
Due to the unprecedented outbreak of COVID-19, healthcare companies witnessed sudden boost due to the high demand for cardiac assist devices from hospital pharmacies. As per FMI, market witnessed a year-on-year (Y-o-Y) growth at 5.90% CAGR, topping US$ 1,231.8 Bn in 2021.
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Key Takeaways from FMI’s Cardiac Assist Devices Market Study
- In terms of product type, ventricular assist devices (VAD) accounted for over 62% of global market share
- Implantable devices are anticipated to capture maximum share owing to the ability to control, monitor and screen erratic heart rhythms
- Hospital pharmacies are anticipated to hold major revenue share although ambulatory surgical center segment is expected to gain traction in the upcoming decade
- The U.S. is anticipated to lead the global market owing to the increasing cases of heart failure resulting in surging demand for VAD
- The U.K. and Germany are expected to dominate the Europe’s cardiac assist devices backed by technological development in the field of VAD
- India is expected to emerge as highly lucrative market backed by favorable government initiatives and rising demand for minimally invasive devices
Competitive Landscape
Some of the leading healthcare companies are focusing on new product launches and innovation to stay ahead in the competition. As per Future Market Insights, Terumo Corporation, Medtronic PLC., Abbott Laboratories, Maquet GmbH, and Teleflex Incorporated are leading the market.
Key players are increasing the supply of ventricular assist devices catering the burgeoning demand, creating lucrative revenues. Increasing demand for artificial heart devices have led to consolidation of market by these top players.
However, new emerging players are adopting strategies including new launches and collaborations to gain the lead in the industry.
In June 2021, Medtronic PLC took the decision to stop the global sales of Medtronic Heartware HVAD left ventricular assist device (LVAD), which paved the way for many emerging players and leading players such as Abbott to increase the supply and capacity of LVADs.
In October 2020, another leading player, Abiomed announced the approval for its Impella CP Heart Pumps in Japan from Ministry of Health, Labor, and Welfare.
- Ventricular Assist Devices (VAD)
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Biventricular Assist Device (BIVAD)
- External Ventricular Assist Devices
- Intra-Aortic Balloon Pump
By Modality Type:
- Transcutaneous
- Implantable
By End-User:
- Hospital
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)