Cardiac Assist Devices Market
Cardiac Assist Devices Market is segmented By Product (Ventricular Assist Device, Total Artificial Heart, Intra-Aortic Balloon Pump, Others), By Application(BTT, Destination Therapy, Others), By End-User(Hospitals, Ambulatory Surgical Centres, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Cardiac Assist Devices Market is estimated to reach at a CAGR of 11.5% during the forecast period (2022-2029).
Cardiac Assist Devices Market
Metrics |
Details |
Market CAGR |
11.5% |
Segments Covered |
By Product, By Application, By End-User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Cardiac Assist Devices (CADs) are hemodynamic support devices that improve pumping efficiency and maintain optimum blood flow throughout the body. They are used to treat end-stage heart failure.
Cardiac Assist Devices Market Dynamics:
The global Cardiac Assist Devices market is growing due to several factors such as, growing geriatric population, increasing incidence of chronic diseases, and advancement in product by manufacturers.
Increasing prevalence of heart failures and rising government funds are expected to drive the market growth.
The cardiac assist devices market growth is driven by the increasing prevalence of heart failures and several patients with cardiovascular diseases (CVDs), which drives the demand for cardiac assist devices. They help mechanically pump blood in patients with heart failures or a weakened heart.
According to the National Health and Nutrition Examination Survey (NHANES) data (2019), an estimated 6.2 million American adults ≥20 years of age (2.2%) had heart failure. More than 5.7 million Americans suffer from heart failure, and there are approximately 915,000 new patients diagnosed with the disease annually. For patients with advanced heart failure, ventricular assist devices support the weakened heart by pumping blood through the body.
Increasing technological advancements in devices are also fuelling the growth of cardiac assist devices globally. For instance, in Jun 2021, Abbott announced that company is capable to support the growing demand for mechanical circulatory support devices for proper treatment of advanced heart failure. Hence, the advancements in devices improve the quality of life for patients recovering from heart failures.
Besides, the lack of heart donors and the rising number of patients waiting for heart transplantation drive alternative approaches such as ventricular assist devices (VADs). According to the organ donation data by the U.S. Department of Health & Human Services, approximately 115,000 people in the U.S. were on the waiting list for a lifesaving organ transplant.
Rising government funding for product development and ongoing research activities is also driving the growth of the cardiac assist devices market.
Stringent regulations in pharma and high price of VADs are expected to hamper the market growth.
The high-cost ventricular assist devices (VADs) for advanced heart failure coupled with expensive follow-up care are restraining the growth of the cardiac assist devices market. On average, the VADs cost around US$ 100,000, and the total procedure costs around US$ 700,000 over a six-year period. The high cost of the device and procedures is too expensive for the low and middle-income patient population, hence, declining the demand and growth of the market.
Industry Analysis
The global cardiac assist devices market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis, pricing analysis and unmet needs.
Cardiac Assist Devices Market Segment Analysis:
Ventricular assist devices segment is expected to hold the largest market share in global cardiac assist devices market
By type, the global cardiac assist devices market is segmented into Ventricular Assist Device, Total Artificial Heart, Intra-Aortic Balloon Pump, and Others. Among these, the ventricular assist devices segment accounted for the largest market share of the cardiac assist devices, owing to the high adoption of the product among patients. A ventricular assist device (VAD) consists of an electric motor & a driveline, which is implanted in the patient's chest. It helps to pump the blood through the heart to the entire body and has the required force to distribute sufficient blood throughout the body.
The ventricular assist device is further classified into Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), and Bi-Ventricular Assist Device (BIVAD). Among these, left ventricular assist devices held the largest market share of more than 70% due to the rising LVAD implantation rate. For instance, till May 2019, approximately 26,600 heart failure patients were implanted with HEARTMATE II LVAD by Abbott. Also, increasing advancements in LVAD technologies are expected to propel this demand further. For instance, In October 2018, Abbott received US FDA approval for the HeartMate 3™ Left Ventricular Assist Device (LVAD) as a destination therapy for people living with advanced heart failure. Also, in 2016, ReliantHeart received a CE mark for aVAD-a left VAD. It includes features such as flow measurement and remote monitoring.
Based on the application of cardiac assist devices, the market is segmented into bridge-to-transplant (BTT) therapy, destination therapy, and others (such as bridge-to-recovery (BTR) therapy and bridge-to-candidacy (BTC) therapy). Among these, destination therapy is estimated to grow at the highest CAGR during the forecast period, owing to a high success rate, structural innovations, and higher quality of life with ventricular assist devices for destination therapy. In October 2019, Abbott received FDA approval for the HeartMate 3 left ventricular assist device (LVAD) as destination therapy for advanced heart failure patients ineligible for a transplant. The heart pump was approved as a bridge-to-transplant option in August 2017 but is now available for destination therapy. It has been approved in Europe for both indications since October 2015. Hence, the increasing product approval by manufacturers is expected to increase the adoption of VAD for destination therapy.
Cardiac Assist Devices Market Geographical Analysis:
North America region holds the largest market share in the global cardiac assist devices market
North America is dominating the cardiac assist devices market and estimated to hold the largest market size over the forecast period, owing to the rising prevalence of heart failure cases. According to the American Heart Association, in 2019, approximately 790,000 people in the U.S. have heart attacks each year. The rising number of people suffering from cardiovascular diseases and growing technological advancements boost the demand and adoption rate of cardiac assist devices in this region. In the United States, there are about 4,000 people on the heart transplant listed. Only about 2,000 hearts become available per year. The LVAD is used to “bridge” these patients to transplant when waiting is no longer possible.
With an increasing number of clinical trials and rising patient awareness about the variety of available products, the demand for cardiac assist devices increases in North America. Various ventricular assist device programs in various hospitals in this region lead to higher adoption rates among patients. These programs aim to create awareness about ventricular assist device systems. For instance, Cleveland Clinic has one of the most experienced ventricular assist devices (VAD) programs in the United States. The Cleveland Clinic has access to FDA- approved ventricular assist devices, as well as new investigational devices. Other programs include Inova's Heart Failure Program, MedStar Advanced Heart Failure Program, and Michigan Medicine VAD Program.
Cardiac Assist Devices Market Competitive Landscape:
The cardiac assist devices market is dominated by a few major players, including Biophan Technologies, Berlin Heart GmbH, Calon Cardio-Technology Ltd., MAQUET GmbH & Co., Teleflex Incorporated, Heart Ware International, Abiomed Inc., Thoratec Corporation, SynCardia Systems, and Bioheart. The players focus on product approvals and develop innovative products to strengthen their product portfolio, which intensifies the market competition.
The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations contributing to the growth of the Cardiac Assist Devices market globally. For instance,
- In Sep 2022, Abiomed announced that U.S. FDA approved two clinical research Impella heart pumps that can be used in acute myocardial infarction.
- In Jan 2022, Calon Cardio-Technology announced its joint development & testing with Leviticus Cardio in which they are testing fully implantable, wireless and long term blood pump.
- In May 2019, Abiomed launched the Impella CP commercially with SmartAssist at the 2019 Society for Cardiovascular Angiography & Interventions (SCAI).
Global Cardiac Assist Devices Market – Key Companies to Watch
Abiomed:
Overview: Abiomed is publicly traded medical device company that manufactures external and implantable circulatory support devices. It was founded in 1981 and is headquartered in Massachusetts, United States.
Product Portfolio:
Impella: Range of Impella systems are short term ventricular support devices that are used in high-risk percutaneous coronary interventions that is performed in patients suffering from severe coronary artery disease and are hemodynamically stable.
Key Developments: In Jun 2021, Abiomed announced its acquisition of precardiac, catheter developer that provides less invasive option for treatment of patients with acute decompensated heart failure
The global cardiac assist devices market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.
Frequently Asked Questions
What is the Projected CAGR value of the Cardiac Assist Devices Market?
Cardiac Assist Devices Market is expected to grow at a CAGR of 11.5% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Cardiac Assist Devices Market during 2022-2029
Which is the fastest growing region in the Cardiac Assist Devices Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period