Cardiac Assist Devices Market Size, Trends, Global Industry Analysis and Forecast to 2024
Cardiac assist devices are mechanical pumps that function along with the heart to enhance its pumping efficiency and help maintain optimal blood flow all through the body. These devices are usually used in patients who suffer from congestive heart failure, in which the odds of survival by oral medications become negligible. The shortage of donors has resulted into the development of these devices. Heart failure is a life-threatening condition that is caused by the weakening of heart muscles, diminish its ability to ensure optimal blood supply in the body. Even with no heart transplant, the life of patients’ suffering from heart diseases can be improved and extended with the use of cardiac assist devices. Rapid technological advancements coupled with wide acceptance of cardiac surgeries among heart patients are factors due to which the overall cardiac assist devices market is likely to show a double-digit growth in the coming years.
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The market in cardiac assist devices is mainly driven by the growth of geriatric population, increasing prevalence of heart failure, high adoption rate of these devices, and new technological innovations. Increasing prevalence of cardiovascular diseases further fuels growth of the global cardiac assist devices market size. These devices are also used as a BTT or Bridge-To-Transplantation, BTR or Bridge-To-Recovery and/or DT or Destination Therapy depending upon the severity of the disease and necessity of the patient. Technological innovations are making cardiac assist devices minimally invasive and efficient, which would further encourage growth of the cardiac assist devices industry in the near future. However, alternative treatment such as pacemaker and heart transplantation and some risks that are associated with device implantation may pose a challenge towards the growth of the cardiac assist devices market.
High prevalence of heart diseases and rise in geriatric population will drive growth of the overall market
According to the American Heart Association, in 2013, cardiovascular disease is the foremost global cause of deaths among the population, accounting for about 17.3 million deaths per year. According to the same report, the number of deaths is expected to rise to around 23.6 million by 2030. Moreover, increasing elderly population and high occurrence of coronary artery diseases are some of the other major factors that will fuel the market. Unhealthy dietary habits, lack of proper exercise and sedentary lifestyles have led to increased occurrences of heart related diseases, especially heart failures, one of the major ailments where cardiac assist devices are used. Hence, the global cardiac assist devices market is likely to gain traction during the forecast period.
On the basis of regions North America accounted for the major market share in cardiac assist devices market globally. High prevalence of heart diseases, elevated patient awareness and high adoption rate of cardiac assist devices are some of the major reasons for the dominance of this region.
The manufacturers operating in the market compete primarily on developing innovative and efficient cardiac assist devices through a robust research and development programme. Some of the companies operating in the cardiac assist devices market in the current scenario are MAQUET GmbH & Co., Berlin Heart GmbH, Teleflex Incorporated, Thoratec Corporation, Heart Ware International, SynCardia Systems, Inc. and ABIOMED.
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Cardiac assist devices market Taxonomy
On the basis of product type, the global market is classified into:
Total Artificial Heart (TAH),Intra-Aortic Balloon Pumps (IABP),Ventricular Assist Devices (VAD),.
On the basis of placement location, the global market is classified into:
Right Ventricular Assist Device (RVAD),Left Ventricular Assist Device (LVAD),External Ventricular Assist Device (VAD),Bi-Ventricular Assist Device (Bi-VAD),.
According to Centers for Disease Control and Prevention (CDC), around 5.7 million individuals in the U.S. suffered from heart failure in 2016. The report suggests that the number of occurrences is likely to increase, with the increase in number of aging of the population in this region. According to the American Heart Association, around 2,200 people in the U.S. die from cardiovascular disease every day, an average of 1 death per 40 seconds. This staggering number of patients suffering from heart diseases will result in growth in demand for cardiac assist devices.
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