The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.2 Bn or Million in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac assist devices are mechanical pumps that are used to support the functioning of the weakened heart. They help maintain or increase blood flow throughout the body in people who have weakened cardiac function due to heart diseases. There are various types of cardiac assist devices such as Ventricular Assist Devices (VADs), Total Artificial Heart (TAH), and Intra-aortic Balloon Pump (IABP). These devices are used as a bridge to heart transplant or as destination therapy for patients who are not eligible for a heart transplant. They improve the quality of life of patients with heart failure by reducing heart overload and symptoms of heart failure.
Market Key Trends:
One of the key trends in the cardiac assist devices market is the growing demand for minimally invasive procedures. Minimally invasive procedures involve smaller incisions and cause less damage to tissues, muscles, and nerves. They allow for faster recovery and fewer complications. With technological advancements, manufacturers are developing miniaturized and less invasive cardiac assist devices. For instance, heart pump manufacturers are developing devices that can be implanted via less invasive thoracoscopic surgery or catheter-based procedures rather than open-heart surgery. This has boosted the adoption of cardiac assist devices as it reduces morbidity and improves postoperative outcomes for patients.
Porter’s Analysis
Threat of new entrants: The cardiac assist devices market has moderate threat from new entrants due to high R&D costs and stringent regulatory norms.
Bargaining power of buyers: The bargaining power of buyers is high due to large presence of medical device manufacturers and product differentiation.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited control over pricing.
Threat of new substitutes: The threat from new substitutes is low as no major substitute products have emerged recently.
Competitive rivalry: The market has high competitive rivalry due to presence of many global and regional players.
Key Takeaways
The global cardiac assist devices market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing burden of cardiovascular diseases, technological advancements and rising healthcare expenditure.
Regional analysis
The North America region currently dominates the cardiac assist devices market and is expected grow at a CAGR of 12% during the forecast period. This can be attributed to factors such as rising geriatric population, advanced healthcare infrastructure and favorable reimbursement policies in the region. Asia Pacific region is anticipated to exhibit the fastest growth due to growing medical tourism industry and rising healthcare expenditure in China and India.
Key players
Key players operating in the cardiac assist devices market are Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
