The Global Mechanical Circulatory Support Devices Market was valued at USD 2.47 billion in 2021, and growing at a CAGR of 9.44% during the forecast period (2022 to 2027), it is expected to reach USD 4.24 billion by 2027.
The Mechanical Circulatory Support Devices Market is growing owing to the outbreak of the COVID-19 pandemic due to which the demand has grown significantly. A rise in cardiovascular disease (CVDs) prevalence in the geriatric population, an increase in heart failure cases, and technological advancements in ventricular assist devices are some of the key factors expected to immensely increase the Mechanical Circulatory Support Devices Market growth in the coming years. Some of the key companies in the Mechanical Circulatory Support Devices Market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others.
Mechanical Circulatory Support Devices Overview
Mechanical Circulatory Support Devices are intended to support the functioning of the heart. These devices replace or assist the pumping function of the ventricles. The devices support the functioning of a weak heart by pumping blood. They can be used as a bridge to transplantation, for destination therapy, or as a bridge to recovery from postcardiotomy. These devices improve survival and quality of life and also help in the better function of the heart.
Mechanical Circulatory Support Devices were found to be extremely beneficial in heart failure cases which further pushed the demand for these devices in the pandemic situation. Heart transplantation is widely regarded as the greatest therapeutic option for individuals with end-stage heart failure across the world. Only a limited percentage of patients get transplants due to the scarcity of organs available for transplantation.
DelveInsight’s “Mechanical Circulatory Support Devices Market” research report provides an in-depth analysis of the market, based on segmentation such as by-product types, by end-user (hospitals, ambulatory surgical centers, specialty cardiology centers), and geography (North America, Europe, Asia-pacific, and rest of the world).
As per the product type, the market is segmented as ventricular assist devices (left ventricular assist device, right ventricular assist device, biventricular assist device), artificial heart, extracorporeal membrane oxygenation, and intra-aortic balloon pump. As per DelveInsight, by-product types, Ventricular Assist Devices is expected to hold the major chunk of the market share and is also one of the fastest-growing segments in this market. Several types of Ventricular Assist Devices are available in the market, such as Left Ventricular Assist Devices, Biventricular Ventricular Assist Devices, and Right Ventricular Assist Devices. The major factors contributing to the market share include technological advancements in the domain, the scarcity of organ donors, and the increasing prevalence of heart failure globally.
The Mechanical Circulatory Support Devices Market is anticipated to grow immensely in the coming years owing to the rising prevalence of cardiovascular diseases including heart failure conditions across the globe. The rising prevalence is expected to generate the demand for mechanical circulatory devices that have emerged as potential solutions for patients’ treatment.
As per the CDC, in 2020, certain risk factors like coronary artery disease (CAD), heart attacks, diabetes, high blood pressure, and obesity have increased the risk for heart failure. Similarly, as per the American Heart Association, 2020, the prevalence of heart failure continues to increase over time, with the aging of the population. An estimated 6.2 million American adults ≥20 years of age had heart failure between 2013 and 2016, compared with an estimated 5.7 million between 2009 and 2012. The rise in the geriatric population is also expected to increase the demand for remote Mechanical Circulatory Support Devices. As per the survey report by the United Nations, on Global Population Aging (2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050.
Apart from the growth in the elderly population and the rising cardiovascular disease cases, some of the key factors such as technological advances in ventricular assist devices (VAD), assistance from government bodies, and favorable reimbursement scenarios, are also expected to influence the Mechanical Circulatory Support Devices market potential in several countries. However, some of the factors such as the high treatment costs and the limitations regarding the safety of implantable devices may restrain the Mechanical Circulatory Support Devices market growth in the coming years.
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As per North America is expected to dominate the overall Mechanical Circulatory Support Devices market during the forecast period. This domination is due to the growing demand for advanced technologies in Mechanical Circulatory Support Devices, and the increasing chronic disease in the region, among others.
According to the CDC, in 2020, Heart disease is one of the leading causes of death for men, women, and people of most racial and ethnic groups in the United States, and nearly 6.2 million adults have heart failure. Moreover, each year, about 655,000 Americans die from heart disease. Additionally, as per the Department of Anesthesiology, Washington University, 2020, in the United States of America (USA), 85.6 million adults have at least one type of cardiovascular disease and the prevalence is increasing at an immense rate.
Apart from the high prevalence of CVDs, the ongoing research and development activities in device manufacturing, rising chronic disease, and the limited availability of donor hearts for transplants are also expected to increase the Mechanical Circulatory Support Devices Market growth in the coming years. The rising burden of chronic diseases in the European and Asia countries will also generate the demand for the Mechanical Circulatory Support Devices in countries from these two regions.
Interested in knowing how the Global Mechanical Circulatory Support Devices Market will be growing by 2027? Click to get a snapshot of Mechanical Circulatory Support Devices Market Trends and Developments.
Over the years, the Mechanical Circulatory Support Devices Market has evolved significantly owing to the active participation of global pharma companies and technological advancements in the domain.
Here are a few of the key developments in the Mechanical Circulatory Support Devices Market over the past few years –
- In August 2021, the Australian government’s Medical Research Future Fund (MRFF) funded a new program called the Artificial Heart Frontiers Program that aims to develop and commercialize a world-first durable total artificial heart.
- In February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
- In October 2020, the FDA granted 510(k) clearance to Abiomed for an all-in-one, compact extracorporeal membrane oxygenation (ECMO) cardiopulmonary bypass system called the Abiomed Breethe OXY-1 System.
As per DelveInsight, the ongoing clinical & commercial development activities and the ongoing research in the domain will contribute immensely to the Mechanical Circulatory Support Devices Market in the coming years.
Some of the key companies in the Mechanical Circulatory Support Devices market include Getinge AB, Balton Ltd., Meril Life Sciences, Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, NovaPump GmbH, Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., and others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Mechanical Circulatory Support Devices Market in the coming years. The entry of new players and the launch of the emerging players will immensely drive the Mechanical Circulatory Support Devices Market growth.
Learn how new players’ entries will transform the Mechanical Circulatory Support Devices Market in the coming years at, Mechanical Circulatory Support Devices’ Competitive Landscape.
Scope of the Mechanical Circulatory Support Devices Market Report:
- Geography Covered: Global
- Study Period: 2019-2027
- Ventricular Assist Devices –
- Left Ventricular Assist Devices (LVAD), Biventricular Ventricular Assist Devices (BIVAD), and Right Ventricular Assist Devices (RVAD)
- Artificial Heart
- Extracorporeal Membrane Oxygenation
- Intra-Aortic Balloon Pumps
- By End User – Hospitals, Ambulatory Surgical Centers, Specialty Cardiology Centers
- By Geography – North America, Europe, Asia-Pacific, and Rest of the World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Mechanical Circulatory Support Devices Market Key factors analysis|
|5||Mechanical Circulatory Support Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Mechanical Circulatory Support Devices Market|
|7||Mechanical Circulatory Support Devices Market Layout|
|8||Mechanical Circulatory Support Devices Global Company Share Analysis – Key 3-5 Companies|
|9||Mechanical Circulatory Support Devices Product Profiles and Key Companies|
Reach out to us to get a more detailed overview of the Mechanical Circulatory Support Devices Regulatory & Patent Analysis.
Key Takeaways From the Mechanical Circulatory Support Devices Market Report Study
- In-depth analysis of the Mechanical Circulatory Support Devices Market size, share, and key trends.
- Comprehensive analysis of current Mechanical Circulatory Support Devices Market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the Mechanical Circulatory Support Devices Market is significant. To capture and analyze suitable indicators, our experts are closely watching the Mechanical Circulatory Support Devices Market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened over the last 3 years
- Key companies dominating the Global Mechanical Circulatory Support Devices Market.
- Various opportunities are available for the other competitors in the Mechanical Circulatory Support Devices Market space.
- What are the top-performing segments in 2020? How these segments will perform in 2027.
- Which are the top-performing regions and countries in the current Mechanical Circulatory Support Devices Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Mechanical Circulatory Support Devices Market growth in the coming future?
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