PUBLISHER: The Business Research Company | PRODUCT CODE: 1387682
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387682
“Cardiac Assist Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiac assist devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiac assist devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiac assist devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Cardiac assist devices and equipment are electromechanical solutions that aid in blood circulation from the heart to the body. They serve to either partially or fully substitute the functions of a failing heart.
Key types of cardiac assist devices include ventricular assist devices, intra-aortic balloon pumps, and the total artificial heart. Ventricular assist devices are specifically designed electromechanical tools for heart circulation support. These devices come in varied forms, such as transcutaneous and implantable, and find application in hospital pharmacies, ambulatory surgical centers, and emergency services.
The cardiac assist devices and equipment market research report is one of a series of new reports from The Business Research Company that provides cardiac assist devices and equipment market statistics, including cardiac assist devices and equipment industry global market size, regional shares, competitors with a cardiac assist devices and equipment market share, detailed cardiac assist devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac assist devices and equipment industry. This cardiac assist devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiac assist devices and equipment market size has grown rapidly in recent years. It will grow from $2.47 billion in 2023 to $2.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the previous period was influenced by the increased prevalence of cardiac arrhythmias, the expanding aging population, advancements in clinical guidelines and research, and the adoption of minimally invasive procedures.
The cardiac assist devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. Anticipated growth in the upcoming period is likely due to the advancements in personalized medicine, increased global access to healthcare, the use of electrophysiology devices in managing heart failure, and the rising popularity of hybrid procedures. Key trends projected for the upcoming period include developments in 4D mapping and visualization, integrating artificial intelligence (AI) into electrophysiology procedures, the exploration of regenerative medicine approaches, and the use of leadless cardiac pacing.
A surge in the occurrence of cardiovascular diseases (CVD) is spurring the demand for cardiac assist devices and equipment across both developed and developing economies. The increased necessity for diagnosing, monitoring, early treatment, and prevention of these life-threatening conditions is elevating the need for cardiac assist devices. For instance, as per data from the American Heart Association, an organization based in the United States, projections indicate that by 2035, around 45.1% of the US population is estimated to experience some form of CVD. The total expenses related to CVD are anticipated to reach $1.1 trillion in 2035, encompassing direct medical costs projected at $748.7 billion and indirect costs estimated at $368 billion. This upsurge in cardiovascular disease prevalence is a significant driver behind the expansion of the cardiac assist devices and equipment market.
The anticipated surge in telemedicine services is set to significantly drive the growth of the cardiac assist devices and equipment market. Telemedicine encompasses the use of electronic information and communication technologies to provide healthcare services and support. Its devices and platforms facilitate increased patient engagement in managing their health, monitoring conditions, and communicating with healthcare professionals. These advancements are expected to improve patient outcomes by enabling remote monitoring, early detection of issues, and timely interventions for cardiac patients. For example, according to the Centers for Disease Control and Prevention, a US-based governmental organization, approximately 37.0% of adults in the United States utilized telemedicine in the previous 12 months in 2021. The adoption of virtual physician visits surged to 80% in 2022, a significant increase from 14% over a span of six years. This rise in telemedicine services is a driving force behind the expansion of the cardiac assist devices and equipment market.
The limitations posed by risks associated with the implantation of cardiac assist devices in the human body act as a significant restraint on the market's growth. Complications stemming from device implantation, such as the occurrence of respiratory failure, blood clot formation, stroke risk, and potential device failure leading to heart attacks, contribute to hesitancy among individuals to adopt cardiac assist devices. These concerns among end-users hinder the overall demand for these devices and constrain the market's growth prospects. For instance, infection rates of cardiac implantable electronic devices stand at 1.7% shortly after implantation, increasing to 9.5% after two years, amplifying the risk factor. This surge in device replacements results in more complex procedures and heightened infection rates, which add to the considerable risks associated with these devices.
Leading enterprises within the cardiac assist devices and equipment market are actively engaged in creating groundbreaking solutions, such as the CardioMEMS HF System, aimed at supporting a larger population afflicted by heart failure. The CardioMEMS HF System serves as a wireless monitoring system designed to measure pulmonary artery pressure and heart rate in individuals experiencing heart failure. Notably, in February 2022, Abbott Laboratories, a prominent medical device company headquartered in the United States, secured FDA approval for the CardioMEMS HF System. Leveraging data from this system, healthcare practitioners can make informed decisions about treatments and effectively manage heart failure in patients, potentially aiding in providing prompt care and minimizing heart failure-related hospitalizations.
The trend toward miniaturization of cardiac assist devices is gaining prominence within the market. Shrinking the size of these devices significantly improves the implantation process, potentially reducing hospital stays through minimally invasive procedures like 'Thoracotomy'. Device miniaturization offers an alternative to heart transplantation, particularly given the scarcity of heart donors, serving as a destination therapy. Heartware Ltd. is actively investing in a device miniaturization initiative to decrease the weight, size, and energy consumption of their devices. Additionally, the United Kingdom's National Health Service has initiated a Bridge to Transplant program (BTT), comparing the performance of two minimally invasive cardiac assist devices to determine the most effective and cost-efficient option, predominantly due to its miniaturized design.
In December 2022, Johnson & Johnson, a prominent US pharmaceutical company, finalized the purchase of Abiomed for a sum of $16.6 billion. Through this acquisition, Johnson & Johnson incorporates heart recovery solutions that align with its Biosense Webster electrophysiology business, facilitating expansion in rapidly growing markets. Abiomed, a US-based medical device company renowned for producing heart pumps, is now part of Johnson & Johnson's strategic portfolio.
Major companies operating in the cardiac assist devices and equipment market include Abbot Laboratories, Berlin Heart GmbH, Abiomed Inc., Bivacor Pvt Ltd., Calon Cardio-Technology Ltd., Cardiobridge GmbH, Balton Sp. Z O.O, Cardiac Assist Inc., Braile Biomedica Ltd., Circulite Inc., Cardiokinetix Inc., Evaheart Inc., Fineheart Sarl, Fresenius Medical Care Ag & Co. KGaA, Getinge Ab, GPB Life Science Holdings Llc, Jarvik Heart Inc., Medtronic PLC, OregonHeart, Mitiheart Corporation, Procyrion Inc., Relianthreat Inc., Scandinavian Real Heart AB, Senko Medical Instrument Mfg. Co. Ltd., Syncardia Systems LLC, HeartWare International Inc., Cardiac Dimensions Inc., Cardiac Power Innovations, Cardiac Science Corporation, Cardionomic Inc., Carmat SA, CorWave SA, Edwards Lifesciences Corporation, Leviticus Cardio Ltd., LivaNova PLC, MicroMed Cardiovascular Inc., MyoCardioCare Inc., Novacor SA, Orqis Medical Corporation, Terumo Corporation, Thoratec Corporation, Ventracor Limited
North America was the largest region in global cardiac assist devices and equipment market in 2023. Western Europe was the second-largest region in cardiac assist devices and equipment market. The regions covered in the cardiac assist devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cardiac assist devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cardiac assist devices and equipment market consist of sales of ventricular assist devices (LVAD), intra-aortic balloon pumps, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.