The global cardiac assist devices market is expected to reach USD XX million by 2021, growing at a CAGR of XX% from 2016 to 2021. Cardiac assist devices are electromechanical devices that assist the heart to improve pumping efficiency and maintain blood flow throughout the body. Ventricular assist devices replicate the heart’s functioning by pumping blood throughout the body and assist the heart in recovering its normal functioning.
Global Cardiac Assist Devices Market- Market Dynamics
According to WHO, 17.5 million people deaths each year are from CVDs, around 31% of all deaths globally. According to US CDC, in 2012, 26.6 million adults were diagnosed with heart disease in the United States. American Heart Association predicted that 600,000 new cases of heart failure are detected each year in the US. This depicts the large global patient pool. There is growing incidence of cardiac diseases in developing countries.
Some of the factors driving the market for cardiac assist devices are:
While there is ample scope for growth in the global cardiac assist devices market, there are several factors restraining it as well. These include:
The global cardiac assist devices market has been segmented into intra-aortic balloon pump, total artificial heart, ventricular assist device, and circulatory support device market. The Ventricular assist device market has been further subdivided into left ventricular assist device, right ventricular assist device, bi-ventricular assist device, and external ventricular assist device. The ventricular assist devices have the largest market share amongst cardiac assist devices.
The global cardiac assist device market has been segmented based on geography as North America, Europe, Asia-Pacific, Middle East and North Africa, and South America. The North America segment discusses different market trends, and market size of cardiac assist devices in the USA, Canada, and Mexico. The Europe segment has been further subdivided into the UK, France, Italy, Germany, Benelux, Scandinavia, Benelux, and Spain. The segmentation on Asia-Pacific has been subdivided into China, Japan, India, South Korea, Australia, and New Zealand. The Middle East & North Africa segment includes GCC, Egypt, and others. The South America region includes Brazil, Argentina, and others.
The United States has the largest market share in the global cardiac assist devices market. The increasing patient pool, favorable reimbursement policies in the United States and developed healthcare facilities are contributing to the large market share. Cardiac assist devices are being used as bridge to transplantation and bridge to recovery based on the requirement of the patient and the severity of the disease.
Due to technological advancement, it is expected that more efficient and minimally invasive devices are going to come up in the near future and drive the demand for cardiac assist devices. The maximum growth of cardiac assist devices is expected to be generated by the Ventricular Assist Devices (VAD) market. Thoratec Corporation is the leading provider of VADs, which controls half of the European market and 75% of the US market.
Some of the key players in the market are:
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