Cardiac Assist Devices Market

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Cardiac Assist Devices Market is Estimated to
Witness High Growth Owing to Increasing Incidence
of Cardiovascular Diseases and Advancements in
Technology
Cardiac Assist Devices Market
The global Cardiac Assist Devices market is
estimated to be valued at USD 1.37 Bn in 2023 and
is expected to exhibit a CAGR of 6.1 over the
forecast period 2023-2033, as highlighted in a
new report published by Coherent Market Insights.
Market Overview
The Cardiac Assist Devices market comprises
medical devices that are used to support or
replace the function of a failing heart. These
devices assist in maintaining blood flow and
proper functioning of the heart in patients
suffering from severe heart failure. Cardiac
Assist Devices can be divided into three types
Ventricular Assist Devices (VADs), Intra-aortic
Balloon Pump (IABP), and Total Artificial Heart
(TAH). These devices are crucial in improving the
quality of life and survival rates of patients
with heart failure.
Market Dynamics
The Cardiac Assist Devices market is driven by
several factors. One of the significant drivers
is the increasing prevalence of cardiovascular
diseases worldwide. According to the World Health
Organization (WHO), heart disease is the leading
cause of death globally, accounting for
approximately 17.9 million deaths every year.
This escalating disease burden necessitates the
adoption of cardiac assist devices to manage
heart failure and improve patient outcomes.
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Another driver for Cardiac Assist Devices market
growth is the advancements in technology.
Continuous innovation has led to the development
of advanced cardiac assist devices that offer
improved functionality, increased patient
comfort, and enhanced durability. For instance,
Thoratec Corporation's HeartMate 3, a left
ventricular assist device (LVAD), incorporates
magnetic levitation technology, providing better
support to patients and reducing the risk of
complications such as blood clotting.
Segment Analysis
Among the various segments of the Cardiac Assist
Devices market, Ventricular Assist Devices (VADs)
dominate the market. VADs are mechanical devices
that help in the pumping of blood from the heart
to the rest of the body. These devices are widely
used in patients awaiting heart transplant or
those with severe heart failure who are not
eligible for transplantation. VADs offer several
advantages, including the ability to provide
long-term support and improved survival rates.
Due to these benefits, VADs hold a significant
share in the Cardiac Assist Devices market.
PEST Analysis
Political Governments worldwide are taking
initiatives to combat cardiovascular diseases by
implementing preventive measures, promoting
awareness campaigns, and improving healthcare
infrastructure. For instance, in the United
States, the Centers for Disease Control and
Prevention (CDC) works towards preventing heart
disease and stroke through various programs and
policies.
Economic The rising healthcare expenditure and
increasing disposable income of individuals in
emerging economies contribute to the growth of
the Cardiac Assist Devices market. Furthermore,
the availability of reimbursement facilities for
cardiac assist devices aids market expansion.
Social The aging population and unhealthy
lifestyle choices, including sedentary habits and
unhealthy diets, contribute to the growing
prevalence of cardiovascular diseases. The
adoption of cardiac assist devices becomes
crucial in such scenarios, driving market growth.
Technological Advancements in technology have
revolutionized cardiac assist devices, making
them more efficient, safer, and durable.
Continuous research and development activities in
the field of cardiac technology result in the
introduction of novel devices, bolstering market
growth.
Key Takeaways
The global Cardiac Assist Devices market is
expected to witness high growth, exhibiting a
CAGR of 6.1 over the forecast period, due to
increasing incidence of cardiovascular diseases
and advancements in technology. The market is
dominated by Ventricular Assist Devices (VADs),
which offer long-term support and improved
survival rates to patients with severe heart
failure.
In terms of regional analysis, North America is
the fastest-growing and dominating region in the
Cardiac Assist Devices market, owing to the high
prevalence of heart diseases and well-established
healthcare infrastructure. Europe and Asia
Pacific also contribute significantly to the
market share.
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Key players operating in the global Cardiac
Assist Devices market are MAQUET GmbH Co.,
Berlin Heart GmbH, Teleflex Incorporated,
Thoratec Corporation, Heart Ware International,
SynCardia Systems, Inc., and ABIOMED. These
players focus on strategic collaborations,
mergers and acquisitions, and product innovations
to maintain their market position.