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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

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:

  • Total Artificial Heart (TAH)
  • Intra-Aortic Balloon Pumps (IABP)
  • Ventricular Assist Devices (VAD)

On the basis of placement location, the global market is segmented into:

  • Right Ventricular Assist Device (RVAD)
  • Left Ventricular Assist Device (LVAD)
  • External Ventricular Assist Device (VAD)
  • Bi-Ventricular Assist Device (Bi-VAD)

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.

Key Developments

  1. Key companies in the market are involved in various growth strategies such as merger and acquisition, in order to gain competitive edge in the global market. For instance, in October 2018, Teleflex Incorporated, a provider of specialty medical devices, acquired Essential Medical, Inc., a U.S.-based medical device company. The acquisition will give Teleflex access to Essential Medical’s CE marked MANTA Vascular Closure Device, which is used for cardiac assist.
  2. Key players in the market are focused on various business strategies such as gaining product approval from regulatory authorities, in order to enhance the market presence. For instance, in September 2017, Abiomed, a manufacturer of medical implant device, received the U.S. Food and Drug Administration (FDA) approval for Impella RP System, which is a heart pump and is used in treatment of right heart failure.
  3. Major companies in the market are involved in different growth strategies such as product launched, in order expand their product portfolio and gain competitive edge in the market. For instance, in May 2017, Teleflex Incorporated, a provider medical devices, launched New Arrow AC3 Optimus Intra-Aortic Balloon Pump. This novel device the cardiologists tools to handle routine as well as complex heart cases.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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