Cardiac assist devices are used to provide support to heart externally due to respiratory failure. It is an electromechanical device that helps to assist blood circulation in cardiac failure. Cardiac assist devices are generally used to completely or partially replace functioning of weakening heart. There are two main types of cardiac assist devices available in the market, intra-aortic balloon type and ventricular assist device. Limited availability of heart donor is likely to increase demand for cardiac assist devices across the globe.
According to FMI report, the global cardiac assist device market is estimated to reach US$ 2,200 Mn by the end of 2027. The market is expected to register a CAGR of 5.7% during the forecast period. Cardiac assist device market players are anticipated to gain substantial market growth in ventricular assist devices sales in the near future.
What are the dynamic aspects to strengthen cardiac assist device market growth?
- Provision of improved health care services
- Initiatives taken by the government to provide low-cost heart surgery treatments
- Strong focus of market players on expansion of product portfolio
- Increase in advance health care system
- Provision of established reimbursements in Medicare policies
- Increasing medical tourism worldwide
- Growing concern about fatal risk associated with cardiovascular diseases
Why is the future scope for cardiac assist device market?
Ventricular assist devices are used mostly in combination to circulate blood from left to right ventricular which includes (RVAD) right ventricular assist device and left ventricular assist device (LVAD). In addition, external ventricular assist devices are used for temporary support during heart surgery or after surgical operations. Increase in demand for advance medical equipment in healthcare industry is expected to proliferate cardiac assist device market avenues in the near future.
What are the restraining factor for cardiac assist device market?
Demand for cardiac assist devices is expected to remain high worldwide, however, the technical drawbacks related to its functioning is expected to confine its market growth. Most common risks such as pump thrombus, suction events, infection, hemorrhage and arrhythmias among others have caused many patients to opt for either alternative to cardiac assist device or faced severe consequences. Several companies have experienced shortfalls due to such adverse effects of using cardiac assist device on patients. Some of the cardiac assist device manufacturers have received notices from the US FDA due to occurrence of side effects like blood clotting in using their products. Similarly, other several side-effects like localized infection, cardiac arrhythmia, respiratory failure and bleeding have been observed in clinical trial of certain company’s cardiac assist devices. Based on these factor, market players are likely to invest heavily in product development and eliminate adverse effects of using cardiac assist devices during the forecast period.
Where can cardiac assist device manufacturers find potential opportunities for market expansion?
Based on availability of advanced treatment for heart surgeries, demand for cardiac assist devices is expected to remain comparatively high in North America. Increasing rate of heart failure diseases is likely to attribute towards robust growth for cardiac assist device market in this region. Prevailing medical sector in the Europe is expected to register a moderate CAGR for cardiac assist market device in the near future.
Major companies like MAQUET GmbH & Co., LLC., Thoratec Corporation, Teknimed SA, Teleflex Incorporated, Berlin Heart GmbH, Abbott Laboratories, Terumo Corporation, Heart Ware International, ABIOMED and SynCardia Systems, Inc. are key players in cardiac assist device market.
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