Cardiac Assist Devices Market reaching US$ 2,062.7 Bn by 2031, opines FMI

Rising prevalence of heart failure across the globe have resulted in increased demand for cardiac assist devices. Future Market Insights (FMI) estimated the demand for Cardiac Assist Devices Market is to have risen at a steady rate of 5.64% CAGR between 2016 and 2020.

With ventricular assist device (VAD) accounting for over 62% global market share, growth is on the cards for cardiac assist devices sales. Increasing demand for minimally invasive devices will continue fuelling the demand for VAD, especially across the U.S., the U.K., and India.

Incorporation of advanced technology such as Internet of Thinking and rising investment from leading players will result in market growth. FMI forecasts demand to rise at 5.9% in 2021. Overall, the market is poised to expand at 5.29% CAGR, reaching US$ 2,062.7 Bn by 2031, opines FMI.

Driven by increasing demand for ventricular assist devices, the market is expected to register healthy growth in the upcoming decade. Surging cases of heart failure across the globe have resulted in increased demand for ventricular assist devices.

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Technological advancements in ventricular assist devices intended to curb the mortality rate have driven the adoption in the U.S., the U.K., and Germany. Due to the benefits such as minimal hospital stays and fast recovery, demand for minimally invasive devices have improved the adoption of ventricular assist devices.

With rising prevalence of coronary heart diseases, demand for left ventricular assist devices in countries including the U.S. and the U.K., market is anticipated to witness billion-dollar opportunity during the forecast period.

Favorable government initiatives and fast-track approval for ventricular assist devices have improved the market demand, registering year-on-year growth at 5.90% CAGR in 2021.

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Key Takeaways from FMI’s Cardiac Assist Devices Market Study

• In terms of product type, ventricular assist devices (VAD) accounted for over 62% of global market share
• Implantable devices are anticipated to capture maximum share owing to the ability to control, monitor and screen erratic heart rhythms
• Hospital pharmacies are anticipated to hold major revenue share although ambulatory surgical center segment is expected to gain traction in the upcoming decade
• The U.S. is anticipated to lead the global market owing to the increasing cases of heart failure resulting in surging demand for VAD
• The U.K. and Germany are expected to dominate the Europe’s cardiac assist devices backed by technological development in the field of VAD
• India is expected to emerge as highly lucrative market backed by favorable government initiatives and rising demand for minimally invasive devices

“Consistent advancements in technology used for cardiac assist devices are creating lucrative growth prospects for the market players. Besides this, they are expected to gain since the demand for VAD is rising continuously across the globe,” says the FMI analyst. 

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Competitive Landscape

Some of the leading healthcare companies are focusing on new product launches and innovation to stay ahead in the competition. As per Future Market Insights, Terumo Corporation, Medtronic PLC., Abbott Laboratories, Maquet GmbH, and Teleflex Incorporated are leading the market.

Key players are increasing the supply of ventricular assist devices catering the burgeoning demand, creating lucrative revenues. Increasing demand for artificial heart devices have led to consolidation of market by these top players.

However, new emerging players are adopting strategies including new launches and collaborations to gain the lead in the industry.

In June 2021, Medtronic PLC took the decision to stop the global sales of Medtronic Heartware HVAD left ventricular assist device (LVAD), which paved the way for many emerging players and leading players such as Abbott to increase the supply and capacity of LVADs.

In October 2020, another leading player, Abiomed announced the approval for its Impella CP Heart Pumps in Japan from Ministry of Health, Labor, and Welfare.