July 17, 2024
Cardiac Assist Devices Market

Cardiac Assist Devices Market is expected to be Flourished by Emerging Demand for Minimally Invasive Procedures

Cardiac assist devices are mechanical pumps used to support heart function and blood flow in patients with weakened hearts. They can be used as a temporary treatment in place of a permanent heart transplant. There are different kinds of cardiac assist devices including ventricular assist devices (VADs), total artificial hearts and intra-aortic balloon pumps. Ventricular assist devices treat both sides of the heart and are most commonly used as a bridge to transplantation or recovery or as a destination therapy for those who are not eligible for a heart transplant. They are implanted in the chest and require connections to an external driver through the skin using tapered conduits. Some VADs are designed to be implanted for several years to assist the patient with end-stage heart failure. Total artificial hearts are designed to completely replace the pumping function of a person’s own native heart.

The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.69 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing demand for minimally invasive procedures is expected to drive growth of the cardiac assist devices market over the forecast period. Minimally invasive cardiac assist devices such as VADs are gaining more popularity compared to open heart surgeries as they help in faster recovery, less pain and smaller incisions. According to the American Heart Association, by 2035, more than 130 million Americans will suffer from some form of cardiovascular disease and the demand for advanced treatment procedures will increase rapidly. The increasing burden of cardiovascular diseases and limited availability of heart donors for transplantations around the world are some of the major factors that will propel the growth of the cardiac assist devices market. Moreover, latest technological advancements in cardiac assist devices with improved durability and portability are also fueling market growth. However, high costs associated with sophisticated devices and post-operative care amidst economic slowdown are some factors that may hinder market growth over the forecast period.

Segment Analysis

Cardiac Assist Devices Market is dominated by LVAD sub segment. Left ventricular assist devices (LVAD) accounts for over 70% of the market share. LVADs are used for long-term heart support in patients awaiting heart transplantation as a bridge to transplantation or for permanent long-term support for those ineligible for heart transplantation. They are effective in improving patient survival and quality of life.

PEST Analysis

Political: Governments are promoting awareness about heart diseases and supporting funding for research and development of new devices. Strict regulations are in place to ensure safety and efficacy of devices.

Economic: Rising healthcare spending and growing economy is driving the market growth. However, high cost of devices may limit adoption in developing regions.

Social: Increasing incidence of heart failure, lack of organ donors for transplantation and aging population are propelling the demand. However, social stigma and risks associated with devices hinders the market growth.

Technological: Advancements in design, features and materials have improved device durability, portability and patient outcomes. Miniaturization has enabled developing implantable long-term solutions. Further innovation will expand applications.

Key Takeaways

The Global Cardiac Assist Devices Market Growth is expected to witness high over the forecast period supported by rising prevalence of heart diseases, growing geriatric population and technological advances.

Regional analysis: North America dominates the market currently owing to presence of major players, high healthcare spending and growing awareness. Asia Pacific is poised to grow at fastest pace due to increasing cases of heart failure, large patient population and improving healthcare infrastructure.

Key players: Key players operating in the Cardiac Assist Devices market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum – RPM International Inc. LVADs are widely adopted for long term support. AkzoNobel and PPG Industries are leading manufacturers of LVADs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it