The global cardiac assist devices market is on track for significant growth, with projections indicating a surpassing of USD 1.37 billion by 2023. This trajectory is expected to continue, with a remarkable compound annual growth rate (CAGR) of 6.1% through 2033, culminating in a market valuation of USD 2.48 billion.
The substantial growth of the cardiac assist devices market is attributed to several key factors. The incorporation of advanced technologies such as the Internet of Things (IoT) is revolutionizing cardiac care, enhancing device functionality and patient outcomes. Additionally, rising investments from leading industry players are driving innovation and fueling market expansion.
As the prevalence of cardiovascular diseases continues to rise globally, the demand for advanced cardiac assist devices is expected to increase, underscoring the importance of technological advancements and strategic investments in the field.
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To solve these problems, it will be necessary to conduct ongoing research and development in order to increase device safety and lower complications.
It is projected that the cardiac assist device market will continue to expand. The utilization of less invasive treatments, growing knowledge, and technological advancements should promote market growth.
Results and patient satisfaction are improved by the development of unique, personalized equipment that is tailored to each patient’s needs.
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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