Cardiac Assist Devices Market
Overview
Cardiac assist devices are mechanical pumps used in enhancing the pumping efficiency of the heart and maintaining adequate blood flow throughout the body. In severe cases such as congestive heart failure, where oral medications are not much of help, cardiac assist devices can help patients to survive. The major reason for heart failure is due to weakening of heart muscles that damages the heartโs ability to ensure adequate blood supply throughout the body.ย Growing cases of cardiac failure is expected to drive growth of the global cardiac assist devices market. Furthermore, rapid advancements in technology coupled with increasing number of cardiac surgeries among heart patients are factors contributing to growth of the cardiac assist devices market.
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Market Dynamics
Rising geriatric population, growing prevalence of heart failure, and high adoption of cardiac assist devices is expected to drive growth of the global cardiac assist devices market during the forecast period. According to Centers for Disease Control and Prevention (CDC), around 5.7 million individuals in the U.S. suffered from heart failure in 2016. The report suggests that the number of occurrences is likely to increase, with the increase in number of aging of the population in this region. According to the American Heart Association, around 2,200 people in the U.S. die from cardiovascular disease every day, an average of 1 death per 40 seconds. This staggering number of patients suffering from heart diseases will result in growth in demand for cardiac assist devices. These devices are also used as a BTT or Bridge-To-Transplantation, BTR or Bridge-To-Recovery, and/or DT or Destination Therapy depending upon the severity of the disease and necessity of the patient. Furthermore, technological developments such as minimally invasive procedures and improved efficiency are expected to propel the global cardiac assist devices market growth over the forecast period.
However, availability of substitute treatment options such as arterial pacemaker are expected to restrain growth of the global cardiac assist devices market during the forecast period.
Cardiac Assist Devices Market Taxonomy
On the basis of product type, the global market is segmented into:
- Total Artificial Heart (TAH)
- Intra-Aortic Balloon Pumps (IABP)
- Ventricular Assist Devices (VAD)
On the basis of placement location, the global market is segmented into:
- Right Ventricular Assist Device (RVAD)
- Left Ventricular Assist Device (LVAD)
- External Ventricular Assist Device (VAD)
- Bi-Ventricular Assist Device (Bi-VAD)
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Regional Insights
Among regions, North America held dominant position in the global cardiac assist devices market in 2016. This is owing to rising prevalence of heart diseases such as cardiac failure and high awareness pertaining these devices among patients. According to the American Heart Association, in 2013, cardiovascular disease is the foremost global cause of deaths among the population, accounting for about 17.3 million deaths per year. According to the same report, the number of deaths is expected to rise to around 23.6 million by 2030. Increasing adoption of unhealthy dietary habits, lack of proper exercise, increasing stress, and sedentary lifestyles are increasing occurrences of heart-related diseases, especially heart failures. This in turn is increasing demand for cardiac assist devices, thus expected to boost market growth over the forecast period.
Competitive Section
Key companies operating in the global cardiac assist devices market are MAQUET GmbH & Co., Berlin Heart GmbH, Teleflex Incorporated, Thoratec Corporation, Heart Ware International, SynCardia Systems, Inc., and ABIOMED.
Key Developments
- Key companies in the market are involved in various growth strategies such as merger and acquisition, in order to gain competitive edge in the global market. For instance, in October 2018, Teleflex Incorporated, a provider of specialty medical devices, acquired Essential Medical, Inc., a U.S.-based medical device company. The acquisition will give Teleflex access to Essential Medicalโs CE marked MANTA Vascular Closure Device, which is used for cardiac assist.
- Key players in the market are focused on various business strategies such as gaining product approval from regulatory authorities, in order to enhance the market presence. For instance, in September 2017, Abiomed, a manufacturer of medical implant device, received the U.S. Food and Drug Administration (FDA) approval for Impella RP System, which is a heart pump and is used in treatment of right heart failure.
- Major companies in the market are involved in different growth strategies such as product launched, in order expand their product portfolio and gain competitive edge in the market. For instance, in May 2017, Teleflex Incorporated, a provider medical devices, launched New Arrow AC3 Optimus Intra-Aortic Balloon Pump. This novel device the cardiologists tools to handle routine as well as complex heart cases.
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Table of Contents:
- Research Objective and assumption
o Research Objectives
o Assumptions
o Abbreviations - Market Overview
o Report Description
โข Market Definition and Scope
o Executive Summary
โข Market Snippet By Product Type
โข Market Snippet By Application
โข Market Snippet By Technology
โข Market Snippet By End User
โข Market Snippet By Region
o Coherent Opportunity Map (COM) - Market Dynamics, Regulations, and Trends Analysis
o Market Dynamics
โข Drivers
โข Restraints
โข Market Opportunities
o Technological Trends
o PEST Analysis
o Impact Analysis - Global Cardiac Assist Devices Market, By Product Type, 2021 โ 2028 (US$ Million)
o Introduction
โข Market Share Analysis, 2016 and 2028 (%)
โข Y-o-Y Growth Analysis, 2021 โ 2028
โข Segment Trends
o Reagents & Consumables
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Softwareโs
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Instruments
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million) - Global Cardiac Assist Devices Market, By Application, 2021 โ 2028 (US$ Million)
o Introduction
โข Market Share Analysis, 2016 and 2028 (%)
โข Y-o-Y Growth Analysis, 2021 โ 2028
โข Segment Trends
o Genomics
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Proteomics
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Diagnostics
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Drug Discovery
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million) - Global Cardiac Assist Devices Market, By Technology, 2021 โ 2028 (US$ Million)
o Introduction
โข Market Share Analysis, 2016 and 2028 (%)
โข Y-o-Y Growth Analysis, 2021 โ 2028
โข Segment Trends
o Microarrays
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Microfluidics
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million) - Global Cardiac Assist Devices Market, By End User, 2021 โ 2028 (US$ Million)
o Introduction
โข Market Share Analysis, 2016 and 2028 (%)
โข Y-o-Y Growth Analysis, 2021 โ 2028
โข Segment Trends
o Hospitals
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Diagnostic Labs
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Academic & Research Institutes
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
o Biotechnology & Pharmaceutical Companies
โข Introduction
โข Market Size and Forecast, and Y-o-Y Growth, 2021 โ 2028, (US$ Million)
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