The cardiac assist device market size is estimated to surpass US$ 1.37 billion by 2023 and rise at a stunning 6.1% CAGR to reach US$ 2.48 billion by 2033.
The Cardiac Assist Devices Market is witnessing significant growth and innovation as it plays a crucial role in addressing the increasing prevalence of heart diseases worldwide. These devices, which include ventricular assist devices (VADs) and intra-aortic balloon pumps (IABPs), are designed to support and enhance the function of a weakened heart. One of the primary drivers of market growth is the rising incidence of cardiovascular diseases, attributed to factors such as sedentary lifestyles, poor dietary habits, and an aging population. As the demand for advanced cardiac care continues to grow, the market for cardiac assist devices is expected to expand considerably in the coming years.
Technological advancements have also contributed to the market’s expansion, with the development of more efficient and minimally invasive devices. Miniaturization and improved battery life of VADs have made them more portable and suitable for a broader range of patients, while enhanced control systems have increased their effectiveness. Moreover, continuous research and development efforts are focused on reducing device-related complications and improving patient outcomes. As a result, the Cardiac Assist Devices Market is not only catering to patients with end-stage heart failure but also expanding its reach to those in earlier stages, thereby widening its market potential.
How Popularity of Cardiac Ultrasound Systems Are Rising?
Several factors influencing the global market are:
- Non-invasive Nature: The demand for cardiac ultrasound systems is rising due to their non-invasive imaging technique. It provides imaging structure using sound waves to maintain patient-friendly invasive diagnostic procedures.
- Diagnostic Versatility: The increasing adoption of cardiac ultrasound systems is rising to offer color Doppler, two-dimensional imaging, and continuous-wave Doppler. It allows for the function of various cardiac aspects such as blood flow patterns, chamber size, and wall motion.
- Imaging Quality and Accuracy: The growing advanced technologies improve the quality and accuracy of cardiac ultrasound systems. It offers high-resolution imaging, improves software algorithms, and enhances contrast capabilities, advancing the global market.
- Real-time Imaging: Cardiac ultrasound offer real-time imaging to monitor and function dynamically to observe heart motion. It monitors real-time imaging and evaluates valve function, motion abnormalities, and cardiac hemodynamics.
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These are a few of the features that popularly increase the demand for cardiac ultrasound systems during the forecast period.
Key Takeaways are:
- The cardiac ultrasound systems market is estimated to secure a valuation of US$ 2.33 billion with a CAGR of 5% by 2033.
- In the historical period, the market captured a valuation of US$ 1.36 billion in 2022.
- The United States is leading the global market by securing a maximum share during the forecast period.
- The hospital sector is dominating the end-use sector in the global market by 2033.
How Key Players are Uplifting the Global Market?
The market is consolidated by the present key players globally. These players innovate new products by investing huge amounts in research and development activities. The players are focused on consumers’ requirements and offer them advanced and improved products.
The key players are adopting various marketing tactics to uplift the global market revenue. These marketing tactics are mergers, acquisitions, collaborations, partnerships, product launches, and agreements.
Recent Developments in the Global Market are:
- Philips Healthcare announced its newly launched product, EPIQ CVx, and EPIQ CVxi systems. These systems enhance imaging capabilities, artificial intelligence cardiac imaging, and advanced quantification tools. The company work on artificial intelligence-driven solutions, including automated measurement for cardiac ultrasound.
- GE Healthcare announced its newly launched Vivid E90 and E95 systems to improve workflow capabilities, imaging performance, and AI-powered tools. The company collaborates with research institutions and the medical sector to develop advanced and new applications.
- Siemens Healthinners launched the ACUSON SC2000 PRIME system. It is an advanced ultrasound system integrated with advanced imaging technologies to provide a streamlined workflow.
- Canon Medical Systems recently launched its cardiac ultrasound technology products Aplio i800 and i900 to improve image quality and accuracy. The company also explores artificial intelligence and machine learning technologies to expand its business portfolio.
- Hitachi Healthcare develops advanced cardiac ultrasound systems with 4D imaging capabilities, high-resolution, and advanced quantification tools. The company enhances workflow efficiency to expand its business portfolio.
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Major Players are:
- Hitachi, Ltd.
- Analogic Corporation
- Toshiba Corporation
- Esaote SpA
- Samsung Medison Co. Ltd
- FUJIFILM Holdings Corporation
- Mindray Medical International Ltd.
- GE Healthcare
Market by Categorization:
By Product:
- Cardiac system
- Ultrasound system
- Cart/Trolley Cardiac Ultrasound Devices
- Compact/Handheld Ultrasound Scanners
By End User:
- Hospitals And Clinics
- Diagnostic Imaging And Surgical Centers
- Ambulatory Surgical Centers
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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