According to the report “Global Cardiac Assist Devices Market,” published by Market Data Forecast, the global market is projected to reach USD 1988.8 Million by 2021, at a CAGR of 8.43% from 2015 to 2020.
Globally, there are around 25 million cases of Heart failure. The scarcity of donor organs to meet the demands has steered to the development of Cardiac Assist Devices. These are sort of mechanical pumps that work laterally with the heart to enhance its pumping efficiency and uphold the optimum blood flow throughout the body. These devices are employed in patients suffering from End-Stage Congestive Heart Failure, where the chances of survival through medications alone is minimal. Various pipeline products are going through clinical trials in order to provide vigorous clinical data on the safety and efficacy of the devices.
Existence of alternative treatment like pacemaker, heart transplantation and etc. and the risks associated with the device implantation, such as respiratory failure, development of blood clots and device failure restrain the market growth. Adding to these, surgical impediments such as kidney failure, bleeding, Infection and occurrence of stroke are also acting as a barrier in the adoption of such devices.
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global Cardiac Assist Devices Market: Drivers & Restraints
Rise in global aging population, upsurge in occurrence of cardiovascular diseases, technological advancements and availability of more efficient and minimally invasive devices in future are driving the global cardiac assist devices market. Furthermore, lack of donor hearts for transplantation is also driving the cardiac assist devices implantations in patients with severe heart complications, thereby increasing the market opportunities.
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Global Cardiac Assist Devices Market: Segmentation
- Ventricular Assist Devices (VAD)
- Right Ventricular Assist Device (RVAD
- Left Ventricular Assist Device (LVAD)
- Bi-Ventricular Assist Device (Bi-VAD)
- External Ventricular Assist Devices
- Intra-Aortic Balloon Pumps (IABP)
- Total Artificial Heart (TAH)
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Global Cardiac Assist Devices Market: Overview
The launch and approval of novel technologically advanced products will further increase the demand for cardiac assist devices in the future. Thoratec Corporation is the leading provider of Ventricular Assist Devices, which controls nearly half of the European Market. It also occupies the prime position in the US market accounting for 75% of the market. MAQUET GmbH & Co occupies the second position with dominance on about 15% of the market.
Thoratec Corporation and Berlin Heart are the prominent players in the VAD segment whereas Teleflex and MAQUET are dominant players in the Intra-Aortic Balloon Pumps (IABP) segment. SynCardia is the foremost company to provide the only Food and Drug Administration (FDA) approved Total Artificial Heart (TAH).
Global Cardiac Assist Devices Market: Region-wise Outlook
In addition, on the basis of geography the market is analysed under various regions namely, North America, Europe, Latin America, Asia- Pacific, Middle-east & Africa. North America accounts for the major share in the Global cardiac assist devices, with highest prevalent cases with heart failure. And high patient awareness, technological development, and reimbursements for cardiac assist devices implantation procedures are also helping the market growth in this region. It is followed by Europe, with the second largest market.
Key Questions Answered
- What will be the market growth till 2021 and what will be the resultant market forecast in the year?
- What was the market size from 2016 to 2021 ?
- What is the current and future Cardiac Assist Devices Market outlook in worldwide?
- What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Cardiac Assist Devices space in global?
- What are the key, high growth markets that Cardiac Assist Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Cardiac Assist Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Cardiac Assist Devices?
- What are the challenges and barriers that have hindered widespread adoption of Cardiac Assist Devices?
Global Cardiac Assist Devices Market: Key Players
Some other major players on the market include Teleflex Incorporated, Berlin Heart GmbH, Abiomed, Inc., HeartWare International, Jarvik Heart, Inc. and Terumo Corporation. BiVacor Pty Ltd, Braile Biomedica Ltd., Calon Cardio-Technology Ltd., CardiacAssist, Inc., CardioBridge GmbH, Carmat SAS, Cleveland Heart, Inc., CorAssist Cardiovascular Ltd., Evaheart Medical USA, Inc., Leviticus Cardio Ltd., MyoCardioCare, Inc., SynCardia Systems, Inc., Windmill Cardiovascular Systems, Inc.
Reasons to buy Global Cardiac Assist Devices Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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