The global cardiac assist devices market is on track to surpass USD 1.37 billion by the end of 2023, reflecting a significant demand for advanced heart support technologies. The market is projected to experience robust growth, reaching an estimated USD 2.48 billion by 2033, driven by an impressive Compound Annual Growth Rate (CAGR) of 6.1% over the forecast period.
This anticipated growth highlights the increasing need for innovative cardiac assist solutions to address the rising prevalence of heart-related conditions and improve patient outcomes. The market expansion is fueled by advancements in device technology, growing adoption of cardiac assist devices in clinical settings, and ongoing research and development efforts.
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
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)
About Future Market Insights (FMI)
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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