Increasing shortage of donor hearts and the number of patients waiting for heart transplantation globally to fuel the need for cardiac assist devices in the market.
According to the latest Arizton’s market research report, the cardiac assist devices market size to cross USD 2.4 billion by 2025, growing at a CAGR of 9% during the forecast period.
Cardiac Assist Devices Market Growth
Increasing shortage of donor hearts and the number of patients waiting for heart transplantation globally to fuel the need for cardiac assist devices in the market. The cardiac assist devices have the capability to address this unmet need and target broader patient population and their requirements, thereby fueling the growth of the market. The prevalence of heart failure in developing countries is also high and increasing at a significant rate over the past few years, boosting the demand for cardiac assist devices in the market. The global cardiac assist devices market is growing at a significant rate and offering tremendous growth opportunities for both existing and upcoming players. New product approvals in response to the changing price and competitive landscape contribute towards the market growth.
New Product Approvals and Line Extensions for Existing Commercial Cardiac Assist Devices
The cardiac assist devices market is subjected to technological advancements and innovations. Vendors are actively engaged in the continuous development of new products and commercially launched many innovative and breakthrough cardiac assist devices in recent years. Players such as Medtronic and Abbott are continuously dominating the market with their continuous product launches and innovations. Technological advances have led to the development and commercialization of new generation cardiac assist devices with improved safety and efficacy rates. This coupled with the increasing awareness about advanced cardiac assist devices, rigorous R&D activities, and availability of positive clinical data has led to the increased usage of cardiac assist devices.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by application, product, end-user, and geography
- Competitive Landscape – 2 key company profiles and 12 other Prominent Vendors
Cardiac Assist Devices Market – Geographic Analysis
North American region is growing at a phenomenal rate compared to other regions due to favorable patient demographics, availability of skilled surgeons for implantations, and favorable reimbursement coverage. The overall economic burden of heart failure treatment continues to be large and is growing in the region. The cardiac assist devices market in Latin America is growing at a moderate rate compared to North America, Europe, and APAC regions. The presence of a large pool of patient population that requires cardiac assist devices, increase in government initiatives and funding on healthcare, and improvements in healthcare infrastructure are the main factors driving the market growth in the region.
The market is dominated by major players; many investigational and small med-tech companies are coming into existence with innovative products and technologies. This indicates the market offers tremendous growth opportunities both for existing and future/emerging players. The presence of a large pool of patient population with heart failure conditions and comorbidities resulting in heart failure conditions requiring cardiac assist devices will help players to launch innovative products. Most of the leading players are focusing on implementing various strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their share and presence in the market. The companies have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities. This increase in R&D investment is aimed at developing new products to further streamline and improve LVAD cardiac assist devices.
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