by The global Cardiac Assist Devices Market is estimated to be valued at US$1.37 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global Cardiac Assist Devices Market is experiencing significant growth due to the rising incidence of heart failure. Factors such as an aging population, increasing prevalence of cardiovascular diseases, and advancements in cardiac care technology are driving the market growth. However, high treatment costs and the limited availability of these devices in developing countries are major obstacles in the market.
Market Key Trends:
One key trend in the Cardiac Assist Devices Market is the increasing adoption of ventricular assist devices (VADs). VADs are mechanical pumps that are implanted in the chest to help the weakened heart pump blood. These devices have gained popularity due to their effectiveness and ability to significantly improve the quality of life for patients with heart failure. For example, Thoratec Corporation offers the HeartMate II, which is a left ventricular assist system that has received FDA approval for both bridge-to-transplantation and destination therapy.
Segment Analysis:
The Cardiac Assist Devices market is segmented based on product type, including ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), total artificial hearts (TAHs), extracorporeal membrane oxygenation (ECMO), and others. Among these, the ventricular assist devices segment dominates the market due to their high efficacy in managing heart failure. Within the ventricular assist devices segment, left ventricular assist devices (LVADs) hold the largest market share. This is attributed to the increasing prevalence of left ventricular failure and advancements in LVAD technology.
Key Takeaways:
Market Size:
The global Cardiac Assist Devices Market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to the increasing prevalence of cardiovascular diseases and the aging population.
Regional Analysis:
North America is the fastest-growing and dominating region in the market, driven by the high adoption rate of technologically advanced cardiac assist devices, favorable reimbursement policies, and a well-established healthcare infrastructure.
Key Players:
Key players operating in the global Cardiac Assist Devices Market include MAQUET GmbH & Co., Berlin Heart GmbH, Teleflex Incorporated, Thoratec Corporation, HeartWare International, SynCardia Systems, Inc., and ABIOMED. These companies are focusing on strategic collaborations, product launches, and acquisitions to strengthen their market presence and expand their product portfolios.
In conclusion, the global Cardiac Assist Devices Market is witnessing a significant growth driven by the rising incidence of heart failure. The increasing adoption of ventricular assist devices, such as LVADs, is a key trend in the market. North America is the fastest-growing and dominating region, and key players are actively engaged in expanding their market presence through various strategies.
