The market size of the global cardiac assist devices market in the year 2021 is valued at 3.16 billion and is predicted to reach 10.50 billion by the year 2030 at an 14.47% CAGR during the forecast period.
Cardiac assist devices (CADs) are mechanical pumps that help the heart pump more effectively and keep blood flowing freely throughout the body. End-stage heart failure is treated using cardiac assist devices that are customized to the patient’s needs due to significant advancements in healthcare, which has resulted in a rise in the life expectancy of several people. As a result, demand for cardiac assist devices is increasing, generating an even more favourable environment for the market’s expansion over the upcoming years. Cutting-edge technologies such as artificial intelligence and the Internet of Things to provide technological breakthroughs in cardiac assist devices have increased consumption dramatically. As a result of the rising demand for cardiac assist devices, leading players have increased their research and innovation over the upcoming years. Players in the market are constantly working to produce smaller centrifugal pumps that would allow for a less invasive implantation technique. Major players in the market concentrate their efforts on making novel and effective cardiac assist devices through robust research and development programs.
Furthermore, the globe’s ageing population and a shortage of heart transplant donors are driving the use of cardiac assist devices in patients with significant heart problems over the upcoming years. However, the cardiac assist devices market is likely to be restricted by fierce competition among existing players, treatment complications and severity, and a lack of knowledge among the rural population in developing and undeveloped economies over the upcoming years.
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List of Prominent Players in the Cardiac Assist Devices Market:
Terumo Corporation
Medtronic PLC
Maquette GmbH
Abbott Laboratories
A biomed, Inc.
Belton Sp. z oxo
Berlin Heart GmbH
Bifactor, Inc.
Biocentre, Inc.
Calon Cardio-Technology Ltd
Cardio Bridge GmbH
Carmit SA (France)
Cardiac Booster BV
Cardamone Inc
Crassest Cardiovascular Ltd
Cleveland Heart, Inc.
Crave S.A.
Eva heart, Inc.
Fine Heart SARL
Fresenius Medical Care AG & Co. Kagan (Xenias AG)
GPB Life Science Holdings LLC (Insight Medical, Inc.)
Getinge AB (Maquette Holding)
Jarvis Heart, Inc.
Ivanova, PLC (Tandem Life)
Medtronic, PLC
Mishear Corporation
Oregon Heart
Reliant Heart, Inc.
Senko Medical Instrument Mfg. CO., LTD (Japan)
Nocardia Systems, LLC
Teleflex Incorporated
Windmill Cardiovascular Systems, Inc. (WCS)
Zeon Corporation
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Market Dynamics:
Drivers:
Leading players have boosted their research and innovation in the future in response to the expanding demand for cardiac assist devices. Market players are increasingly developing smaller centrifugal pumps to allow a less invasive implantation technique. Heart-related disorders, particularly heart failure, are becoming more common because of increased adoption of unhealthy food habits, insufficient exercise, increased stress, and unhealthy lifestyles. As a result, demand for cardiac assist devices is expected to rise over the forecast period. Major players in the market concentrate their efforts on producing novel and effective cardiac assist devices through strong research and development programs during the forecast period.
Challenges:
The prime challenge is the lack of awareness in developing countries, which is predicted to reduce the growth of the Cardiac Assist Devices market. However, the cardiac assist devices market is likely to be restricted by fierce competition among existing players, treatment complications and severity, and a lack of knowledge among the rural population in developing and undeveloped economies over the upcoming years.
Regional Trends:
Geographically, The North America Cardiac Assist Devices market is expected to witness significant market share in terms of revenue attributed to a growth in the incidence of heart failure, the expansion of the healthcare business, and increased government expenditure on healthcare infrastructure development in these areas. Because people are becoming more aware of heart illnesses and how to treat them, the cardiac assist devices market in countries like China, India, and Brazil is expected to rise at a high rate during the forecast period. Furthermore, the global Cardiac Assist Devices market is expected to develop due to the existence of important industry players and increased collaboration among significant companies for market penetration in the area.
Recent Developments:
- In Oct 2021, Picard Medical acquired SynCardia, a provider of complete artificial hearts. SynCardia will be able to strengthen its existing products as a result of the purchase, allowing clinicians to receive better clinical assistance. It will also enable the corporation to apply for permission to use its products in new ways.
- In March 2020, The US FDA gave Nocardia Systems LLC approval to use a 50CC temporary complete artificial heart system as a bridge to a heart transplant for patients dying from biventricular failure.
Cardiac Assist Devices Market Segmentation:
Cardiac Assist Devices Market Segmentation: By Modality Estimates & Trend Analysis
- Transcutaneous
- Implantable
Cardiac Assist Devices Market Segmentation: By Products Estimates & Trend Analysis
- Ventricular Assist Device (VAD)
- Left ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Biventricular Assist Device (BIVAD)
- External Ventricular Assist Devices
- Intra-Aortic Balloon Pump
Cardiac Assist Devices Market Segmentation: By End-user Estimates & Trend Analysis
- Hospital
- Ambulatory Surgical Centers
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