Growth, Trends, and Opportunities in the Cardiac Assist Devices And Equipment Market: Key Insights for the Next Decade
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What is the Long-Term Projected Growth Rate for the Cardiac Assist Devices And Equipment Market, and What Are the Key Drivers?
The size of the cardiac assist devices and equipment market has seen swift expansion in the recent past. The market value is projected to increase from $2.3 billion in 2024 to $2.59 billion in 2025, with a compound annual growth rate (CAGR) of 12.8%. Factors like the increase in cases of cardiac arrhythmias, an aging population, clinical directives and research, and the adoption of less invasive procedures have contributed to the growth witnessed in the historic period.
In the coming years, the cardiac assist devices and equipment market is anticipated to experience robust growth. The market is set to reach $3.68 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.2%. Factors contributing to this growth during the forecast period include advancements in personalized medicine, increased global healthcare access, use of electrophysiology devices for heart failure management, and the introduction of hybrid procedures. Notable trends expected within the forecast period encompass 4d mapping and visualization, the application of artificial intelligence (AI) in electrophysiology, regenerative medicine techniques, as well as the emergence of leadless cardiac pacing.
Which Primary Drivers Are Supporting the Continued Expansion of the Cardiac Assist Devices And Equipment Market?
The escalating incidence of cardiovascular diseases (CVD) is prompting an increased demand for cardiac assist devices and tools in both developed and developing economies. There is a growing requirement for diagnosis, observation, early treatment, and prevention of these fatal illnesses, thereby heightening the need for cardiac assist devices. For example, the American Heart Association, a non-profit organization based out of the US, forecasts that by 2035, approximately 45.1% of the US population will be affected by some form of CVD. The total expense of CVD is anticipated to be around $1.1 trillion in 2035, with direct medical costs expected to tip $748.7 billion and indirect costs projected at approximately $368 billion. Consequently, the steadily rising prevalence of cardiovascular diseases is propelling the expansion of the cardiac assist devices and equipment market.
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Which Companies Are Leading the Charge in Expanding the Cardiac Assist Devices And Equipment Market?
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
What New Trends Are Reshaping the Cardiac Assist Devices And Equipment Market and Its Opportunities?
Many of the leading firms in the cardiac assist devices and equipment market are developing groundbreaking products like the CardioMEMS HF System with the aim of enhancing the care given to a growing number of heart failure patients. The CardioMEMS HF System is a cardiac apparatus that wirelessly tracks and measures both the heart rate and pulmonary artery pressure of patients diagnosed with heart failure. In February 2022, Abbott Laboratories, a healthcare device company located in the US, was granted FDA approval for their implantable CardioMEMS HF System sensor designed for heart failure. Healthcare practitioners can leverage the information obtained from the CardioMEMS HF system to ascertain treatment options and manage a patient’s heart failure condition, with the potential of providing early care and avoiding instances of heart failure-related hospital visits.
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Which Key Segments of the Cardiac Assist Devices And Equipment Market Are Poised for Growth and Innovation?
The cardiac assist devices and equipment market covered in this report is segmented –
1) By Type: Ventricular Assist Devices (LVAD), Intra-Aotic Baloon Pumps, Total Artificial Heart
2) By Modality: Transcutaneous, Implantable
3) By Application: Hospital Pharmacies, Ambulatory Surgical Centres, Emergency Services
Subsegments:
1) By Ventricular Assist Devices (LVAD): Implantable LVADs, Externally Powered LVADs, Pediatric LVADs, Other LVADs
2) By Intra-Aortic Balloon Pumps: Disposable Intra-Aortic Balloon Pumps, Reusable Intra-Aortic Balloon Pumps
3) By Total Artificial Heart: Pneumatically Powered Total Artificial Heart, Electrically Powered Total Artificial Heart, Other Total Artificial Heart Types
What Are the Top Regions Fueling Growth in the Cardiac Assist Devices And Equipment Market?
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.
How Is the Cardiac Assist Devices And Equipment Market Defined Across Different Regions?
Cardiac assist devices and equipment are electromechanical devices that assist in pumping blood from the heart to the rest of the body. These devices are used either to partially or completely replace the function of a failing heart. They help improve blood circulation, reduce the workload on the heart, and can even provide life-saving assistance in critical situations.
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