Market Size of Cardiac Assist Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 7.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cardiac Assist Devices Market Analysis
The Cardiac Assist Devices Market is expected to register a CAGR of 7.5% during the forecast period.
The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected the cardiac assist devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others were postponed and delayed at the beginning of the global pandemic. Hence, lifestyle changes and medication were temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the market was the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results. The continuous strain of the pandemic negatively impacted the growth of the studied market by decreasing product demand. In addition, the market growth is stabilizing in the current scenario after COVID-19 as the worldwide restrictions have eased down and the disease screening services have been resumed. Moreover, increasing initiatives by most organizers to provide solutions to the surging cardiovascular diseases is the prime boosting factor for the market growth by 2027.
The major factor driving the market is the rising global burden of various coronary heart diseases, such as stroke and cardiomyopathy, which cause a global burden of cardiac-related deaths. According to the June 2021 update of the WHO, cardiovascular diseases were the leading cause of death around the world, and about three-quarters of deaths from CVDs were recorded in low- and middle-income countries. Thus, due to the high mortality due to CVDs, the demand for disease diagnostics and monitoring is increasing, which is expected to fuel growth in the cardiac assist devices market.
Furthermore, according to the CDC data updated in July 2022, shows that coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults of age 20 and older have the disease in the United States. This burden of cardiovascular diseases is further expected to increase due to the high prevalence of associated risk factors such as hypertension, obesity, smoking, diabetes, and others, along with a sedentary lifestyle. Thus, the surge in the prevalence of cardiovascular diseases leads to rising demand for the use of cardiac assist devices used in disease monitoring and treatment, thereby driving the growth of the cardiac assist device market over the forecast period.
Moreover, technologies used in the development of cardiology devices have improved significantly over the past decade, and indications for these devices have expanded. This has led to an increasing number of patients being managed with cardiology devices, resulting in exponential therapeutical and monitoring outcomes. Artificial intelligence is one such advancement having a significant positive impact on cardiology with improved capabilities to diagnose certain heart conditions. For instance, in March 2022, Cardiovascular Systems, Inc. (CSI) announced the first-in-human experience with Propel, its first-generation percutaneous ventricular assist device (VAD), offering hemodynamic support for patients undergoing high-risk percutaneous coronary interventions (HR-PCI).
However, the availability of alternative treatments like pacemakers and the risk associated with device implantation are the factors restraining the growth of the cardiovascular devices market.
Cardiac Assist Devices Industry Segmentation
As per the scope of the report, cardiac assist devices are defined as a type of mechanical pump that works along with the heart to improve the pumping efficiency and maintain optimum blood flow throughout the body. The Cardiac Assist Devices Market is segmented by Product (Intra-aortic Balloon Pump, Total Artificial Heart, and Ventricular Assist Device), Modality (Transcutaneous and Implantable), End User (Hospital Pharmacies, and Ambulatory Surgical Centres), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product | ||||
Intra-aortic Balloon Pump | ||||
Total Artificial Heart | ||||
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By Modality | |
Transcutaneous | |
Implantable |
By End User | |
Hospital Pharmacies | |
Ambulatory Surgical Centres |
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Cardiac Assist Devices Market Size Summary
The cardiac assist devices market is poised for significant growth, driven by the increasing global burden of coronary heart diseases such as stroke and cardiomyopathy. These conditions contribute to a high rate of cardiac-related deaths, particularly in low- and middle-income countries, thereby boosting the demand for diagnostics and monitoring solutions. The market experienced a temporary setback due to the COVID-19 pandemic, which disrupted production and delayed elective procedures, leading to a decrease in product demand. However, as global restrictions have eased and disease screening services have resumed, the market is stabilizing. Technological advancements, particularly in artificial intelligence and cardiology devices, have enhanced diagnostic capabilities and expanded the indications for these devices, further propelling market growth.
North America is expected to dominate the cardiac assist devices market throughout the forecast period, driven by high per capita healthcare expenditure and a rising prevalence of cardiac diseases. The United States, in particular, holds a significant share due to its large population with heart conditions and the high demand for surgical interventions. Supportive awareness initiatives and innovative product launches are anticipated to further bolster market growth in this region. The market is moderately competitive, with key players such as Abbott Laboratories, Abiomed Inc., and Medtronic PLC actively contributing to advancements and improvements in cardiac assist technologies. These developments are expected to enhance patient outcomes and drive the adoption of cardiac assist devices globally.
Cardiac Assist Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Cardiovascular Disease along with Surge in Geriatric Population
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1.2.2 Rise in Awareness Related to Early Screening of Cardiovascular Diseases
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1.2.3 Technological Advancements Pertaining to Novel Product Development
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1.3 Market Restraints
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1.3.1 Availability of Alternative Treatments like Pacemakers
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1.3.2 Risk Associated with Device Implantation
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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2.1 By Product
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2.1.1 Intra-aortic Balloon Pump
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2.1.2 Total Artificial Heart
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2.1.3 Ventricular Assist Device
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2.1.3.1 Left Ventricular Assist Device
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2.1.3.2 Right Ventricular Assist Device
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2.2 By Modality
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2.2.1 Transcutaneous
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2.2.2 Implantable
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2.3 By End User
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2.3.1 Hospital Pharmacies
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2.3.2 Ambulatory Surgical Centres
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle-East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Cardiac Assist Devices Market Size FAQs
What is the current Cardiac Assist Devices Market size?
The Cardiac Assist Devices Market is projected to register a CAGR of 7.5% during the forecast period (2024-2029)
Who are the key players in Cardiac Assist Devices Market?
Abbott Laboratories, BiVACOR Inc., Getinge AB, Medtronic PLC and Teleflex Incorporated are the major companies operating in the Cardiac Assist Devices Market.