USD 2.89 billion
Cardiac Assist Devices Market Size, Share, Growth Analysis, By Product Type(Ventricular Assist Devices (VAD) and Intra-Aortic Balloon Pump), By Modality(Transcutaneous and Implantable), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2363 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Cardiac Assist Devices Market Insights
Cardiac Assist Devices Market size was valued at USD 3.29 billion in 2022 and is poised to grow from USD 3.74 billion in 2023 to USD 10.44 billion by 2031, at a CAGR of 13.7% during the forecast period (2024-2031).
The global Cardiac Assist Devices market refers to the market for medical devices designed to provide temporary or long-term support to individuals with heart failure or other cardiac conditions. These devices are used to assist or replace the pumping function of the heart, ensuring adequate blood circulation throughout the body. Cardiac Assist Devices play a crucial role in managing various cardiac conditions, including end-stage heart failure, cardiogenic shock, and post-cardiac surgery recovery. They are primarily employed in patients who are waiting for a heart transplant or as a long-term therapy option for those who are not eligible for transplantation. The market has experienced significant growth in recent years, driven by various factors. One key factor is the increasing prevalence of cardiovascular diseases worldwide, with heart failure being a leading cause of morbidity and mortality. Additionally, the aging population and rising life expectancy contribute to the growing demand for cardiac support devices. Technological advancements have also played a vital role in the market's expansion. Innovations such as miniaturization, improved durability, and enhanced battery life have made these devices more efficient, reliable, and user-friendly. Furthermore, the development of minimally invasive implantation techniques has reduced procedural risks and expanded the patient pool eligible for these devices. The global market is highly competitive and consists of several established companies and emerging players. Key market players invest in research and development activities to introduce novel products and gain a competitive edge. These devices range from implantable ventricular assist devices (VADs) to extracorporeal membrane oxygenation (ECMO) systems. Overall, the global market holds immense potential for growth, driven by the increasing prevalence of cardiac conditions, technological advancements, and growing demand for improved patient outcomes. Continued research and development efforts, coupled with strategic collaborations and investments, will likely shape the future of this market.
US Cardiac Assist Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Implantable
Fastest Growth
Implantable
Growth Rate
13.7% CAGR
Global Cardiac Assist Devices Market ($ Bn)
Country Share for North America Region (%)
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Cardiac Assist Devices Market Segmental Analysis
The global Cardiac Assist Devices market is segmented on the basis of product, modality, and region. By product, the market is segmented into Ventricular Assist Devices (VAD) and Intra-Aortic Balloon Pump. By modality, the market is segmented into Transcutaneous and Implantable. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cardiac Assist Devices Market Analysis By Product
The global Cardiac Assist Devices market can be segmented based on product types, including Ventricular Assist Devices (VAD) and Intra-Aortic Balloon Pump. Ventricular Assist Devices (VAD) hold a dominant position in the global Cardiac Assist Devices market. VADs are mechanical pumps that assist the weakened or failing heart in pumping blood throughout the body. These devices are designed to support the left, right, or both ventricles of the heart and can be used as a bridge to transplant or as long-term therapy for patients ineligible for transplantation. VADs provide reliable and continuous support, improving patient survival rates, and enhancing quality of life. The dominating position of VADs can be attributed to their established clinical efficacy, ongoing technological advancements, and increasing adoption by healthcare providers worldwide.
The Intra-Aortic Balloon Pump (IABP) segment is experiencing rapid growth in the global Cardiac Assist Devices market. IABPs are temporary mechanical devices used to assist the heart in improving blood flow and oxygen delivery in patients with acute heart failure or during high-risk cardiac procedures. These devices are inserted through the femoral artery and consist of an inflatable balloon that inflates and deflates in sync with the heart's rhythm, enhancing coronary blood flow and reducing the workload on the heart. The IABP segment is witnessing significant growth due to the device's minimally invasive nature, ease of use, and its ability to provide short-term support in critical cardiac conditions. Additionally, technological advancements, such as the introduction of advanced IABP systems with enhanced features, are further driving the growth of this segment.
Cardiac Assist Devices Market Analysis By Modality
The global Cardiac Assist Devices market can also be segmented based on the type of modality used, including Transcutaneous and Implantable. The dominant segment in the global market is the implantable segment. Implantable devices are designed to provide extended support, serving as a long-term therapy option for patients who are not eligible for heart transplantation. Their ability to offer sustained support over an extended period makes them highly suitable for managing chronic heart failure cases. Implantable devices have demonstrated significant improvements in patient outcomes, including enhanced survival rates, improved quality of life, and symptom relief. These positive outcomes contribute to the preference for implantable devices among healthcare providers and patients. The implantable devices segment has witnessed remarkable technological advancements, including miniaturization, enhanced durability, and improved battery life. These advancements have led to more efficient and reliable devices, further consolidating the dominance of this segment.
The fastest-growing segment in the global Cardiac Assist Devices market is transcutaneous. Transcutaneous devices offer a less invasive alternative to implantable devices. They can be applied externally without the need for surgery or implantation, reducing the associated risks and complications. This feature makes them an attractive option for patients who require temporary support. Transcutaneous devices provide flexibility and mobility to patients, allowing them to move and perform daily activities while receiving cardiac support. This mobility aspect is particularly beneficial during the recovery phase or while waiting for a more permanent treatment option. The Transcutaneous devices segment has witnessed significant technological advancements, including improved device design, portability, and ease of use. These advancements have made transcutaneous devices more user-friendly and efficient, contributing to their growing adoption.
Global Cardiac Assist Devices Market By Modality
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Cardiac Assist Devices Market Regional Insights
North America dominated the global Cardiac Assist Devices market. This region's dominance can be attributed to several factors. Firstly, North America has a high prevalence of cardiovascular diseases and heart failure, leading to a substantial patient pool requiring cardiac support devices. Additionally, the region has well-established healthcare infrastructure, advanced medical technologies, and a robust reimbursement framework, which promotes the adoption of Cardiac Assist Devices.
Asia Pacific is expected to be the fastest growing region in the global Cardiac Assist Devices market. The region is witnessing rapid economic growth, improving healthcare infrastructure, and increasing healthcare expenditure. These factors, coupled with the rising prevalence of cardiovascular diseases, are driving the demand for Cardiac Assist Devices in Asia Pacific. Countries like China and India, with their large population sizes, contribute significantly to the region's growth. Rising awareness about advanced treatment options and increasing accessibility to healthcare facilities are key factors driving the market's expansion. Moreover, technological advancements, collaborations between international and local players, and initiatives to enhance cardiac care are further propelling the growth of the Cardiac Assist Devices market in Asia Pacific.
Global Cardiac Assist Devices Market By Geography
- Largest
- Fastest
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Cardiac Assist Devices Market Dynamics
Cardiac Assist Devices Market Drivers
Increasing Prevalence of Cardiovascular Diseases
- The rising incidence of cardiovascular diseases, including coronary artery disease, is a major driver for the global Cardiac Assist Devices market. Lifestyle changes, unhealthy diets, and sedentary lifestyles contribute to the growing burden of cardiovascular diseases globally.
Growing Aging Population
- The aging population is more susceptible to cardiovascular conditions, leading to a higher demand for Cardiac Assist Devicess. As the global population continues to age, the prevalence of cardiovascular diseases is expected to increase, driving the demand for Cardiac Assist Devices.
Cardiac Assist Devices Market Restraints
Technical Challenges
- Despite advancements in technology, there are technical challenges associated with Cardiac Assist Devices. These devices require proper implantation, management, and monitoring, which necessitate skilled healthcare professionals and specialized infrastructure. The technical complexities and learning curves involved can pose challenges for healthcare providers, limiting the broader adoption of these devices.
Potential Complications
- While Cardiac Assist Devices have significantly improved patient outcomes, there is still a risk of potential complications. These can include device-related infections, thrombosis, bleeding, and mechanical failures. The occurrence of such complications can impact patient safety, increase healthcare costs, and create concerns among both patients and healthcare providers.
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Cardiac Assist Devices Market Competitive Landscape
The global Cardiac Assist Devices market is highly competitive and characterized by the presence of several key players. The market consists of established companies with a strong presence and emerging players striving to gain market share. Key players in the market invest significantly in research and development to introduce innovative products and maintain their competitive edge. In addition to these established players, there are several emerging companies making their mark in the market. These companies often introduce novel technologies or target specific niches within the market. They aim to capitalize on unmet needs and offer more affordable and accessible solutions. The competitive landscape is further shaped by factors such as regulatory approvals, pricing strategies, and customer relationships. Companies continuously strive to improve their products' performance, durability, and patient outcomes to stay ahead in the competition. Overall, the market presents a highly competitive environment, with key players vying for market share through technological advancements, strategic partnerships, and expanding their global footprint. The market is expected to witness continued innovation and competition as companies seek to address the evolving needs of patients with cardiac conditions.
Cardiac Assist Devices Market Top Player’s Company Profiles
- Abbott Laboratories (US)
- LivaNova PLC (UK)
- Jarvik Heart, Inc. (US)
- Terumo Corporation (Japan)
- Getinge AB (Sweden)
- Teleflex Incorporated (US)
- Syncardia Systems, LLC (US)
- CardiacAssist, Inc. (US)
- Thoratec Corporation (US)
- HeartWare International, Inc. (US)
- Maquet Holding B.V. & Co. KG (Germany)
- Biotronik SE & Co. KG (Germany)
- TandemLife (US)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Medos Medizintechnik AG (Germany)
- MicroMed Cardiovascular, Inc. (US)
- Aortech International plc (UK)
Cardiac Assist Devices Market Recent Developments
- In June 2021, According to Abiomed, the FDA has granted premarket approval for its right heart pump to treat acute right heart failure for up to 14 days. The right heart pump (Impella RP with SmartAssist), according to a press release, is a temporary percutaneous ventricular support device with a single access and dual sensor technology.
- In February 2021, The FDA granted CARMAT permission to use BlueSync technology in the US for an Early Feasibility Study (EFS) of its Total Artificial Heart.
Cardiac Assist Devices Key Market Trends
- Shift Increasing Focus on Patient-Centric Design: There is a growing emphasis on patient-centric design in the development of Cardiac Assist Devices. Manufacturers are focusing on improving the comfort, portability, and overall quality of life for patients by reducing device size, noise, and complications associated with device implantation.
- Rising Adoption of Destination Therapy: Destination therapy refers to the long-term use of Cardiac Assist Devices as an alternative to heart transplantation in patients ineligible for transplantation. The increasing adoption of destination therapy is driven by improvements in device durability, patient selection criteria, and positive clinical outcomes.
Cardiac Assist Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Cardiac Assist Devices market analysis, the market has experienced significant growth due to the increasing prevalence of cardiovascular diseases, the aging population, and technological advancements. Technological advancements, such as miniaturization and improved durability, have made these devices more efficient and user-friendly. The development of minimally invasive implantation techniques has also expanded the patient pool eligible for these devices. The market is highly competitive and includes established companies and emerging players. Key market players invest in research and development to introduce innovative products. The market is distributed across regions, with North America leading due to high healthcare expenditure and advanced infrastructure. However, the Asia Pacific region is expected to grow significantly due to increasing awareness, improving healthcare infrastructure, and rising expenditure. In conclusion, the global market has vast growth potential driven by the increasing prevalence of cardiac conditions, technological advancements, and the demand for improved patient outcomes. Continued research and development, strategic collaborations, and investments will shape the future of this market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.29 billion |
| Market size value in 2031 | USD 10.44 billion |
| Growth Rate | 13.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cardiac Assist Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cardiac Assist Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cardiac Assist Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cardiac Assist Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cardiac Assist Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cardiac Assist Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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