Cardiac Assist Devices Market for Spectacular Growth, Projected to Reach USD 2.48 Billion by 2033 at a 6.1% of CAGR

Cardiac Assist Devices
                              Cardiac Assist Devices Market

The cardiac assist devices market is on the brink of significant expansion, with projections indicating it will surpass USD 1.37 billion by 2023. Over the next decade, the market is expected to surge at an impressive compound annual growth rate (CAGR) of 6.1%, reaching approximately USD 2.48 billion by 2033.

The rapid growth of the cardiac assist devices market is primarily fueled by the incorporation of advanced technologies, such as the Internet of Thinking, and substantial investments from leading industry players. Over the past ten years, technological advancements in cardiac devices have dramatically improved therapeutic and monitoring outcomes, expanding the indications for their use and allowing more patients to benefit from these innovations.

The market for cardiac assist devices is not without challenges, despite a bright future. High costs and associated risks may limit market growth, especially when it comes to ventricular assist devices. These devices may be too expensive for patients in developing countries, which would limit their use and accessibility. Doctors recommend ventricular assist devices, but they also alert patients to potential risks 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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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