The Global Cardiac Assist Devices Market is estimated to reach over USD 10.50 Billion by 2030, exhibiting a CAGR of 14.47 % during the forecast period.
Cardiac assist devices are used to treat end-stage heart failure and are tailored to the individual's needs. These are designed to assist the heart in operating normally by taking over its function when it becomes weak. Factors driving the growth of the cardiac assist devices market include an increase in the elderly population, which has led to the rise in cardiovascular disorders and an increase in demand for ventricular assist devices due to a scarcity of organ donors. Furthermore, during the forecast period, growth in the number of product approvals is expected to give lucrative prospects for worldwide market advancement. Also, increasing R&D activities, government initiatives to use sustainable components for production, and investments by prominent players are factors expected to create lucrative growth opportunities in terms of revenue for players operating in the global Assist Devices market over the forecast period.
However, high cost and some risks associated with ventricular assist device implantation procedures, such as infection, blood clotting, device problems such as power failure or pumping troubles, coupled with the COVID-19 outbreak, are factors that may limit the growth of the target market during the forecast period.
The Assist Devices market is segmented based on product type, modality, and end-users. Based on the product, the market is segmented as Ventricular Assist Device (VAD) (LVAD, RIVAD, BIVAD) and Intra-Aortic Balloon Pump. Based on modality, the market is segmented into implantable and transcutaneous. The market is segmented into hospitals and ambulatory surgical centres based on end-users.
Based on product, the implantable segment is accounted as a significant contributor in the Assist Devices market.
The implantable category is expected to hold a significant share in the global Assist Devices market in 2021. This growth is due to patients who are unfit for heart transplants increasingly preferring long-term therapeutic options, and this segment is expected to grow at a lucrative rate in the coming years. The market is seeing the introduction of new players with cutting-edge technologies. Furthermore, the increased number of patients with end-stage heart failure who require left ventricular assist devices has supported the segment's rise.
VAD segment witnessed growth at a rapid rate
The Ventricular Assist Devices segment is projected to grow at a rapid rate in the global Assist Devices market. The market is expected to grow due to an increase in the burden of cardiovascular illnesses and the rate of heart failure. Furthermore, an increase in the geriatric population has led to a rise in cardiovascular disorders and an increase in demand for ventricular assist devices due to a scarcity of organ donors, especially in countries such as the US, Germany, UK, China and India.
In the region, the North America Assist Devices market holds a significant revenue share.
The North America Assist Devices market is expected to register the highest market share in terms of revenue soon. The growing demand for innovative technology in Cardiac Assist Devices, as well as the rising prevalence of chronic disease in the region, are driving regional growth. In addition, the development of technologically advanced healthcare facilities in the United States is expected to increase treatment numbers and enhance the market growth.
The Global Cardiac Assist Devices market has the most potential for future growth in Europe and Asia-Pacific. This is related to an increase in the burden of chronic diseases in both European and Asian countries. The cardiac assist devices market in countries such as China, India, and Brazil is projected to expand at a significant growth rate during the forecast period due to increased awareness among people about heart diseases and their treatment.
The key players in the Assist Devices market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some of the major key players in the Assist Devices market are Terumo Corporation, Medtronic PLC, Maquette GmbH, Abbott Laboratories, A biomed, Inc., Belton Sp. z ox, Abbott Laboratories, Teleflex Incorporated, Nocardia Systems, LLC, St. Jude Medical Inc, CARMAT, Crave SA, Medtronic PLC, Terumo Heart, Inc., Nova Pump GmbH, Getinge AB, Belton Ltd., Meryl Life Sciences Pvt. Ltd., Throated Corporation, Cardiac Assist, Inc., Berlin Heart GmbH Reliant Heart, In., Senko Medical Instrument Mfg. CO., LTD (Japan), Nocardia Systems, LLC, Teleflex Incorporated, Windmill Cardiovascular Systems, Inc. (WCS), Zeon Corporation and others.