Artificial Heart Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Artificial Heart Market is Segmented by Type (Ventricular Assist Device, Total Artificial Heart, Heart-Lung Machine, and Others), by Power Source (Internal Battery and External Battery), by End User (Hospitals and Clinics and Specialty Clinics) and by Geography (North America, Europe, Asia – Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Artificial Heart Market Overview
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 15.4 %

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Market Overview

The Artificial Heart Market is expected to witness a significant CAGR of 15.4% over the forecast period (2022-2027).

With the emergence of COVID-19, there is a delay in elective procedures that have adversely affected cardiovascular devices, such as the artificial heart market, especially in 2020. The study "The impact of the COVID-19 pandemic on waiting times for elective surgery patients: A multicenter study" published in July 2021 stated that the elective procedure incidence decreased rapidly at the onset of the first COVID-19 wave in March 2020 but recovered in May and June, after which the surgery incidence was 22% higher than in the reference years. With only urgent surgeries being allowed and most of the cardiac procedures canceled or postponed due to the diversion of resources towards the COVID-19-affected patients, the market for the artificial heart was tremendously affected. According to the Society of Thoracic Surgeons, there was a 52.7% reduction in adult cardiac surgery volume and a 65.5% reduction in elective cases in the United States in 2020. Therefore, due to the COVID-19 imposed restrictions, the was significantly impacted. However, with the increase in cardiac surgeries, the demand for artificial hearts is expected to boost the growth of the market.

The factors propelling the studied market growth are the growing burden of cardiovascular diseases and technological advancements in the market. Additionally, the growing geriatric population and increased adoption of a sedentary lifestyle increase the risk of cardiovascular diseases, and rising research and development studies will also lead to significant growth of the market.

According to a study published by the British Heart Foundation in January 2022, there were approximately 7.6 million people with heart disease in the United Kingdom and nearly 160,000 deaths each year. An average of 460 fatalities each day or one death every three minutes happen in the United Kingdom due to cardiovascular disorders (CVDs). Due to the rising burden of cardiovascular diseases, there is an increasing demand for innovative technologies which can decrease the mortality rates associated with heart failure, thereby increasing the demand for artificial hearts during the study period.

The rising research and development studies highlighting the improved survival rates of cardiac patients will increase its adoption, thereby leading to lucrative growth of the market. For instance, according to the study "Outcomes after heart transplantation and total artificial heart implantation: A multicenter study" published in March 2021, post-transplant of t-TAH (SynCardia Systems, Tucson, Arizona), survival was 88%, 84%, 79%, and 74% at six months, one year, two years, and five years, respectively, which is significantly high. More technological innovations in the artificial heart market are expected to increase the survival rate, thus driving the market.

Also, the article "New artificial heart shows promising results in 'auto-mode'" published in June 2021, stated that the Carmat Total Artificial Heart (C-TAH) Auto-Mode with built-in pressure sensors effectively produces appropriate physiological responses reflective of changing patients' daily needs and thus provides almost physiological heart replacement therapy. Therefore, such technological innovations in the market will fuel its growth.

Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, the high cost of artificial heart and related surgery is expected to hinder the market growth during the study period.

Scope of the Report

As per the scope of the report, an artificial heart is a device that maintains blood circulation and oxygenation in the human body for varying periods of time. Artificial hearts are typically used to bridge the time to heart transplantation or to permanently replace the heart if a heart transplant is impossible. The Artificial Heart Market is Segmented by Type (Ventricular Assist Device, Total Artificial Heart, Heart-Lung Machine, and Others), by Power Source (Internal Battery and External Battery), by End User (Hospitals and Clinics and Specialty Clinics), and by Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Type
Ventricular Assist Device
Total Artificial Heart
Heart-Lung Machine
Others
By Power Source
Internal Battery
External Battery
By End User
Hospitals and Clinics
Specialty Clinics
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Ventricular Assist Devices is Expected to Account for the Large Market Share During the Forecast Period

A ventricular assist device (VAD) is a device that helps pump blood from the lower chambers of the heart (ventricles) to the rest of the body. Ventricular assist devices (VAD) are highly important for patients with weakened hearts or heart failures. They are used to temporarily maintain the heart function until the heart recovers or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as they are mechanical pumps that are surgically implanted in the heart to pump blood into the whole body.

Factors such as increasing product launches, rising research and development activities, and strategies adopted by key market players will drive the studied market growth.

Moreover, new product launches and continuous government support are projected to boost the segment's growth. For instance, in July 2022, China's National Medical Products Administration issued marketing approval for a China-developed "artificial heart" for severe heart failure. The "heart" is an implantable ferrofluids-driven left ventricular assist device.

Additionally, in February 2020, Abbott received Breakthrough Device designation from the United States Food and Drug Administration (FDA) for its in-development Fully Implantable Left Ventricular Assist System (FILVAS).

Also, in March 2021, Penn State Health Milton S. Hershey Medical Center became the second hospital in the nation to implant a newly-designed EvaHeart2 Left Ventricular Assist System (LVAS) in a patient with severe heart failure. The procedure was part of the COMPETENCE Trial, a multi-center clinical study to evaluate EvaHeart2, including 40 clinical sites and 399 patients with severe heart failure through 2022. Such transplants of advanced devices and trials proving the efficacy of the devices boost the market growth during the forecast period.

Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.

Artificial Heart Market Share

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

The primary driving factors for the growth of the North American artificial heart market are the growing burden of cardiovascular diseases, rising adoption of technologies, increasing product approvals, increasing investments, and key initiatives taken by the key market players.

The United States within North America is expected to grow significantly during the study period. The rising burden of cardiovascular diseases leading to heart failure is expected to boost the advancements in the artificial heart market. For instance, according to the Centers for Disease Control and Prevention (CDC)’s Article titled ‘Heart Disease Facts,’ updated in February 2022, Heart disease is one of the leading causes of death in the United States. The same source also reports that every year about 659,000 Americans have a heart attack. As the mortality due to heart diseases, there is a continuous need for devices that can increase the efficiency of hearts, thus driving the studied market.

The launch of products and services in the region will also drive the market significantly. For instance, in February 2021, The United States Food and Drug Administration (FDA) approved Carmat to use the new version of its artificial heart in its United States early feasibility study (EFS). This new version of the device includes improvements in the prosthesis and the wearable system based on clinical experience gained in the PIVOTAL study. This product is expected to further improve patient safety and quality of life.

Additionally, in March 2020, SynCardia Systems, LLC reported that 50cc temporary Total Artificial Heart System (50cc TAH-t) received United States Food and Drug Administration (FDA) approval as a bridge to transplantation in cardiac transplant eligible patients at risk of imminent death from biventricular failure.

The rising research and development activities for developing technologies supporting heart functioning will drive the market. For instance, in February 2022, Researchers from Harvard University engineered a school of fish that uses the contractions of human heart cells to swim autonomously. This experiment could advance pacemaker technology and improve the development of artificial hearts for humans, thereby driving the market.

Therefore, due to the above-mentioned factors, the studied market is expected to lead to lucrative growth of the market in North America.

Artificial Heart Market Growth

Competitive Landscape

The studied market is fragmented and moderately competitive. Adoption of key strategies such as mergers, acquisitions, research activities, partnerships, and others is expected to boost the studied market growth. Major players in the market include SynCardia Systems, LLC, CryoLife, Inc, Abiomed, Carmat, and Abbott Laboratories, among others.

Recent Developments

  • In April 2022, electrophysiologists at AIG Hospitals, Hyderabad, implanted an artificial heart pump known as a left ventricular assist device in a 34-year-old patient with irregular heartbeats.
  • In January 2022, The School of Medical Research and Technology (SMRT), IIT Kanpur launched Hridyantra, a grand challenge-based program to develop an advanced Artificial Heart or a Left Ventricular Assist device.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Burden of Cardiovascular Diseases

      2. 4.2.2 Technological Advancements

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Artificial Heart and Related Surgery

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - in USD Million)

    1. 5.1 By Type

      1. 5.1.1 Ventricular Assist Device

      2. 5.1.2 Total Artificial Heart

      3. 5.1.3 Heart-Lung Machine

      4. 5.1.4 Others

    2. 5.2 By Power Source

      1. 5.2.1 Internal Battery

      2. 5.2.2 External Battery

    3. 5.3 By End User

      1. 5.3.1 Hospitals and Clinics

      2. 5.3.2 Specialty Clinics

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 SynCardia Systems, LLC

      2. 6.1.2 CryoLife, Inc

      3. 6.1.3 Abiomed

      4. 6.1.4 Carmat

      5. 6.1.5 Abbott

      6. 6.1.6 BiVACOR Inc.

      7. 6.1.7 ReinHeart TAH GmbH

      8. 6.1.8 Jarvik Heart, Inc.

      9. 6.1.9 Calon Cardio-Technology Ltd

      10. 6.1.10 Berlin Heart Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Artificial Heart Market market is studied from 2019 - 2027.

The Global Artificial Heart Market is growing at a CAGR of 15.4% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

SynCardia Systems, LLC, CryoLife, Inc, Abiomed, Carmat, Abbott are the major companies operating in Global Artificial Heart Market.

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