Market Trends of Global Artificial Heart Industry
This section covers the major market trends shaping the Artificial Heart Market according to our research experts:
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.
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.
