Cardiac Assist Devices And Equipment Global Market Report 2022

Cardiac Assist Devices And Equipment Global Market Report 2022

  • May 2022 •
  • 200 pages •
  • Report ID: 6277191 •
  • Format: PDF
Major players in the cardiac assist devices and equipment market are Abbot Laboratories, Berlin Heart GmbH, Abiomed Inc., Bivacor Pvt Ltd., Calon Cardio - Technology Ltd., Cardiobridge GmbH, Balton Sp. Z O.O, Cardiac Assist Inc., Braile Biomedica Ltd., and circulate Inc.

The global cardiac assist devices and equipment market is expected to grow from $1.85 billion in 2021 to $2.15 billion in 2022 at a compound annual growth rate (CAGR) of 15.7%. The market is expected to grow to $3.58 billion in 2026 at a compound annual growth rate (CAGR) of 13.7%.

The cardiac assist devices and equipment market consist of sales of cardiac assist devices and equipment and related services. Cardiac assist devices and equipment are electromechanical devices for assisting cardiac circulation, which are used either to partially or to completely replace the function of a failing heart.

The main types of cardiac assist devices and equipment are ventricular assist devices, intra-aortic balloon pumps, and the total artificial heart.Ventricular assist devices refer to the electromechanical device that is used for assisting in cardiac circulation.

The various types of modalities are transcutaneous and implantable. These are used in hospital pharmacies, ambulatory surgical centers, and emergency services.

North America was the largest region in cardiac assist devices and equipment market in 2021.Western Europe was the second-largest region in cardiac assist devices and equipment market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

A rise in the prevalence of cardiovascular diseases increases the demand for cardiac assist devices and equipment in developed and developing economies.The increasing need for diagnosis, monitoring, early-stage treatment, and prevention of these life-threatening diseases, increase the demand for cardiac assist devices.

According to the American Heart Association, by 2035, 45.1% of the US population is projected to have some form of CVD. Total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach $368 billion. According to the World Heart Federation 2019, 17.9 million people die every year from CVD, including heart disease and stroke.

Risks associated with the implantation of cardiac assist devices into the human body acts as a major restraint for the growth of this market.Risks associated with device implantation include respiratory failure, blood clot formation, occurrences of stroke, and the risk of device failure leading to a heart attack are some major reasons due to which people are hesitant to adopt cardiac assist devices, thus the demand from end-users of cardiac assist devices remains restrained, therefore limiting the growth prospects of the market.

The infection rate of cardiac implantable electronic devices is 1.7% initially after implantation, whereas after 2years the infection rate is 9.5%, increasing the risk factor. The rising number of device replacements results in complex procedures, considerable risks with an increase in infection rates.

Device miniaturization is becoming popular in the cardiac assist devices and equipment market.The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as ’Thoracotomy’.

Cardiac assist device miniaturization acts as a replacement to heart transplantation as destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware’s device miniaturization program, aiming to reduce the weight, size, and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices was compared, out of which the best one was found based on better clinical outcome and more cost-effectiveness due to its miniaturized design.

In April 2019, the Food and Drug Administration (FDA), a federal agency of the US department of health and human services, a regulatory body, has sent a product recall notice to Thoratec Corporation, for its product Heartmate II, a left ventricular assist system, EU, due to adverse risks, blood pumping issues, use problems, power and battery problems identified. FDA has sent a notice for product recall as the product defect contributed to aortic insufficiency and potential pump obstruction in the patient which led to an emergency heart transplant.

The countries covered in the cardiac assist devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.