Cardiac Assist Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Cardiac Assist Devices Market By Product (Ventricular Assist Devices [Left Ventricular Assist Devices (LVAD), Biventricular Ventricular Assist Devices (BIVAD), and Right Ventricular Assist Devices (RVAD)], Artificial Heart, and Intra-Aortic Balloon Pump), Type (Transcutaneous and Implantable), Therapy (Bridge-To-Transplant (BTT) Therapy, Destination Therapy, and Bridge-To-Candidacy (BTC Therapy), End-User (Hospitals, Cardiac Centers, and Ambulatory Surgical Centers), and Geography is expected to grow at a steady CAGR forecast till 2030 owing to growth in new therapies and increasing prevalence of coronary diseases.

The global cardiac assist devices market was valued at USD 2.89 billion in 2023, growing at a CAGR of 13.70% during the forecast period from 2024 to 2030, to reach USD 6.23 billion by 2030. The demand for cardiac assistance devices is motivated by a rise in the prevalence of coronary diseases, growth in new therapies, the affordability of medical devices, increasing penetration and acceptance of cardiac assistance devices in emerging countries, and innovation and advancement of medical devices.

Cardiac Assist Devices Market Dynamics:

Heart transplantation is widely regarded as the greatest therapeutic option for individuals with end-stage heart failure across the world. Only a limited percentage of patients get transplants due to the scarcity of organs available for transplantation. According to the most recent statistics, the number of patients waiting for a heart transplant has more than doubled in only five years. However, the scarcity of donors, long waiting times, and an increasing number of unstable patients have favored the development of cardiac assist.

Cardiac Assist Devices (CAD) are a type of mechanical pump that operate together with the heart to increase the effectiveness of pumping and maintain optimal blood flow across the body. To treat end-stage heart failure, cardiac aid systems are used that are determined by the individual's needs. As a result of the scarcity of cardiac donors, temporary cardiac assist devices are utilized to provide long-term assistance for individuals.

According to a report from the American Heart Association, 2020, the prevalence of heart failure continues to increase over time, with the aging of the population. It is predicted that the rising number of elderly patients would transform healthcare delivery and create a larger demand for cardiac assist devices. As per the recent survey, Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050. Since the aging population is more prone to cardiovascular disorders, therefore it will give rise to more demand for cardiac assist devices, which will boost the cardiac assist devices market.

Moreover, companies are increasing their manufacturing of essential medical device products. For instance, in August 2022, the United States Food and Drug Administration (FDA) granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous heart pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes including design iterations, clinical study protocols, and pre-market approval (PMA) application.

Therefore, such initiatives are expected to help the market and the patients in their treatment which will drive the cardiac assist devices market growth also.

However, high treatment costs and limitations regarding the safety of implantable devices may prove to be certain restraints to the Cardiac Assist Devices market growth.

Cardiac Assist Devices Market Segment Analysis:

Cardiac Assist Devices Market By Product (Ventricular Assist Devices [Left Ventricular Assist Devices (LVAD), Biventricular Ventricular Assist Devices (BIVAD), and Right Ventricular Assist Devices (RVAD)], Artificial Heart, and Intra-Aortic Balloon Pump), Type (Transcutaneous and Implantable), Therapy (Bridge-To-Transplant (BTT) Therapy, Destination Therapy, and Bridge-To-Candidacy (BTC Therapy), End-User (Hospitals, Cardiac Centers, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the cardiac assist devices market product segment under the ventricular assist devices category, left ventricular assist devices are expected to hold a significant share during the forecast period. It is primarily attributed to the advantages and applications associated with LVAD coupled with increasing technological advancements, the scarcity of organ donors, and the increasing prevalence of heart failure globally.

LVAD is intended for the treatment of patients with severe heart failure by restoring normal blood flow. The implantation of LVAD in heart failure patients can be life-saving and buys more time for them till organ transplantation.

LVADs are highly reliable and come with built-in safety systems.

Post implantation of LVAD, patients witness improvement in their health and can return/resume their daily activities including driving, and others.

LVADs offer intermediate to long-term treatment solutions for severe heart failure patients. Additionally, assistance from government bodies, and favorable reimbursement scenarios, are expected to enhance the cardiac assist devices market potential in several countries.

Hence, all the above-mentioned factors are expected to drive the segment growth.

North America is expected to dominate the Overall Cardiac Assist Devices Market:

Among all the regions, North America is expected to account for the largest share of the cardiac assist devices market. The growing prevalence of cardiovascular diseases, access to better healthcare infrastructure, and growing awareness regarding cardiac diseases coupled with the presence of major cardiac assist devices market players in the region are predicted to be the major influencing factors in driving the overall growth of the cardiac assist devices market over the forecast period.

The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020. Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent-the damage is done, but the person is not aware of it.

As per the facts provided by the CDC 2020, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States where about 655,000 Americans die from heart disease each year.

In addition, the well-established healthcare infrastructure in the country with supportive reimbursement programs covering the costs for the implantable devices as well as the procedure further encourages people to opt for such devices.

Thereby, considering the presence of a large patient pool in the US coupled with new product launches, the market for cardiac assist devices looks promising in the United States.

Cardiac Assist Devices Market Key Players:

Some of the key market players operating in the cardiac assist devices market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others.

Recent Developmental Activities in the Cardiac Assist Devices Market:

In December 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure.

In March 2020, the US-based healthcare giant, SynCardia Systems LLC, got approval from the US FDA for a 50CC temporary total artificial heart system as a bridge to heart transplant for patients who are at imminent risk for death from biventricular failure.

Key Takeaways from the Cardiac Assist Devices Market Report Study

Market size analysis for current market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global cardiac assist devices market.

Various opportunities are available for the other competitor in the cardiac assist devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for cardiac assist devices market growth in the coming future?

Target Audience who can be benefited from this Cardiac Assist Devices Market Report Study

Cardiac Assist Devices providers

Research organizations and consulting companies

Cardiac Assist Devices related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders in cardiac assist devices

Various End-users want to know more about the cardiac assist devices market and the latest technological developments in the cardiac assist devices market.

Frequently Asked Questions for Cardiac Assist Devices Market:

1. What are Cardiac Assist Devices?

Cardiac Assist Devices (CAD) are a type of mechanical pump that operate together with the heart to increase the effectiveness of pumping and maintain optimal blood flow across the body. To treat end-stage heart failure, cardiac aid systems are used that are determined by the individual's needs. As a result of the scarcity of cardiac donors, temporary cardiac assist devices are utilized to provide long-term assistance for individuals.

2. What is the market for global cardiac assist devices?

The global cardiac assist devices market was valued at USD 2.89 billion in 2023, growing at a CAGR of 13.70% during the forecast period from 2024 to 2030, to reach USD 6.23 billion by 2030.

3. What are the drivers for global cardiac assist devices?

The major drivers driving the demand for cardiac assist devices are a rise in the prevalence of coronary diseases, growth in new therapies, the affordability of medical devices, increasing penetration and acceptance of cardiac assistance devices in emerging countries, and innovation and advancement of medical devices.

4. Who are the key players operating in global cardiac assist devices?

Some of the key market players operating in the cardiac assist devices market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others.

5. Which region has the highest share in the cardiac assist devices market?

North America is expected to dominate the overall cardiac assist devices market during the forecast period, 2024 to 2030. This domination is due to the growing prevalence of cardiovascular diseases, access to better healthcare infrastructure, and growing awareness regarding cardiac diseases coupled with the presence of major cardiac assist devices market players in the region.