Cardiac Assist Devices Market
Cardiac Assist Devices Market Size, Share & Industry Analysis, By Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps, Total Artificial Heart), By Application (Bridge-to-transplant, Destination Therapy, Bridge-to-recovery), By End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview
The Cardiac Assist Devices Market is projected to grow at a CAGR of 6.8% from 2024 to 2031. The market value is expected to increase from XX USD in 2024 to YY USD by 2031. North America emerges as the dominant region, driven by advanced healthcare infrastructure and high prevalence of cardiovascular diseases. Key metrics include increasing incidence of heart failure, growing geriatric population, and technological advancements in cardiac assist devices.
The market is quickly developing as the global frequency of cardiovascular diseases rises, minimally invasive procedures become more widely accepted, and device technology progresses. The increased emphasis on improving patient outcomes and quality of life for people with advanced heart failure is expected to fuel market expansion in the coming years.
Market Dynamics
Market Trend: Miniaturization and portability of cardiac assist devices enhance patient mobility and quality of life
The cardiac assist device sector is seeing a significant trend towards device miniaturisation and increased portability. This innovation is revolutionising patient care by increasing mobility and improving the overall quality of life for those with heart failure. Manufacturers are attempting to develop smaller, lighter, and more efficient devices that can be easily moved or implanted with minimal invasiveness.
For example, the emergence of fully implantable left ventricular assist devices (LVADs) has eliminated the need for external power sources and drivelines, minimising infection risk and increasing patient comfort. These advancements not only improve the therapeutic efficacy of cardiac assist devices, but also make them more accessible to a broader patient population, including those who were previously considered unsuitable for such interventions due to size or mobility limitations.
Market Driver: Rising prevalence of cardiovascular diseases and heart failure fuels demand for cardiac assist devices
The global increase in cardiovascular disease and heart failure incidence is a significant driver of the cardiac assist device market. According to the World Health Organisation, cardiovascular disease is the leading cause of death globally, killing an estimated 17.9 million people each year. This high prevalence, combined with the growing elderly population, is increasing demand for cardiac assist devices.
According to the American Heart Association, around 6.2 million adults in the United States have heart failure, with the amount anticipated to climb to 8 million by 2030. As current pharmaceutical treatments fail to meet the needs of many severe heart failure patients, cardiac assist devices are increasingly being employed as both bridge-to-transplant and destination therapies. The ability of these devices to improve survival rates and quality of life for patients with end-stage heart failure is driving their widespread adoption in healthcare systems around the globe.
Market Restraint: High costs associated with cardiac assist devices and procedures limit market penetration
The high cost of cardiac assist devices and associated procedures creates a considerable barrier to their adoption. Advanced ventricular assist devices (VADs) can cost between $80,000 and $100,000, not including the price of implantation surgery, post-operative care, and long-term monitoring.
These high costs may restrict access to life-saving treatments, particularly in places with weak healthcare infrastructure or insufficient insurance coverage. Furthermore, the need for specialist training for healthcare staff to implant and manage these devices increases the overall financial burden. As a result, despite the evident therapeutic benefits, the high cost of ventricular assist devices remains a significant barrier to commercial adoption, particularly in developing countries.
Segment Overview
The Ventricular Assist Devices (VADs) segment dominates the cardiac assist devices market, driven by technological advancements and increasing prevalence of end-stage heart failure.
The Ventricular Assist Devices (VADs) category leads the cardiac assist device sector, accounting for more than 60% of total market value. This dominance stems mostly from the increasing prevalence of end-stage heart failure and the growing use of VADs as both bridge-to-transplant and destination therapy. VADs have shown significant improvements in patient survival and quality of life, making them an essential tool in the treatment of severe heart failure.
Recent technology advancements have increased the VAD segment's expansion. In compared to previous pulsatile-flow models, the development of continuous-flow VADs has resulted in improved longevity and fewer device faults. A study published in the Journal of the American College of Cardiology discovered that patients with continuous-flow LVADs had a 2-year survival rate of 80%, compared to 70% with pulsatile-flow devices.
Furthermore, the development of fully implanted VADs has addressed one of the most major limitations of earlier devices: the need for an external power supply. Companies like Medtronic and Abbott have made significant progress in this field, with Medtronic's fully implanted LVAD device currently in clinical testing. This breakthrough aims to reduce infection risks while also improving patient quality of life, expanding the use of VADs to a wider patient population.
The VAD market has also seen more competition and innovation, resulting in improved device designs and patient outcomes. For example, Abbott's HeartMate 3 LVAD has shown superior results in terms of life without a devastating stroke or the need for reoperation to replace or remove a malfunctioning device. A two-year follow-up study published in the New England Journal of Medicine discovered that 79.5% of HeartMate 3 patients met this goal, compared to 60.2% with the previous HeartMate II device.
Regional Outlook
Dominating Region: North America leads the cardiac assist devices market, driven by advanced healthcare infrastructure and high prevalence of cardiovascular diseases.
North America has emerged as the dominant force in the worldwide cardiac assist device market, accounting for more than 40% of the total. This dominance is attributable to a number of factors, including the region's outstanding healthcare infrastructure, a high incidence of cardiovascular disease, and favourable reimbursement policies.
The United States, in particular, has a substantial impact on the region's market leadership. According to the American Heart Association, around 6.2 million adults in the United States have heart failure, with that figure expected to rise to 8 million by 2030. The growing frequency of heart failure has boosted the demand for cardiac assist devices.
The region has also invested heavily in research and development of novel cardiac support technologies. For example, the National Institutes of Health (NIH) has allocated major monies to the development of next-generation artificial hearts and ventricular assist devices. In fiscal year 2023, the NIH allocated more than $100 million to heart assist device research, reflecting the region's commitment to innovation in this field.
North America's market leadership is strengthened by the presence of major cardiac device manufacturers like as Abbott Laboratories, Medtronic, and Abiomed (now part of Johnson & Johnson). These businesses have their headquarters and primary research facilities in the region, allowing for faster discovery and product development.
Furthermore, attractive reimbursement policies in the United States have contributed significantly to the industry's expansion. Medicare funding for ventricular assist devices (VADs) as destination therapy has significantly increased access to these lifesaving devices. According to a Centres for Medicare & Medicaid Services study, Medicare-covered VAD implantations increased by 18% between 2019 and 2023, demonstrating a growing acceptance of these devices.
The region has also been at the forefront of introducing new cardiac assist technologies. For example, temporary percutaneous ventricular assist devices (pVADs) for high-risk cardiac procedures have become increasingly popular in North America. According to a study published in the Journal of the American College of Cardiology, pVAD use for high-risk percutaneous coronary interventions grew by 32% in the United States from 2018 to 2023.
Competitive Intelligence
The cardiac assist devices market is marked by severe competition among major players, with a focus on technological innovation, product differentiation, and strategic partnerships. Leading organisations in this area are heavily spending in R&D to enhance their product offerings and maintain market positions.
Abbott Laboratories, a major player in the cardiac assist device business, announced a significant increase in heart failure equipment sales for 2023, up 9.2% year on year. The company's success may be attributed to the outstanding performance of its HeartMate 3 left ventricular assist device (LVAD), which has shown superior clinical outcomes than previous generation devices.
Medtronic, another key competitor, has improved its position in the mechanical circulatory support business by making smart acquisitions and agreements. The company's recent collaboration with a leading academic institution to develop a fully implantable LVAD has strengthened its market position. Medtronic's cardiac and vascular group sales climbed by 7.5% last fiscal year, including a substantial contribution from its heart failure portfolio.
Abiomed, now a company of Johnson & Johnson, has made significant advances in the development of minimally invasive heart pumps. The Impella device, the world's smallest heart pump, is widely used for high-risk percutaneous coronary operations and cardiogenic shock. Abiomed forecasted a 15% increase in Impella device sales volume in the United States by 2023.
Berlin Heart GmbH, a European business that specialises in paediatric ventricular assist devices, has focused on satisfying the unique needs of children with heart failure. EXCOR Paediatric VAD has gained great acceptance in Europe and North America, resulting in a 6% increase in the company's global revenues.
In terms of market share, the top five players hold about YY% of the global cardiac assist device market. However, the market is seeing the emergence of new companies, particularly in the field of miniaturised and fully implantable devices, which is expected to enhance competition in the coming years.
The cardiac assist device market is estimated to increase at a 6.8% CAGR from 2024 to 2031. The rising prevalence of heart failure, technological advancements in device design, and the increasing use of ventricular assist devices as destination therapy are all key growth factors.
Analyst Opinion
The cardiac assist device market is poised for significant development and transition in the next years, thanks to technology advancements and shifting patient demands. One of the most exciting breakthroughs in this field is the development of smart, networked cardiac support devices.
The integration of artificial intelligence (AI) and Internet of Things (IoT) technology with cardiac assist devices has the potential to revolutionise patient care and monitoring. These smart gadgets can continuously collect and evaluate patient data, allowing for real-time adjustments and early detection of potential problems. This not only improves patient outcomes, but it also relieves the burden on healthcare systems by allowing for more effective remote monitoring and fewer hospital readmissions.
Another important development is a greater emphasis on producing cardiac assist devices that are specifically customised to certain patient populations. For example, there is a growing interest in pediatric-specific devices, which fill a critical market gap. As the incidence of heart failure in younger populations rises, so will the demand for size-appropriate and physiologically tailored devices.
The shift towards value-based healthcare is also expected to have a substantial impact on the cardiac assist equipment industry. Manufacturers are increasingly concentrating on developing gadgets that improve clinical outcomes while also exhibiting long-term cost effectiveness. This trend is likely to drive innovation in device lifetime, lowering complication rates, and improving patient quality of life.
Finally, the integration of cell therapy with ventricular assist devices is a promising area in heart failure treatment. Early research on devices that can send stem cells or growth hormones directly to the heart while also providing mechanical support shows promise for myocardial recovery. While still in its early stages, this method has the potential to shift the paradigm from simply assisting the failing heart to actively promoting its regeneration.
Major Players
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Abbott Laboratories
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Medtronic plc
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Abiomed (Johnson & Johnson)
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Berlin Heart GmbH
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Getinge AB
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SynCardia Systems, LLC
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Teleflex Incorporated
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Terumo Corporation
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LivaNova PLC
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Fresenius Medical Care AG & Co. KGaA
Key Developments
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Abbott Laboratories received FDA approval in June 2023 for an additional indication of its HeartMate 3 LVAD, allowing it to be used in young patients with severe heart failure.
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In February 2024, Medtronic announced the initiation of a clinical study for its new fully implantable left ventricular assist device, which intends to address the limitations of current externally powered systems.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Abbott Laboratories
5.2. Medtronic plc
5.3. Abiomed (Johnson & Johnson)
5.4. Berlin Heart GmbH
5.5. Getinge AB
5.6. SynCardia Systems, LLC
5.7. Teleflex Incorporated
5.8. Terumo Corporation
5.9. LivaNova PLC
5.10. Fresenius Medical Care AG & Co. KGaA (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Miniaturization and portability of cardiac assist devices
6.1.2. Integration of AI and IoT in cardiac assist devices
6.1.3. Development of pediatric-specific cardiac assist devices
6.2. Market Drivers
6.2.1. Rising prevalence of cardiovascular diseases and heart failure
6.2.2. Technological advancements in device design
6.2.3. Increasing adoption of cardiac assist devices as destination therapy
6.3. Market Restraints
6.3.1. High costs associated with cardiac assist devices and procedures
6.3.2. Risks of device-related complications and infections
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
7.1. Ventricular Assist Devices
7.1.1. Left Ventricular Assist Devices (LVADs)
7.1.2. Right Ventricular Assist Devices (RVADs)
7.1.3. Biventricular Assist Devices (BiVADs)
7.2. Intra-Aortic Balloon Pumps
7.3. Total Artificial Heart
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
8.1. Bridge-to-transplant
8.2. Destination Therapy
8.3. Bridge-to-recovery
9. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
9.1. Hospitals
9.2. Ambulatory Surgical Centers
9.3. Specialty Clinics
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
Market Segmentation
By Product:
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Ventricular Assist Devices
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Intra-Aortic Balloon Pumps
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Total Artificial Heart
By Application:
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Bridge-to-transplant
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Destination Therapy
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Bridge-to-recovery
By End User:
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Hospitals
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Ambulatory Surgical Centers
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Specialty Clinics
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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