Europe Cardiac Assist Devices Market Size

Europe Cardiac Assist Devices Market Analysis

The Europe cardiac assist devices market is expected to register a CAGR of 7.6% during the forecast period of the study.

• The COVID-19 pandemic affected the studied market significantly. Since the pandemic's beginning, healthcare systems in European countries have resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cardiovascular diseases to significant risks. For instance, according to the article published by PubMed in July 2021, a study was conducted in Sweden, which showed that COVID-19 was found to be a risk factor for acute myocardial infarction and ischemic stroke.
• The findings of the study also suggested that the clinical profile of COVID-19 includes acute myocardial infarction and ischemic stroke. Thus, there was an increased risk of various cardiovascular diseases (CVD) among the target population in Europe. However, as COVID-19 was considered a probable risk factor for acute cardiovascular complications, the demand for cardiovascular devices increased during the pandemic in the region. Thus, the pandemic had a significant impact on the studied market, but as the pandemic has subsided currently, cardiac care has gone back to normal, so the studied market is expected to have stable growth during the forecast period of the study.
• The increasing prevalence and incidence of heart diseases, such as heart failure, among others, are one of the major factors driving the market growth, as these diseases require the usage of cardiac assist devices for the treatment procedure. For instance, according to an article published by the European Heart Journal in September 2022, heart failure (HF) is considered one of the leading causes of hospitalizations and readmissions in Europe, and its prevalence and costs continue to rise, which makes it a significant population health issue.
• Furthermore, according to the research article published by ScienceDirect in January 2022, heart failure is said to have a high prevalence in Spain, with a pooled prevalence rate of around 2%. Thus, such a burden and persistent risk of CVD among the target population in Europe is expected to increase the demand for cardiac assist devices, thereby driving the market growth.
• The increasing mergers and acquisitions of products and services and product innovations fuel market growth, as this will lead to access to more technologically advanced products in the region. For instance, in June 2022, Coala-Life Group AB agreed to acquire 100% of the shares in Vitrics Management Group Inc for a purchase price of USD 4.5 million on a cash and debt-free basis. Vitrics' platform and customer base will be able to be scaled up through Coala's national sales force, enable faster organic growth, and effectively get the Coala Heart Monitor out to even more patients in need, which is expected to increase the usage of cardiac assist devices in the region.
• Therefore, the aforesaid factors are expected to contribute to the growth of the studied market. However, the high cost and maintenance issues and risks associated with device implantation might hamper the market's growth over the analysis period.