The cardiac assist devices market is set to experience substantial growth, with a valuation projected to exceed USD 1.37 billion by 2023. According to recent industry analysis, the market is expected to continue its upward trajectory, achieving a remarkable compound annual growth rate (CAGR) of 6.1% and reaching a valuation of USD 2.48 billion by 2033.
The market for cardiac assist devices is expanding at a very quick pace thanks to significant investments from top industry players as well as the adoption of cutting-edge technologies like the Internet of Thinking. The therapeutic and monitoring outcomes of cardiac devices have significantly improved over the last ten years due to technical breakthroughs. This has expanded the indications for their usage and made these technologies available to more patients.
Despite having a 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. The cost of these devices can be prohibitive for patients in underdeveloped nations, hence restricting their utilization and availability. Ventricular assist devices are advised by doctors, but they also warn patients about 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.
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
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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).
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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