The global cardiac assist device market is experiencing a powerful surge, projected to reach US$2.48 billion by 2033. This significant growth trajectory reflects a steady increase of 6.1% throughout the forecast period, with the market reaching an estimated US$1.37 billion by 2023.
Key competitors in the industry have stepped up their R&D efforts in an effort to innovate in the cardiac assist device space. Small centrifugal pumps allow for less intrusive implantation operations, which further improves patient comfort and lowers surgical risks. This is the focus of manufacturers’ efforts.
Despite the promising future, the market for cardiac assist devices is not without difficulties. Growth in the industry may be constrained by high prices and related dangers, particularly in the case of ventricular assist devices. Patients in developing nations might find it difficult to pay for these gadgets, which would restrict their uptake and accessibility. Ventricular assist devices are advised by medical professionals, but they also warn of possible hazards such infections, suction events, and pump thrombus.
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It will take continual research and development to improve device safety and reduce complications in order to address these issues.
The industry for cardiac assist devices is anticipated to keep growing. Technological developments together with rising knowledge and use of less intrusive remedies should propel market expansion.
The creation of individualized and customized equipment suited to each patient’s requirements enhances results and patient satisfaction.
Key Takeaways:
- The cardiac assist devices industry is anticipated to expand at a rate of 6.4% from 2023 to 2033 in the United Kingdom.
- In 2022, the market for cardiac assist devices in Germany held an 11.2% share globally.
- Ventricular assist devices are likely to dominate the market by drug class, accounting for around 62.49% share in 2022.
- The hospital pharmacies sub-segment, in terms of end-user, is predicted to maintain a value share of 79.8% in 2022.
- The cardiac assist devices industry in India is forecasted to advance at a CAGR of 5.1% during the forecast period.
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How is the Competitive Landscape in the Cardiac Assist Devices Industry Structured?
As per FMI’s analysis, continuous innovation and gradation in cardiac assist devices have led to intense competition among top market players.
Key players are focusing on new product launches and gaining approvals from regulatory bodies to stay in the competition. Nearly 75% of the global market share is accounted for by the top 7 players operating in the cardiac assist devices market.
Organizations are also adopting winning strategies such as collaborations and mergers among key players. These strategies are also adopted by regional players to gain a leading position in the industry.
Key Players Operating in the Market
- Terumo Corporation
- Medtronic PLC
- Abbott Laboratories
- Abiomed Inc.
- Teleflex Incorporated
- Maquet GmbH
- BerlinHeart GmbH
- Others
Developments in the Market:
- In June 2021, Abbott Laboratories announced that the company can support the expanded use of a mechanical circulatory support device, HEARTMATE 3™ Heart Pump, for the effective treatment of heart failure.
- In February 2021, CARMAT, the leading designer and developer of the world’s most advanced artificial heart, received approval from the United States of America Food and Drugs Administration (FDA) to use the new version of its artificial heart in the US Early Feasibility Study (EFS).
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Market by Category:
By Product Type:
- 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
- The Middle East & Africa (MEA)
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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