by The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac assist devices are implantable mechanical pumps that help support the circulation of blood in patients suffering from heart failure or heart attack. They are used as a bridge to transplantation and destination therapy for those who are ineligible for a heart transplant. Some key advantages of cardiac assist devices include increased survival rates, improved quality of life, and reduced symptoms for end-stage heart failure patients.
Market key trends:
One of the key trends in the cardiac assist devices market is the introduction of miniaturized devices. Conventional ventricular assist devices require open-heart surgery but newer micro-pump technologies allow minimally invasive implantation of smaller devices, reducing surgical risks, blood clotting, and infection rates. Other innovations in design include use of magnetic and wireless power which eliminate the need for percutaneous driveline connections that pass through the skin and reduce the risk of infection. These advances are expanding treatment options and making cardiac assist therapy available to a broader patient population.
Market key trends:
One of the key trends in the cardiac assist devices market is the shift towards minimally invasive technologies. There is a growing preference for smaller devices that can be implanted via less invasive procedures like catheter-based implantations. This helps reduce surgical risks, recovery times, and healthcare costs. Various companies are focusing on developing miniaturized ventricular assist devices, transcatheter aortic valves, and other minimally invasive cardiac devices to address unmet needs and expand access to care.
SWOT Analysis
Strength: The established reimbursement coverage and regulatory approvals for cardiac assist devices in developed markets makes them financially viable options for treatment.
Weakness: High costs associated with device acquisition, implantation procedure, and long-term management can limit widespread adoption.
Opportunity: Rising geriatric population susceptible to heart failure worldwide presents a larges underpenetrated patient pool for device manufacturers.
Threats: Entry of local players with low-cost alternatives and stringent regulations for new product approval can increase market competition.
Key Takeaways
The global cardiac assist devices market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of heart failure. The market size for 2023 is estimated to be US$ 3.2 Bn.
Regional analysis
North America currently dominates the global cardiac assist devices market owing to rapid technological advancements and availability of reimbursements in the region. Asia Pacific market is expected to grow at fastest pace due to rising healthcare expenditure and large patient population.
Key players operating in the cardiac assist devices market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
