The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s cardiac assist devices and equipment market report forecasts the cardiac assist devices and equipment market size to grow to $3.51 Billion by 2027, with a CAGR (compound annual growth rate) of almost 10%.
Learn More On The Cardiac Assist Devices And Equipment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cardiac-assist-devices-and-equipment-global-market-report
Cardiac Assist Devices And Equipment Market Size Forecast
The global cardiac assist devices and equipment market is expected to grow from $2.15 billion in 2022 to $2.41 billion in 2023 at a compound annual growth rate (CAGR) of 12.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cardiac assist devices and equipment market size is expected to grow to $3.51 billion in 2027 at a CAGR of 9.9%.
North America held the largest cardiac assist devices and equipment market share.
Key Cardiac Assist Devices And Equipment Market Driver – Rise In The Prevalence Of Cardiovascular Diseases
According to the American Heart Association, by 2035, 45.1% of the US population is projected to have some form of CVD. Total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach $368 billion. According to the Centers for Disease Control and Prevention, anout 697,000 people died from heart diseases in 2020 which was almost 1 in every 5 deaths.
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Key Cardiac Assist Devices And Equipment Market Trend – Device Miniaturization
The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as ‘Thoracotomy’. Cardiac assist device miniaturization acts as a replacement to heart transplantation as destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware’s device miniaturization program, aiming to reduce the weight, size, and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices was compared, out of which the best one was found based on better clinical outcome and more cost-effectiveness due to its miniaturized design.
Cardiac Assist Devices And Equipment Market Segment
1) By Type: Ventricular Assist Devices (LVAD), Intra-Aotic Baloon Pumps, Total Artificial Heart
2) By Application: Hospital Pharmacies, Ambulatory Surgical Centres, Emergency Services
3) By Modality: Transcutaneous, Implantable
Cardiac Assist Devices And Equipment Market Major Players and Strategies
Major players in the cardiac assist devices and equipment market are 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., and Circulate Inc.
In June 2021, Medtronic PLC., an Irish medical device company, stopped the sale and distribution of the HeartWare Ventricular Assist Devices system due to the risk of mortality and neurological adverse events due to the use of the device and malfunctioning in the starting of the device.
The Cardiac Assist Devices And Equipment Global Market Report 2023 covers regional data on cardiac assist devices and equipment market size, cardiac assist devices and equipment market trends and drivers, opportunities, strategies, and cardiac assist devices and equipment market competitor analysis. The countries covered in the cardiac assist devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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.
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