Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Cardiac Assist Devices - Global Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The global cardiac assist devices market was valued at USD 2.89 billion in 2022, growing at a CAGR of 13.70% during the forecast period from 2023 to 2028, to reach USD 6.23 billion by 2028.
The demand for cardiac assistance devices is motivated by a rise in the prevalence of coronary diseases, growth in new therapies, the affordability of medical devices, increasing penetration and acceptance of cardiac assistance devices in emerging countries, and innovation and advancement of medical devices.
Cardiac Assist Devices Market Dynamics:
Heart transplantation is widely regarded as the greatest therapeutic option for individuals with end-stage heart failure across the world. Only a limited percentage of patients get transplants due to the scarcity of organs available for transplantation. According to the most recent statistics, the number of patients waiting for a heart transplant has more than doubled in only five years. However, the scarcity of donors, long waiting times, and an increasing number of unstable patients have favored the development of cardiac assist.
Cardiac Assist Devices (CAD) are a type of mechanical pump that operate together with the heart to increase the effectiveness of pumping and maintain optimal blood flow across the body. To treat end-stage heart failure, cardiac aid systems are used that are determined by the individual's needs. As a result of the scarcity of cardiac donors, temporary cardiac assist devices are utilized to provide long-term assistance for individuals.
Moreover, companies are increasing their manufacturing of essential medical device products. For instance, in August 2022, the United States Food and Drug Administration (FDA) granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous heart pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes including design iterations, clinical study protocols, and pre-market approval (PMA) application.
Therefore, such initiatives are expected to help the market and the patients in their treatment which will drive the cardiac assist devices market growth also.
However, high treatment costs and limitations regarding the safety of implantable devices may prove to be certain restraints to the Cardiac Assist Devices market growth.
North America is expected to dominate the Overall Cardiac Assist Devices Market:
Among all the regions, North America is expected to account for the largest share of the cardiac assist devices market. The growing prevalence of cardiovascular diseases, access to better healthcare infrastructure, and growing awareness regarding cardiac diseases coupled with the presence of major cardiac assist devices market players in the region are predicted to be the major influencing factors in driving the overall growth of the cardiac assist devices market over the forecast period.
The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020. Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent - the damage is done, but the person is not aware of it.
As per the facts provided by the CDC 2020, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States where about 655,000 Americans die from heart disease each year.
In addition, the well-established healthcare infrastructure in the country with supportive reimbursement programs covering the costs for the implantable devices as well as the procedure further encourages people to opt for such devices.
Thereby, considering the presence of a large patient pool in the US coupled with new product launches, the market for cardiac assist devices looks promising in the United States.
Key Takeaways from the Cardiac Assist Devices Market Report Study
- Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global cardiac assist devices market.
- Various opportunities are available for the other competitor in the cardiac assist devices market space.
- What are the top-performing segments in 2022? How these segments will perform in 2028?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for cardiac assist devices market growth in the coming future?
Key Topics Covered:
1. Cardiac Assist Devices Market Report Introduction
2. Cardiac Assist Devices Market Executive Summary
2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
3. Regulatory Analysis
3.1. The United States
3.2. Europe
3.3. Japan
3.4. China
4. Cardiac Assist Devices Market Key Factors Analysis
4.1. Cardiac Assist Devices Market Drivers
4.1.1. Rise in prevalence of coronary diseases
4.1.2. Growth in new therapies
4.1.3. Scarcity of heart donors
4.2. Cardiac Assist Devices Market Restraints and Challenges
4.2.1. High cost of the pump
4.2.2. Low repayment scenario in developing countries
4.3. Cardiac Assist Devices Market Opportunities
4.3.1. Increasing penetration and acceptance of cardiac assistance devices
4.3.2. Development of non-invasive, compact, and advanced devices
5. Cardiac Assist Devices Porter's Five Forces Analysis
5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry
6. Cardiac Assist Devices Market Layout
6.1. By Product
6.1.1. Ventricular Assist Devices
6.1.1.1. Left Ventricular Assist Devices (LVAD)
6.1.1.2. Biventricular Ventricular Assist Devices (BIVAD)
6.1.1.3. Right Ventricular Assist Devices (RVAD)
6.1.2. Total Artificial Hearts
6.1.3. Intra-Aortic Balloon Pumps
6.2. By Type
6.2.1. Transcutaneous
6.2.2. Implantable
6.3. By Therapy
6.3.1. Bridge-To-Transplant (BTT)
6.3.2. Bridge-To-Candidacy (BTC)
6.3.3. Destination Therapy (DT)
6.4. By End-User
6.4.1. Hospitals
6.4.2. Cardiac Centers
6.4.3. Ambulatory Surgical Centers
6.5. By Geography
7. Cardiac Assist Devices Company and Product Profiles
7.1. Abbott Laboratories
7.1.1. Company Overview
7.1.2. Company Snapshot
7.1.3. Financial Overview
7.1.4. Product Listing
7.1.5. Entropy
7.2. Abiomed, Inc.
7.3. Teleflex Incorporated
7.4. SynCardia Systems, LLC
7.5. St. Jude Medical Inc.
7.6. Berlin Heart
7.7. CARMAT
7.8. CorWave SA
7.9. Medtronic Inc.
7.10. Terumo Heart, Inc.
7.11. Balton Ltd.
7.12. NovaPump GmbH
7.13. Meril Life Sciences Pvt. Ltd.
7.14. Thoratec Corporation
7.15. Getinge AB
8. KOL Views
9. Project Approach
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