Cardiac Assist Devices Market Analysis
Cardiac Assist Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Cardiac assist devices are mechanical pumps that assist the heart to enhance its pumping efficiency and help maintain optimal blood flow throughout the body. In cases of congestive heart failure, where oral medications fail to help the patient survive, cardiac assist devices are used. Heart failure is majorly caused due to weakening of heart muscles, which diminishes the heart’s ability to ensure optimal blood supply throughout the body. In such cases, the heart can be donated to the suffering patient, however, the number of donors for heart transplantation is reducing, due to rapid improvement in healthcare, which increases the life span of several patients. This in turn, is increasing the demand for cardiac assist devices, further creating a lucrative environment for growth of the cardiac assist devices market. Furthermore, rapid advancements in technology coupled with increasing number of cardiac surgeries among heart patients are factors contributing to growth of the cardiac assist devices market.
The market for cardiac assist devices is majorly driven by the growing geriatric population, increasing prevalence of heart failure, high adoption of cardiac assist devices. These devices are also used as a BTT or Bridge-To-Transplantation, BTR or Bridge-To-Recovery, and/or DT or Destination Therapy depending upon the severity of the disease and necessity of the patient. Advancements in technology such as minimally invasive procedures and enhanced efficiency are expected to fuel growth of this market in the near future. However, alternative treatments such as implanting artificial pacemaker pose as threats to growth of the cardiac assist devices market.
Cardiac Assist Devices Market Taxonomy
On the basis of product type, the global market is segmented into:
On the basis of placement location, the global market is segmented into:
According to Centers for Disease Control and Prevention (CDC), around 5.7 million individuals in the U.S. suffered from heart failure in 2016. The report suggests that the number of occurrences is likely to increase, with the increase in number of aging of the population in this region. According to the American Heart Association, around 2,200 people in the U.S. die from cardiovascular disease every day, an average of 1 death per 40 seconds. This staggering number of patients suffering from heart diseases will result in growth in demand for cardiac assist devices.
High prevalence of heart diseases and rise in geriatric population will drive growth of the overall market
According to the American Heart Association, in 2013, cardiovascular disease is the foremost global cause of deaths among the population, accounting for about 17.3 million deaths per year. According to the same report, the number of deaths is expected to rise to around 23.6 million by 2030. Moreover, growing aging population and rising prevalence of coronary artery diseases are some of the other major factors expected to fuel growth of the market. Increasing adoption of unhealthy dietary habits, lack of proper exercise, increasing stress, and sedentary lifestyles are increasing occurrences of heart-related diseases, especially heart failures. This in turn is increasing demand for cardiac assist devices, thus expected to boost market growth over the forecast period.
North America accounted for the major market share in 2016, owing to high prevalence of heart diseases such as cardiac failure, increased awareness among patients regarding such devices as well as high adoption of cardiac assist devices in hospitals and homecare.
Major manufacturers operating in the market primarily focus on developing innovative and efficient cardiac assist devices through a robust research and development program. Some of the companies operating in the cardiac assist devices market in the current scenario are MAQUET GmbH & Co., Berlin Heart GmbH, Teleflex Incorporated, Thoratec Corporation, Heart Ware International, SynCardia Systems, Inc., and ABIOMED.