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Cardiac Assist Devices Market to Exceed $2.48 Billion by 2033, at 6.1% CAGR

Posted on by darion

Cardiac assistive devices market

The cardiac assist device market is expected to exceed valuation $1.37 billion by 2023, with an expected significant growth trajectory at a compound annual growth rate (CAGR) of 6.1% by 2033. According to the latest market research, the market is expected to reach impressive levels $2.48 billion until the end of the forecast period.

The rapid growth of the cardiac assist device market is primarily driven by the introduction of advanced technologies, such as the Internet of Thinking, and significant investments by leading players in the industry. Over the past decade, technological advances in cardiac devices have dramatically improved treatment and monitoring outcomes, expanding the indications for their use and enabling more patients to benefit from these innovations.

Despite the bright future, the cardiac assist device market is not without its challenges. High costs and the associated risks may limit market development, especially when it comes to ventricular assist devices. These devices may be too expensive for patients in developing countries, limiting their use and availability. Doctors recommend ventricular assist devices, but they also warn patients about potential risks such as infections, suction-related events and pump clots.

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To address these issues, ongoing research and development will be required to improve device safety and reduce complications.
The cardiac assist device industry is expected to continue to grow. Technological development combined with growing knowledge and the use of less invasive measures should drive market expansion.
Creating equipment that is individualized and tailored to the needs of each patient improves outcomes and patient satisfaction.

Key takeaways:

  • The UK cardiac assist device industry is expected to grow at a rate of 6.4% between 2023 and 2033.
  • In 2022, the cardiac assist devices market in Germany had an 11.2% share globally.
  • Ventricular assist devices are likely to dominate the market by drug class with approximately 62.49% share in 2022.
  • The hospital pharmacy sub-segment, in terms of end user, is expected to maintain a value share of 79.8% in 2022.
  • The cardiac assist devices industry in India is projected to grow at a CAGR of 5.1% during the forecast period.

How organized is the competitive landscape in the cardiac assist devices industry?

As per FMI analysis, continuous innovation and gradation in cardiac assist devices has led to intense competition among the top players in the market.

Key players are focusing on bringing new products to market and obtaining regulatory approvals to remain competitive. Almost 75% of the global market share is held by the 7 largest players operating in the cardiac assist devices market.

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

Key players operating on the market

  • Terum company
  • Medtronic PLC
  • Abbott Laboratories
  • Abiomed Company.
  • Teleflex company
  • Maquet GmbH
  • BerlinHeart GmbH
  • Others

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Market developments:

  • In June 2021, Abbott Laboratories announced that it may support broader use of the HEARTMATE 3 mechanical circulatory assist device Heart pump for effective treatment of heart failure.
  • In February 2021, CARMAT, the leading designer and developer of the world’s most advanced artificial heart, received approval from the US Food and Drug Administration (FDA) to use a new version of the artificial heart in an early US feasibility study (EFS).

Market by category:

By product type:

  • Ventricular assist devices (VAD)
    • Left ventricular assist device (LVAD)
    • Right ventricular assist device (RVAD)
    • Device to support the functioning of both ventricles (BIVAD)
    • External devices supporting the work of the cells
  • Intra-aortic balloon pump

By type of modality:

  • Percutaneous
  • Implantable

By end user:

  • Hospital
  • Outpatient surgery centers

By region:

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

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Future Market Intelligence Information (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth knowledge of the drivers of market demand. FMI is a leading global provider of market information, advisory, consulting and events services for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With a massive team of over 400 analysts worldwide, FMI provides global, regional and local expertise in a variety of domains and industry trends in over 110 countries.

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