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How Fast Is The Cardiac Assist Devices And Equipment Market Expected to Grow Between 2025 And 2029?
In recent times, there has been substantial growth in the size of the cardiac assist devices and equipment market. The market value will escalate from $2.3 billion in 2024 to $2.59 billion in 2025, with a compound annual growth rate (CAGR) of 12.8%. Factors contributing to this growth during the historical period include the prevalence of cardiac arrhythmias, an aging population, clinical guidelines and research, and the shift towards minimally invasive procedures.
What Growth Rate Is Anticipated for the Cardiac Assist Devices And Equipment Market in the Coming Years?
The size of the cardiac assist devices and equipment market is projected to expand significantly in the upcoming years, reaching a value of $3.68 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%. Factors contributing to this growth in the forecast period include the prevalence of personalized medicine, global healthcare accessibility, the use of electrophysiology devices in the management of heart failure, and hybrid procedures. Concurrent trends in the forecast period encompass 4D mapping and visualization, the application of artificial intelligence (AI) in electrophysiology, regenerative medicine approaches, and leadless cardiac pacing.
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Who Are the Leading Companies in 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 Are the Key Drivers of the Cardiac Assist Devices And Equipment Market?
The growing occurrence of cardiovascular diseases (CVD) is leading to an increased demand for cardiac assist devices and equipment in developed and developing countries. The escalating necessity for diagnosis, monitoring, preemptive treatment and prevention of these potentially fatal diseases propels the need for these devices. For instance, the American Heart Association, a non-profit organization based in the US, predicts that by 2035, almost half of the US population, 45.1%, will be affected by some form of CVD. The total expenses associated with CVD are projected to rise to $1.1 trillion by 2035, with direct medical expenses expected to be about $748.7 billion and indirect costs calculated to be around $368 billion. Hence, the growing prevalence of cardiovascular diseases is fueling the expansion of the cardiac assist devices and equipment market.
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What Are the Key Market Segments in the Cardiac Assist Devices And Equipment Industry?
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 Latest Trends in the Cardiac Assist Devices And Equipment Market?
Prominent enterprises in the cardiac assistance devices and equipment field, such as Abbott Laboratories, are creating groundbreaking products like the CardioMEMS HF System. This venture is aimed at providing better care for an increasingly large population suffering from heart failures. Introduced in February 2022, the CardioMEMS HF System, approved by the US FDA, is a diminutive implantable sensor for heart failures that can wirelessly monitor and measure pulmonary artery pressure along with heart rate. This data proves valuable for healthcare professionals, assisting them in formulating treatment plans and managing heart failure in patients. Consequently, patients can potentially receive care earlier and prevent hospitalizations related to heart failures.
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What Are the Key Regional Markets in the Cardiac Assist Devices And Equipment Industry?
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.
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This Report Delivers Insight On:
1. How big is the cardiac assist devices and equipment market, and how is it changing globally?
2. Who are the major companies in the cardiac assist devices and equipment market, and how are they performing?
3. What are the key opportunities and risks in the cardiac assist devices and equipment market right now?
4. Which products or customer segments are growing the most in the cardiac assist devices and equipment market?
5. What factors are helping or slowing down the growth of the cardiac assist devices and equipment market?
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