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.
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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.
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
“Consistent advancements in technology used for cardiac assist devices are creating lucrative growth prospects for the market players. Besides this, they are expected to gain since the demand for VAD is rising continuously across the globe,” says the FMI analyst.
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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.
More Insights on the Global Cardiac Assist Devices Market
In its new offering, Future Market Insights, offers detailed segmentation on global cardiac assist devices market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of product type (ventricular assist device (VAD) (left ventricular device, right ventricular device, biventricular device, and external ventricular assist device), and intra-aortic balloon pump), modality type (transcutaneous and implantable), and end-user (hospital and ambulatory surgical centers) across major regions (North America, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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