Demand for Cardiac Assist Devices on Upswing, Integration of Internet of Things (IoT) Underway, Finds FMI

VALLEY COTTAGE, N.Y. – The global market for cardiac assist devices is expected to reach a remarkable net worth of US$ 37 Bn by the end of 2029, incrementing at a CAGR of 5.7% over the forecast period 2019-2029. High acceptance and adoption of cardiac assist devices in developing regions, increasing affordability of medical devices & novel treatments, and a rise in the prevalence of cardiovascular diseases are driving the market growth. However, lack of awareness among rural population, steep competition among existing players, and severity & complications involved in the treatment are emerging as key challenges for the market players.

“Incessant rise in innovations and upgradation in cardiac assist devices are highly accountable for penetrating competition among the leading market players. Several companies are focusing on regulatory approvals for new cardiac assist devices for reduced time-to-market,” says FMI analyst.

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Internet of Things (IoT) in Cardiac Assist Devices – Key Growth Catalyzer

In recent years, the healthcare industry has been undergoing a technological revolution, with IoT connected wearable medical devices helping in prevention of heart-related fatalities. Cardiac assist device in particular is witnessing an integration of numerous technologies which further equip patients and physicians with the data they need to better manage heart problems post-diagnosis. In order to set their products apart from the competition, market players are significantly investing in disruptive technologies such as IoT and Artificial Intelligence (AI) to accelerate diagnosis of heart diseases via remote patient monitoring and to deliver accurate results.

Ventricular Assist Devices to Soar Up by 2029

Ventricular assist devices (VAD) are expected to witness higher demand than intra-aortic balloon pumps over the forecast period. The success of VADs has gained a strong foothold in the treatment of later stages of heart failure. Based on significant survival advantages offered by VAD therapy, widespread application of this technology is expected in near future. Left ventricular assist device (VAD) is witnessing increasing demand due to excellent outcomes when compared to any other cardiac assist device. Over the last several years, LVAD has undergone significant modifications resulting in reduced infectious complications and improved longevity of the devices.  LVAD modifications along with the development of continuous flow pumps have also eased minimally invasive surgical procedures.

Preview Analysis Of 2019 Analysis and Review of Cardiac Assist Devices Market by Product – Ventricular Assist Devices (VAD and Intra-aortic Balloon Pump for 2019 – 2029:

North America Leads the Global Cardiac Assist Devices Market

As of 2018, North America held 50% of the total revenue share of the global cardiac assist devices market. Owing to a high prevalence of cardiovascular diseases and growing digital health technologies in conventional clinical cardiology tools, North America continues to create greater opportunities for the market players. Demand from Western Europe, APEJ and Japan are also increasing at a considerable pace, due to rapid expansion of healthcare industry, increasing incidences of heart failures, and rising government investment in healthcare infrastructure. Additionally, a significant number of clinical trials on new VAD have been underway, which will remain instrumental to growth of the cardiac assist devices market in these regions.

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