Cardiac Assist Devices Market

Key Points Covered in Cardiac Assist Devices Market Study

• Market estimates and forecast 2021-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Cardiac Assist Devices Market and How to Navigate
• Recommendation on Key Winning Strategies

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2016-2020 Global Cardiac Assist Devices Market Outlook in Comparison to 2021-2031 Forecast

Cardiac assist devices market recorded steady growth at 5.64% CAGR during the historical period of 2016 and 2020. Rising prevalence of heart failure across the globe resulted in increased demand for cardiac assist devices.

With mounting cases of coronary heart diseases, technological development in the field of ventricular assist devices is recognized as a key driver for the growth of the market.

As per FMI’s analysis, growth in cardiac assist devices is attributed to the growing prevalence of lifestyle disorders that are the major cause for cardiovascular diseases.

Cardiovascular diseases such as coronary heart disease and others have led to increased cases of heart failure, especially across the U.S., the U.K., and India. Every year around 6.2 million Americans die from heart failure, as per the data of Centers for Disease Control and Prevention.

Demand for heart transplantation have significantly increased due to the rising cases of heart failure. However, due to the unavailability of heart donor and long waiting list result in increased mortality rates.

Hence, patients are opting for ventricular assist devices for the treatment of heart failure. Due to the increased demand of ventricular assist devices, leading companies are continuously developing advanced cardiac assist devices catering the demand.

Key companies are adopting cutting-edge technologies such as artificial intelligence and internet of thinking to facilitate the rising demand and curb the mortality rates.

Due to the unprecedented outbreak of COVID-19, healthcare companies witnessed sudden boost due to the high demand for cardiac assist devices from hospital pharmacies. As per FMI, market witnessed a year-on-year (Y-o-Y) growth at 5.90% CAGR, topping US$ 1,231.8 Bn in 2021.

What is the Impact of Demand for Minimally Invasive Devices?

Integration of cutting-edge technologies such as artificial intelligence and Internet of Things to offer technological advancements in cardiac assist devices has significantly increased the demand.

Amidst robots and automated devices finding their way in operating rooms, need for minimally invasive devices have burgeoned and so has the sales of cardiac assist devices.

Emergence of state-of-the-art technologies and rising number of patients increasingly preferring non-invasive devices have fueled the demand for implantable devices. Faster recovery and minimal stay in the hospital are one of the perks that are increasing the demand for non-invasive devices.

The demand has subsequently increased research and development activities among key players for innovation in cardiac assist devices. Market players are incessantly focusing on developing smaller centrifugal pump that allow less-invasive implantation procedure.

High Cost and Risk Associated with Ventricular Assist Devices to Restrict Growth

Cardiac assist devices, especially left ventricular assist device is widely used for the bridge to heart transplant. Patients in developing economies such as Africa, and India are not able to bear the cost of these devices.

Although, ventricular assist devices are highly recommended by healthcare professionals, risk such as pump thrombus, suction events, and infections are likely to pose challenge for the market players.

Post implantation of left ventricular assist devices (LVAD), 60% of patient’s witness complications after 6 months and 80% of patients suffer from at least one adverse effects after a year. Unplanned revisit to hospital are quite common for the patients who have undergone LVAD transplantation, as recorded by European Society of Cardiology.

These risks are likely to represent potential threat for the market players, and expected to hamper the demand.

Country-wise Insights

Will the U.S Remain at the Forefront of Cardiac Assist Device Market?

Over the past few years, the U.S. has been in the lead in terms of healthcare and with increasing cases of cardiovascular disease. Technological advancements in the field of cardiac assist devices is one of the major factor driving growth.

Rising prevalence of heart failure within the country have increased the demand for ventricular assist devices. Survey by Emory Healthcare states, nearly 5 million Americans are living with congestive heart failure.

Heart failure in the U.S. is responsible for nearly 11 million physician visits each years and is the first-listed diagnosis in 875,000 hospitalizations among the elder population. Healthcare professionals and scientists are incessantly working on developing next-generation ventricular assist devices.

Thanks to the presence of leading players such as Medtronic PLC., Abbott Laboratories, development of cardiac assist devices and new launches have significantly improved the market revenue.

Increasing preference for non-invasive, portable and implantable devices have also accelerated the market growth in the U.S. Leading healthcare companies are developing product in the pipeline focus for minimally invasive ventricular assist devices.

For instance, in March 2020, the U.S. based healthcare giant, SynCardia Systems LLC, got the approval from the U.S. Food and Drug Administration (FDA) for 50cc temporary total artificial heart system as a bridge to heart transplant for patients who are imminent risk for death from biventricular failure.

With rising incidence of cardiovascular disease in the U.S., number of heart transplant surgeries are increasing at a mounting pace. However, severe shortage of organ donors has resulted in increasing demand for heart devices.

According to Health Resources and Services Administration, 17 people die every day waiting for the heart transplant. Unavailability of heart donors have encouraged the patients to opt for ventricular assist devices, which is resulting in increasing demand for these devices.

With increasing number of patients opting for cardiac assist devices in the U.S. will bolster the market growth during the forecast period.

How will India Emerge as a Lucrative Market for Cardiac Assist Devices?

Future Market Insights estimates, India is anticipated to be one of the most lucrative market of South Asia in cardiac assist devices market. Expansion of healthcare sector and development of ventricular assist devices is affecting the market growth positively.

Alongside this, prevalence of heart failure in the country have resulted in increased demand for cardiac assist devices. Also, increased government funding and initiatives for the development of healthcare facilities will boost the growth across India.

India is the top country with highest diabetic population, with nearly 77 million people suffering from diabetes, estimates International Diabetes Federation. Diabetes is the primary cause for developing major heart disease. One-fifth of Indian population succumb due to coronary heart disease.

In 2020, 1/3^rd of deaths reported in India were due to coronary heart disease and failure, reported AHA Journal. With rising cases of coronary heart diseases, India is witnessing simultaneous uptick in the number of heart failure, especially among younger population.

With increasing burden of heart failure in the country, patients are opting for minimally invasive procedures. This, in turn, have increased the demand for ventricular assist devices, especially left ventricular assist devices in India.

Growing government funding and initiatives are also aiding the growth of cardiac assist devices market. For instance, Government of Assam Health and Family Welfare have introduced a scheme in which government will bear the expenses of surgery for children with coronary heart disease.

What are the Factors Driving Revenue Generation in the U.K. Market?

Growth in the U.K. for cardiac assist devices is attributable to the increasing technological advancements in the field of ventricular assist devices. With rising prevalence of coronary heart diseases resulting in heart failure, adoption of ventricular assist devices is improving.

In 2018, nearly 266,000 people in the U.K. died due to the coronary heart disease and, the death toll is expected to continue to rise with the prevalence of increasing lifestyle disorder in the country, states British Heart Foundation.

Expansion of healthcare infrastructure and leading companies focusing on the development of next generation cardiac assist devices have improved the adoption of ventricular assist devices.

For instance, leading player based in the U.K., Calon Cardio-Technology intends to receive CE marking fulfilling the European products requirement for its ventricular assist device, commonly known as, MiniVAD.

Increasing investment for the development of these devices are creating incremental opportunities for the cardiac assist devices in the country. With patients now opting for minimally invasive devices for the treatment of heart failure, demand for ventricular assist devices is burgeoning across the U.K.

What Factors Support the Growth of Cardiac Assist Devices in Germany?

As per Future Market Insights, Germany is anticipated to lead the growth of Europe’s cardiac assist market. Technological advancements and innovation in ventricular assist devices is a major growth factor driving the demand for cardiac assist devices in Germany.

Rising prevalence of heart disease and increasing mortality rate due to coronary heart disease and failure have increased the demand for these implantable and minimally invasive heart devices.

Companies are investing heavily in the development of cardiac assist devices to cater the increasing demand. Leading players such as Biotronik, are developing next-generation implantable and ventricular assist devices for the patients suffering from heart failure.

For instance, in July 2021, BIOTRONIK’s implantable cardiac monitor received recognition as a high performing noiseless and high precision technology.

Increasing initiatives and funding from the government is also aiding the growth of cardiac assist devices market in Germany. Based on the aforementioned factors, cardiac assist devices market in Germany is estimated to register healthy growth over the forecast period.

Category-wise Insights

Why is the Demand for Ventricular Assist Device (VAD) Rising?

Accounting for over 62% of global revenue share, ventricular assist devices are anticipated to be highly sought-after in the cardiac assist devices market. Increasing demand for left ventricular assist devices are aiding the growth of VAD.

Future Market Insights estimates, VAD will be the product of choice in cardiac assist devices market. As healthcare professionals and engineers are developing next-generation devices fully implantable on both sides of the heart, ventricular assist devices are expected to gain traction.

Growth in this segment is attributed to the technological advancements, rising prevalence of cardiac arrest, and shortage of organ donors. Around 17.9 million succumb to cardiovascular diseases every year, and one of the main reason of increasing mortality rate is heart failure, states World Health Organization.

Nearly 6.2 million adults in the U.S. suffer from heart failure and around 379,800 people died of it in 2018, as per the data of Centers for Disease Control and Prevention (CDC). With increasing prevalence of heart failure, adoption of ventricular assist devices, especially left ventricular assist devices have increased.

Over 27,000 patients, in 2018, across the U.S. were implanted with the HeartMate II left ventricular assist device (LVAD) of Abbott. Also, advancements and upgradation in the development of LVAD have bolstered the adoption.

Leading healthcare companies such as Abbott Laboratories, Medtronic PLC, and Abiomed are increasing research activities to develop advanced LVAD catering the rising demand. With rapid development, companies are seeking fast-track approvals from the regulatory bodies which is resulting in high investment.

With increasing demand for technologically updated ventricular assist devices, the market is expected to register high demand in the next decade.

Why are Implantable Devices Gaining Popularity in Cardiac Assist Devices Market?

Based on modality type, the market is segmented into transcutaneous and implantable cardiac assist devices. As per Future Market Insights, implantable devices are anticipated to capture maximum share of cardiac assist devices.

Owing to the benefits of ability to screen, monitor, and control erratic heart rhythms, the implantable devices are expected to gain immense popularity during the forecast period.

Rising need for efficient solution to manage heart failure will improve the adoption of implantable devices. Increasing preference for non-invasive surgical procedures have accelerated the adoption of implantable devices.

Implantable cardioverter defibrillator are useful devices that helps preventing sudden death in patients suffering with sustained ventricular tachycardia or fibrillation. Technological advancements and upgradation in implantable cardiac assist devices have improved the demand.

How are Ambulatory Surgical Centers Gaining Popularity as the Primary End-User?

Despite the increasing adoption of cardiac assist devices by hospital pharmacies, especially in the U.S. and Germany, growing application of ventricular cardiac assist devices in ambulatory surgical centers (ASC) in Asia Pacific and Middle East will result in increased market share.

Future Market Insights opines that hospital pharmacies are anticipated to account the keading share of global market share owing to the easy availability of all type of cardiac assist devices for surgery.

However, ASCs segment growth is one the cards as number of surgical procedures are rising. Increasing surgical procedures occurring in free-standing ASCs, due to faster outcomes and minimum stay in the hospital have encouraged the key players to capitalize on these services.

This has significantly improved the segment growth during the historic period and will continue to do so in the coming years as well.

Competitive Landscape

As per FMI’s analysis, continuous innovation and upgradation in cardiac assist devices have led to intense competition among top market players.

Terumo Corporation, Medtronic PLC, Abbott Laboratories, Maquet GmbH, and Teleflex Incorporated are the top players operating in cardiac assist devices market.

Key players are focusing on new product launches and gaining approvals from regulatory bodies to stay in competition. Nearly 75% of global market share is accounted by the top 7 players operating in cardiac assist devices market.

Organizations are also adopting winning strategies such as collaborations and mergers among key players. These strategies are also adopted by regional players to gain lead position in the industry.

• In June 2021, Abbott Laboratories announced that the company has capacity to support expanded use of mechanical circulatory support device, HEARTMATE 3™ Heart Pump, for the effective treatment of heart failure.
• In February 2021, CARMAT, leading designer and developer of the world’s most advanced artificial heart, received the approval from the U.S. Food and Drugs Administration (FDA) to use the new version of its artificial heart in the US Early Feasibility Study (EFS).

Scope of Report

Key Questions Answered in the Report

• What is the current cardiac assist devices market value?

  The cardiac assist devices market is expected to surpass a valuation of US$ 1231.8 Bn in 2021

• At what rate did the cardiac assist devices market grow during 2020 and 2021?

  The cardiac assist devices market witnessed inclination of 0.26%, exhibiting steady Y-o-Y growth at 5.90% CAGR in 2021.

• What are the key trends driving cardiac assist devices sales?

  Rising demand for ventricular assist devices owing to increasing cases of heart failure will accelerate the demand for cardiac assist devices.

• Who are the leading players of cardiac assist devices?

  Terumo Corporation, Medtronic PLC, Abbott Laboratories, Maquet GmbH, and Teleflex Incorporated are the top players leading the cardiac assist devices market.

• What is the demand outlook for North America cardiac assist devices market?

  Demand for cardiac assist devices will continue to rise backed by rising demand for LVAD in the country, North America accounted for 50-55% of global market share.

• What is the Europe market outlook for cardiac assist devices?

  Europe cardiac assist devices market will exhibit healthy growth at 8.4% CAGR during the forecast period.

• Which are the top countries driving the cardiac assist devices market demand?

  Top countries in terms of cardiac assist devices sales are the U.S., the U.K, Germany, India, and China.

• What is the market share of leading players in cardiac assist devices market?

  Leading players of global cardiac assist devices market is expected to contribute around 75% of total market share.

• What is the current market share of Japan and South Korea in the global cardiac assist devices market?

  In 2020, South Korea accounted for approximately 0.5% market share and Japan accounted for 7.5% market share.

Cardiac assist devices Market by Category

By Product Type:

• Ventricular Assist Devices (VAD)
  • Left Ventricular Assist Device (LVAD)
  • Right Ventricular Assist Device (RVAD)
  • Biventricular Assist Device (BIVAD)
  • External Ventricular Assist Devices
• Intra-Aortic Balloon Pump

By Modality Type:        

• Transcutaneous
• Implantable

By End-User:

• Hospital
• Ambulatory Surgical Centers

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & Africa (MEA)