The cardiac assist devices market size to reach USD 2.4 billion by 2025, growing at a CAGR of 9% during the forecast period. The global market is expected to grow at a significant pace during the forecast period due to growing technological advancements, new product approvals, increasing elderly population, and improvements in reimbursement policies for heart failure.
The emergence of next-generation cardiac assist devices is expected to fuel industry growth during the forecast period. The industry has witnessed the launch of several advanced and innovative heart assist devices with major changes in product designs and material usage. For instance, Abbott received the USFDA approval for its HeartMate 3 LVAD, which can be used for long-term circulatory support and as destination therapy in patients who are not eligible for heart transplantations.
The cardiac assist devices have evolved into an appropriate treatment option for patients with advanced heart failure. With growing technological advancements, cardiac assist devices have become popular across the globe, especially in developed countries such as the US, Germany, France, Spain, Japan, the UK, and Australia.
- In the US, over 8 million people are expected to experience heart-related disorders by 2030, which is likely to boost the demand for cardiac assist devices.
- The growth of the geriatric population in France, which is expected to reach 30% by 2050 from 25% in 2030, is likely to contribute to market growth.
- In Spain, the high penetration of advanced cardiac assist devices is likely to influence the market positively.
- In 2019, the ventricular assist devices market segment accounted for an 88% share of the global cardiac assist devices market share.
CARDIAC ASSIST DEVICES MARKET SEGMENTATION
This research report includes detailed segmentation by
INSIGHTS BY APPLICATION
The cardiac assist devices market is segmented into the bridge to transplantation (BTT), destination therapy (DT), and other applications. BTT accounted for a 53% share in the global cardiac assist devices market. The bridge to candidacy (BTC) segment is expected to grow steadily due to advances in technology. The destination therapy (DT) segment is expected to grow at the fastest CAGR of 12% on account of the shortage of heart donors, increasing prevalence of end-stage heart failures, and the availability of effective therapies to treat heart failures. The demand for DT is likely to increase as it supports long-term cardiac function in end-stage heart failure patients, who are ineligible for heart transplantation.
INSIGHTS BY PRODUCTS
The VADs product segment is growing at a significant rate and is likely to grow at a similar pace during the forecast period. The market is expected to reach USD 2.2 billion in 2025, growing at a CAGR of 10% during the forecast period. The LVADs market segment accounted for 82% of the global cardiac assist devices market. The usage of LVAD, like a heart pump, has significantly improved the survival rate of patients who are waiting for heart transplantation. LVADs are also evolving rapidly as its accessibility is increasing across the globe among the developed and few developing countries than transplantation.
Intra-aortic balloon pumps (IABP) are considered to be the first line of treatment, especially in low and middle-income countries, and help treat the patient at critical stages. The segment is expected to grow due to several surgeons recommending IABP for treating advanced heart failures.
INSIGHTS BY END-USERS
The hospital segment is expected to dominate the market during the forecast period, as the number of hospitals offering cardiac care is relatively high than in other healthcare settings. Patients prefer undergoing advanced heart failure treatment in hospitals due to their convenient locations and ease of accessibility. Moreover, the aging population and shortage of heart donors are other major factors likely to drive the segment growth.
Specialty cardiac centers (SSCs) are solely dedicated to treating patients suffering from several cardiovascular diseases. The segment is expected to grow at the fastest CAGR due to the availability of sophisticated infrastructure related to the diagnosis and high-quality treatment of CVDs in standalone cardiology centers. This segment is likely to grow at a faster rate and increase its market share to 42% by 2025.
INSIGHTS BY GEOGRAPHY
The North American market heart transplant market is the major revenue-contributor and is expected to grow at the fastest CAGR of 11% due to favorable patient demographics, availability of skilled surgeons, and favorable reimbursement coverage. The increasing prevalence of obesity and diabetes, coupled with the aging population, has increased heart failures, which are expected to bolster the market.
Europe is the second-largest cardiac assist devices market and accounted for a share of 22% of the global market. In Europe, the market is likely to grow because of the increasing geriatric population with heart diseases and high awareness of the advantages of cardiac assist devices. Further, increased government investments for such devices are likely to boost industry growth. Germany, the UK, and France are the key countries in the region as they invest the highest in R&D activities than other European countries.
The APAC market is expected to grow at a moderate rate due to the increased healthcare expenditure, coupled with a high prevalence of CVDs. The market is likely to reach $246 million in 2025, growing at a CAGR of 6% during the forecast period. Japan, China, Australia, South Korea, and India are the major revenue contributors to the cardiac assist devices market in the APAC region.
INSIGHTS BY VENDORS
The global cardiac assist device market is highly consolidated with major players accounting for a significant share of the industry. Abbott, Medtronic, SynCardia, Getinge, and Abiomed are identified as the leading vendors in the market. However, there are considerable growth opportunities for new entrants. Several investigational and small med-tech companies are expected to offer innovative products and technologies. The leading players are focusing on implementing several strategies such as product launches and approvals, acquisitions, and an increase in R&D investment to enhance their market share. Leading players are likely to dominate the industry on account of their strong presence and surgeons’ endorsement for their products due to the availability of abundant clinical data and efficacy.
The cardiac assist devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Application
- Bridge to Transplant
- Destination Therapy
- Ventricular Assist Devices (VADs)
- Left Ventricular Assist Devices (LVADs)
- Other VADs
- Intra-aortic Balloon Pump (IABP)
- Total Artificial Heart (TAH)
- Special Cardiac Centers
- North America
- South Korea
- Latin America
- Middle East & Africa