The Future of the Global Cardiac Assist Devices Industry, 2029 – Abbott and Medtronic are the Key Vendors
Cardiac assist devices represent a billion-dollar market globally, and is poised for a healthy CAGR of more than 6% during 2019 – 2029. These projections by a new Future Market Insights (FMI) report are majorly based on technological developments in cardiac assist devices for usage in existing treatment. The report considers the introduction of third-generation centrifugal pumps as an important factor bolstering growth of cardiac assist devices market.
Cardiac Assist Devices (CAD) are a type of mechanical pumps that work along with the heart to improve its pumping efficiency and maintain optimum blood flow throughout the body. Cardiac assist devices are used to treat end stage heart failure and are determined by the needs of the individual.
These are designed to take over the function of the heart when it becomes weak and help it function normal. Cardiac assist devices are of three types: ventricular assist devices, intra-aortic balloon pumps (IABPs), and total artificial heart. Ventricular assist device is implanted in the patient’s chest and consists of an electric motor and a driveline. It pumps blood through the heart to the entire body and has the required force to distribute sufficient blood throughout the body. Intra-aortic balloon pump is a long skinny balloon that controls the flow of blood through the aorta, which is the largest blood vessel. The device expands and contacts according to blood flow. It gets smaller when the heart pumps, so that blood can flow out to the rest of the body. It gets bigger when the heart relaxes in order to keep more blood in the heart.
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Rise in prevalence of cardiovascular diseases, increase in novel treatments, affordability of medical devices, high adoption and acceptance of cardiac assist devices in developing markets, and innovation and development in medical devices drive the cardiac assist devices market. Moreover, the global aging population and lack of donors for heart transplantation are boosting the implantation of cardiac assist devices in patients with severe heart complications. However, steep competition among existing players, complications and severity involved in the treatment, and lack of awareness among the rural population in developing and underdeveloped economies are likely to restrain the cardiac assist devices market.
The global cardiac assist devices market can be classified based on product type, modality, application, and region. In terms of product type, the global cardiac assist devices market can be segmented into ventricular assist devices, intra-aortic balloon pumps (IABPs), and total artificial heart. Further ventricular assist devices can be divided into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). The ventricular assist devices segment is likely to hold a major share of the cardiac assist devices market due to high acceptability of the product among patients. Moreover, the device does not restrict the movement of patients who have it implanted in their heart. By modality, the global cardiac assist devices market can be segmented into transcutaneous and implantable. Application of cardiac assist devices can be classified into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy.
Based on region, the global cardiac assist devices market can be bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America dominated the global cardiac assist devices market due to high prevalence of cardiovascular diseases and presence of key players in the region.
Asia Pacific and Latin America are emerging markets and are anticipated to expand at a considerable pace during the forecast period due to increase in incidence of heart failure, expansion of the health care industry, and increase in government investment to develop health care infrastructure in these regions. The cardiac assist devices market in countries such as China, India, and Brazil is projected to expand at a significant growth rate during the forecast period due to increase in awareness among people about heart diseases and their treatment.
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Major players operating in the cardiac assist devices market include Abiomed, Berlin Heart, CardiacAssist, Inc., Cardiobridge GmbH, Carmat, HeartWare, Jarvik Heart, Inc., XENIOS AG, MiTiHeart Corporation, and SynCardia Systems, LLC.
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