Global Artificial Heart Market Research Report: Information by Type (Heart-Lung Machine, Mechanical Heart, Total Artificial Hearts, Ventricular Assist Devices (VADs)), End User (Hospitals & Clinics, Specialty Centers) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) – Forecast till 2024
Artificial Heart Market Scenario
Global artificial heart market size is expected to grow significantly over the forecast period. The market held a market value of USD 1.2 billion in 2017 and is projected to grow at a CAGR of 15.1% over the forecast period.
An artificial heart is a pump which is designed to replace heart ventricles to restore normal functioning. Unavailability of donors, allograft coronary diseases, and various other limitations are increasingly favoring artificial hearts. They are used as a bridge to provide permanent mechanical cardiac support, and its success is being evidenced by number of artificial hearts working successfully across the globe. Market Research Future (MRFR) has recently published an in-depth report on the global artificial heart market and has cited rising incidence of cardiac disorders among the primary drivers of the growth of the artificial heart market. The report is a compilation of various other pertinent trend and factors that can impact the growth of the market in the coming years. As per MRFR’s analysis, the artificial heart market is anticipated to register a CAGR of 15.1% 2019-2024.
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Technological advancements, aggressive R&D activities, clinical trials, and massive support from research institutions and government bodies are factors propelling the growth of the market. Other vital factors include rapid greying of the global population and increasingly favorable reimbursement landscape. However, stringent regulatory framework is likely to be potential hindrance to the growth of the market.
Artificial Heart Market Competitive Landscape
- Cleveland Heart Inc.
- Thoratec Corporation
- CryoLife Inc.
- BiVACOR Inc.
- SynCardia Systems LLC
are the eminent players in the global artificial heart market.
Artificial Heart Market Segmentation
The artificial heart market has been segmented based on type and end user.
By type, the artificial heart market has been segmented into the heart-lung machine and mechanical heart. The mechanical heart segment has been further segmented into total artificial hearts and ventricular assist devices (VADs). The mechanical heart segment is expected to exhibit a higher CAGR over the forecast period.
By end-user, the artificial heart market has been segmented into hospitals & clinics, specialty centers, and others.
Artificial Heart Market Regional Analysis
Region-wise, artificial heart market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is the leading market for artificial heart. Fast-track adoption of advanced technologies is the key factor that is supporting the growth of the market. Artificial heart is a relatively advanced and new technology and the Americas has been a frontrunner in the adoption of the artificial heart, which can be credited to the high prevalence of cardiovascular diseases and high healthcare expenditure. As per the estimates of the Center for Disease Control and Prevention (2015), around 630,000 Americans die from cardiovascular diseases every year. Moreover, the presence of a numvber of established market players in the region, who are actively involved in product innovation and development are also favoring the growth of the market. Furthermore, the region is experiencing a number of advancedments in technology which is supporting the growth of the market. Government initiatives in the form of R&D grants is also a supportive factor.
Europe is the second-largest artificial heart market and is expected to exhibit substantial growth over the forecast period. Cardiovascular diseases remain a leading cause of deaths across Europe. Aggressive R&D activities and prolific growth of the medical devices industry is augmenting the growth of the market.
APAC is poised to be the fastest-growing market for artificial heart. Established market players are eyeing on expanding their reach to the region. Given the high burden iof cardiovascular diseases in the region, market players are certain to find potential for growth in the healthcare sector of APAC. Low cost of R&D activities has encouraged various key players to set up their research facilities in the region. Singapore, South Korea, Japan, China, and Australia are key manufacturing pockets in the region.
The MEA market is anticipated to exhibit the least growth over the forecast period. The growth of the market is subdued by factors such as the lack of awareness regarding the device, poor economic conditions, and underdeveloped healthcare sector. Unavailability of skilled medical professionals and lack of the required healthcare infrastructure are also detering factors.
Artificial Heart Industry Updates
August 2019 – researchers at the University of Birmingham have developed a device that could improve care for patients with artificial heart pumps. Sometimes, patients waiting for a heart transplant opt for a left ventricular assist device (LVAD), commonly known as a heart pump. It requires an open heart surgery to restore normal blood flow of the heart and patients require to carry the device all the time, which can significantly impact the life of the individual. The new research has developed a patient reported outcome measure (PROM), which is likely to improve clinical care for such patients. It would also help to provide recommendations for future policies, designs, and research.
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