Market Size of North America Cardiac Assist Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 8.10 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Cardiac Assist Devices Market Analysis
Continuous rapid advancements in the assist devices technologies and the novel applications of the existing treatments have led to an increase in the demand for cardiac assist devices. Other factors responsible for the market growth are lack of donor's hearts for transplantation, aging population, and increasing heart diseases. These factors are leading to an increase in the usage of cardiac assist devices implantations in patients with severe heart complications. As per the report from the American Heart Association on heart disease and stroke, in 2017, approximately 800,000 deaths were caused due to cardiovascular diseases. However, the availability of alternative treatments, like pacemakers, and the risk associated with device implantation are likely to impede the market for cardiac assist devices.
North America Cardiac Assist Devices Industry Segmentation
As per the scope of the report, assist devices are defined as the type of mechanical pumps that work along with the heart, to improve the pumping efficiency and maintain optimum blood flow throughout the body. Cardiac-assist devices are used to treat end-stage heart failure and are determined by the needs of the individual. They are of three types, namely, ventricular assist devices, intra-aortic balloon pumps (IABPs), and the total artificial heart.
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Intra-aortic Balloon Pumps | ||||
Total Artificial Heart | ||||
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North America Cardiac Assist Devices Market Size Summary
The North American cardiac assist devices market is experiencing significant growth due to continuous advancements in technology and the novel applications of existing treatments. The increasing prevalence of heart diseases, coupled with a shortage of donor hearts for transplantation and an aging population, has driven the demand for these devices. Cardiac assist devices are becoming more prevalent in patients with severe heart complications, as they offer a solution where traditional heart transplantation is not feasible. Despite the availability of alternative treatments like pacemakers, the risks associated with device implantation pose challenges to market growth. The total artificial heart is recognized as a leading long-term solution for advanced heart failure, while extracorporeal and ventricular assist devices serve as temporary measures.
The market is characterized by a high degree of fragmentation, with numerous prominent players actively engaging in collaborations, mergers, and acquisitions to expand their market presence. Companies are investing in research and development to enhance product quality, reduce manufacturing costs, and develop safer devices that improve patient compliance and safety. Key players in the market include Abiomed Inc., Abbott Laboratories, Medtronic, Syncardia, and Berlin Heart Gmbh, among others. These companies are pivotal in driving innovation and addressing the growing demand for cardiac assist devices in North America.
North America 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 Heart Diseases
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1.2.2 Advancements in Technology
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1.2.3 Shortage of Heart Donors in Transplantation
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1.3 Market Restraints
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1.3.1 Risk Associated with Device Implantation
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1.4 Porter's Five Forces Analysis
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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
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2.1 By Product
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2.1.1 Intra-aortic Balloon Pumps
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2.1.2 Total Artificial Heart
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2.1.3 Ventricular Assist Devices
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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 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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North America Cardiac Assist Devices Market Size FAQs
What is the current North America Cardiac Assist Devices Market size?
The North America Cardiac Assist Devices Market is projected to register a CAGR of 8.10% during the forecast period (2024-2029)
Who are the key players in North America Cardiac Assist Devices Market?
Abiomed Inc., Abbott Laboratories, Medtronic, (LivaNova PLC) CardiacAssist Inc. and SynCardia Systems LLC are the major companies operating in the North America Cardiac Assist Devices Market.