Global Cardiac Assist Devices Market Size & CAGR (2021 to 2026)
The global cardiac assist devices market is projected to be worth 2950.6 million by 2026, growing at a CAGR of 8.4% during the forecast period.
Impact of COVID-19 on the global cardiac assist devices market:
The sudden emergence of the global pandemic has had a mixed impact on the global cardiac assist devices market during the pandemic period. During the first half of 2020, almost all governments implemented a National wide lockdown and a ban on transportation between the countries. As a result, the manufacturers of cardiac assist devices had been partially postponed their manufacturing activities due to the workforce’s unavailability and strict nationwide lockdown. Therefore, many concerning activities on cardiac devices had been stopped. Hence it had a negative impact on the cardiac assist devices market.
However, after the normalization of the outbreak, the market has gained momentum across the globe. A ban on various modes of transportation was lifted. The manufacturing of the devices has resumed. A few of the COVID-19 infected young patients who suffered from idiopathic cardiomyopathy treated for acute multi-organ failure require cardiac surgery. As per the reports, young pre-diseased patients show that the covid-19 directly affects pre-diseased hearts but can be treated with LVAD implantation (left ventricular assist device); the cardiac diseases led to the increase in the demand for cardiac assist devices. As a result, the demand for these devices has significantly increased, and the market is anticipated to gain momentum and account for prominent growth during the forecast period.
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KEY DRIVING FACTORS:
The global market for cardiac assist devices is expected to be majorly driven by the proliferation of heart failures, the increasing prevalence of cardiovascular diseases, and technological advancements in the healthcare sectors across the globe.
In the recent past, the demand for cardiac assist devices has been significantly increased owing to its beneficial factors such as affordability, help in the continuous flow of blood to the heart, and require no mechanical bearings and limited complications.
In addition, the high adoption and acceptance of cardiac assist devices across the developing markets such as North America, Europe, and the Asia Pacific are encouraging the market players to introduce advanced devices in the market. Moreover, the geriatric population across the globe is significantly influencing the demand for cardiac assist devices, as the senior population is more prone to various heart failures and cardiovascular disorders.
Other factors such as urbanization, expanding population-associated lifestyles, and the high prevalence of risk ailments enable market growth. In addition, increasing investments and funding by the governments for the research and development and initiatives for placing the utmost concern for the safety of patients is positively encouraging the market growth.
However, the steep competition among the market players across the globe is liming the market’s growth rate to a small extent. Also, the complication and severity associated with this treatment are expected to be the significant growth challenging factor to the market growth. On the other hand, the lack of awareness about the devices in underdeveloped countries is likely to restrain the market growth.
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KEY MARKET INSIGHTS:
- Based on the type, the ventricular assist device is anticipated to register significant growth in the global cardiac assist devices market during the forecast period. The segment growth is attributed to the increasing prevalence of cardiovascular disorders, growing awareness of the treatment procedures, and technological advancements in the healthcare sector. In addition, supportive government investments and initiatives and increasing demand for the treatments propel the cardiac assist devices market growth.
- Geographically, North America dominated the global cardiac assist devices market in 2020 and is estimated to continue the growth momentum during the forecast period. The regional market growth is attributed to advanced healthcare infrastructure, technological advancements in healthcare, and favorable reimbursement policies. In addition, the US held the largest share of the market in the regional market due to the high prevalence of cardiovascular disorders, high healthcare spending, and awareness about these devices.
- On the other hand, Asia Pacifica is one of the fastest-growing cardiac assist devices market globally. The increasing prevalence of heart failure, growing geriatric population, and improving healthcare sector contribute to the APAC regional market growth. In addition, emerging countries such as China, Japan, and India are significantly expanding the market growth. China is projected to register the highest share of the cardiac assist devices market. The presence of well-established healthcare sectors, supportive government policies, and the presence of key market players are propelling the market growth.
- Companies playing a significant role in the global cardiac assist devices market profiled in this report are Berlin Heart GmbH, Terumo Corporation, CardioBridge GmbH, Carmat SA, HeartWare International, Abiomed, Inc., Calon Cardio-Technology Ltd, and Jarvik Heart, Inc.
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RECENT MARKET DEVELOPMENTS:
- In 2021, CARMAT was given FDA approval to conduct an Early Feasibility Study (EFS) for its TAH in the United States. As a result, the world’s most sophisticated complete artificial heart designer and developer has provided an update on its early feasibility study (EFS) in the United States, which seeks to fill a medical gap by offering a therapeutic option to patients with end-stage biventricular heart failure.
- In 2020, Abbott received FDA approval for the HeartMate 3 Heart Pump in juvenile patients with advanced refractory left ventricular heart failure.
- In 2019, the FDA designated Medtronic’s fully implanted left ventricular assist device as an “Innovative Device.” (LVAD)
SEGMENTS COVERED IN THIS REPORT:
- 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)
- North America
- Latin America
- Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Cardiac Assist Devices Market
- Europe Cardiac Assist Devices Market
- APAC Cardiac Assist Devices Market
- Latin America Cardiac Assist Devices Market
- MEA Cardiac Assist Devices Market
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