The global cardiac assist devices market is set to grow significantly over the next decade, with its valuation projected to surpass USD 1.37 billion in 2023 and reach USD 2.48 billion by 2033, reflecting a robust CAGR of 6.1%. This growth is driven by advancements in technology and increased investments by key industry players.
Key Drivers: Advanced Technology and Improved Patient Outcomes
The adoption of cutting-edge innovations, including the Internet of Thinking, has transformed the cardiac assist devices landscape. These technological breakthroughs, along with expanded indications for their use, have led to improved therapeutic and monitoring outcomes. The result is an increased ability to manage complex cardiac conditions, expanding the reach and effectiveness of these devices for patients worldwide.
Market Trends: Investment and Enhanced Capabilities
Rising investment by industry leaders in research and development has accelerated the creation of highly efficient, minimally invasive cardiac assist devices. Over the past decade, technologies used in these devices have advanced dramatically, offering enhanced reliability and functionality. These innovations have expanded the scope of treatment, making devices more accessible to a broader range of patients.
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Key Takeaways
- The cardiac assist devices market is expected to grow at a CAGR of 6.1% from 2023 to 2033.
- Market value will rise from USD 1.37 billion in 2023 to USD 2.48 billion by 2033.
- Advanced technology, including the Internet of Thinking, drives innovation and improved patient outcomes.
- Increasing investments by key players bolster research and development in next-generation devices.
- Expanded indications for cardiac assist devices enable broader applications and exponential therapeutic benefits.
The continued integration of advanced technologies and rising focus on patient-centric care position cardiac assist devices as a critical component of modern cardiology, improving outcomes and quality of life for patients worldwide.
Growth Drivers
- Incorporation of Advanced Technologies: The integration of advanced technologies, such as the Internet of Things (IoT), has enhanced the functionality and effectiveness of cardiac assist devices, leading to increased adoption.
- Rising Investment from Industry Leaders: Significant investments from leading players in the healthcare sector are driving innovation and development in cardiac assist devices, further propelling market growth.
- Improved Therapeutic and Monitoring Outcomes: Over the past decade, advancements in cardiac device technology have expanded their indications and improved therapeutic outcomes, allowing more patients to benefit from these innovations.
- Increasing Prevalence of Cardiovascular Diseases: The rising incidence of cardiovascular conditions globally is a major factor driving demand for cardiac assist devices, as they provide crucial support for patients with heart failure and other related issues.
- Aging Population: The growing elderly population, which is more susceptible to cardiovascular diseases, is contributing to the increased demand for effective cardiac support technologies.
Market Dynamics
- The market has shown resilience despite temporary declines during events like the COVID-19 pandemic, with a steady recovery observed in key end-use sectors.
- Continuous innovation and competition among top market players are expected to shape the future landscape of the cardiac assist devices market.
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).
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)
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.
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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