Rapid Adoption of Cardiac Assist Devices Driving the Growth of Cardiac Assist Devices Market
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
Cardiac assist devices Market size was valued at $1,307 million in 2020 and is anticipated to grow at a CAGR of 8.2% during the forecast period 2021-2026. The cardiac assist devices industry growth rate is attributed to the increasing focus on the growing demand for efficient cardiac assist devices in developed countries, along with an increase in the prevalence of heart failure which is poised in bringing new opportunities. Cardiac Assist Devices (CADs) are blood pumps that support the circulatory functions of severely ill cardiac patients. CADs are usually implanted in patients with acute heart failure, for example after myocardial infarction or after surgery. Furthermore, patients awaiting a heart transplant, whose cardiac function deteriorates before a suitable organ can be implanted, need circulatory support for the period before a transplant. In selected patients with dilative cardiomyopathy, a CAD might be removed after a prolonged support period, and when the patient’s own heart has recovered and can maintain blood circulation.
Cardiac Assist Devices Market Segment Analysis - By Modality
In 2020, on the basis of modality, implantable segment accounted for the largest segmental revenue of the Cardiac Assist Devices market. The implantable held the largest market on account of the fact that this modality type ventricular assist devices has shown a surge in the usage owing to an increase in the number of several myocardial infarction cases globally. Also, the segment is to hold its dominance through the forecast period 2021-2026 with a healthy growth in CAGR of 8.69% as this segment is visualizing the entry of numerous market players specifically focused into the innovation of new products hence; broadening the scope of application is also poised to hold the market share.
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Cardiac Assist Devices Market Segment Analysis - By End Users
On the basis of end users, hospital segment accounted for the largest segmental revenue of the cardiac assist value market in 2020. The large share can be attributed to the high adoption of cardiac assist devices among hospitals, owing to the emergence of the COVID-19 pandemic coupled with the increase in the number of several cardiovascular diseases cases such as myocardial infarction globally are also to boost the adoption of such devices in hospitals, and this will accelerate the growth of the hospital segment in the CADs market during the forecast period 2021-2026.
On the other hand, ambulatory care centers segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 8.50%. .
Cardiac Assist Devices Market Segment Analysis - By Geography
North America is the major region dominating the cardiac assist devices market with a market share of 37.90% in the year 2020. This can be attributed to the fact that the rise in demand for cardiac assist devices sales is increasing owing to the availability of advanced features such as connectivity with Bluetooth and smart countdown. Furthermore, the presence of well-established reimbursement policies and increasing awareness pertaining to ventricular assist devices such as bridge-to-transplant, destination therapies, etc. are boosting the cardiac assist devices market share, which further fuels the regional market.
Cardiac Assist Devices Market Drivers
Rapid Adoption Of Cardiac Assist Devices
The cardiac assist devices market is poised to receive upswing demand owing to the rapid increase in demand for several cardiac assist devices and attributed to the fact that these kits are equipped with several cutting-edge innovations, such as a smart countdown and Bluetooth connectivity that has resulted in all major pharmaceutical companies focusing on such innovative formulation technologies. Moreover, there is also a rise in the number of incidence of patients with heart failures such as myocardial infarction over the globe thereby, leaving them with little time to seek medical help hence, there is a rising use of cardiac assist devices and is to propel the market growth over the forecast period 2021-2026.
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Cardiac Assist Devices Market Challenges
High Price Of Cardiac Assist Devices
One of the major factors lowering the cardiac assist devices is owing to the fact that advanced cardiac assist devices are sold at higher prices coupled with expensive follow-up care which is hindering the market growth during the forecast period 2021-2026.
Cardiac Assist Devices Market Landscape
In 2020, Cardiac Assist Devices market share is fragmented by the top ten players present in the market. The Cardiac Assist Devices market top 10 companies are Calon Cardio-Technology Ltd., MAQUET GmbH & Co., Biophan Technologies, Berlin Heart GmbH, Teleflex Incorporated, Heart Ware International, Bioheart, Abiomed Inc., Thoratec Corporation, SynCardia Systems and others.
Acquisitions/Product Launches
In October 2019, Abbott received FDA approval for the HeartMate 3 left ventricular assist device (LVAD) as destination therapy for advanced heart failure patients who are ineligible for a transplant.
In May 2019, Abiomed launched the Impella CP commercially with SmartAssist at the 2019 Society for Cardiovascular Angiography & Interventions (SCAI).
Key Takeaways
The factors such as rising adoption of innovative various cardiac assist devices owing to rise in the incidence of heart failures and several patients with cardiovascular diseases (CVDs) such as myocardial infarction are amongst the major factor projected to impel growth of cardiac assist devices market.
Additionally, factors such as rising government funding for product development and ongoing research activities are to create opportunities paving a way for the growth in the market during the forecast period 2021-2026.
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