Cardiac assist devices represent a billion-dollar market globally, and is poised for a healthy CAGR of more than 6% during 2019 - 2029. These projections by a new Future Market Insights (FMI) report are majorly based on technological developments in cardiac assist devices for usage in existing treatment. The report considers the introduction of third-generation centrifugal pumps as an important factor bolstering growth of cardiac assist devices market.
Third-generation centrifugal pumps such as HeartWare HVAD (Medtronic), HeartMate III (Abbott), and Incor (Berlin Heart) provide effective long-term mechanical support, and have been creating lucrative opportunities for manufacturers of cardiac assist devices. These developments not only prolong survival rate, also reduce morbidity, and enhance quality of life.
Consistent advancement and technological development in cardiac assist devices are the only go through strategies to gain a competitive edge. Engineers are investigating numerous innovative solutions to develop non-blood contacting cardiac assist devices and permanently implanted alternative power source for untethered pump operation.
Key Takeaways - Cardiac Assist Devices Market Study
- Ventricular assist devices would remain highly sought-after representing 61% of revenue share in the cardiac assist devices market. Increasing number of left ventricular assist device (LVAD) implantations is one of the central points adding to the development
- Implantable devices captured maximum share of the cardiac assist devices market owing to ability to screen, monitor, and control abnormal heart rhythms
- Hospital pharmacies accounted for major revenue share of 80% owing to availability of all types of cardiac assist devices for cardiac surgery
- Increasing incidence of coronary heart failure and cardiovascular illness contributed to the dominance of North America in the cardiac assist devices market, in terms of region
- Fundamental changes are being made in the device design to address two major problems, infections caused by percutaneous drivelines and thrombotic events associated with the use of blood-contacting surfaces.
For More Detailed Insights on Cardiac Assist Devices Market
Greater Emphasis on New Product Launches
Continuous upgradation and innovation in cardiac assist devices are responsible for intense competition among the market players. Numerous organizations are focusing on new product approvals for cardiac assist devices. For example, in 2017, Teleflex received U.S. FDA approval for intra-aortic inflatable balloon pumps, which allows clinicians to deliver IABP therapy for broad range of patients. Later in October 2018, U.S. FDA approved HeartMate 3 ventricular assist devices by Abbott, for the treatment of CHF patients. Additionally, in 2018, Medtronic received US FDA approval for its HeartWare Ventricular Assist Device (HVAD) for patients with advanced heart failure. These winning strategies by leading players are also followed by regional and local players.
What Does the Cardiac Assist Devices Market Report Cover?
FMI brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2029. The global cardiac assist devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on cardiac assist devices market on basis of product type (Ventricular assist device, Intra-aortic balloon pump), modality (transcutaneous, implantable) and end users (hospital and ambulatory surgical centers), across seven major regions.
For additional information, write to the analyst at [email protected]
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The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.