The cardiac assist devices market is expected to observe significant growth on account of the growing incidence of congestive heart failures worldwide, especially in the geriatric population.
New York, March 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiac Assist Devices Market - Global Outlook and Forecast 2020-2025" - https://www.reportlinker.com/p05868635/?utm_source=GNW
With increased awareness of heart failures among patients and the availability of advanced treatment options, the market is likely to witness growth during the forecast period.
The emergence of next-generation cardiac assist devices is expected to fuel industry growth during the forecast period. The industry has witnessed the launch of several advanced and innovative heart assist devices with major changes in product designs and material usage. The introduction of less invasive devices by surgeons to perform left ventricular assist devices (LVAD) implant surgeries efficiently is leading to promising post-surgical outcomes.
Moreover, the global cardiac assist devices market is likely to grow during the forecast period due to increasing technological advancements, new product approvals, increasing elderly population, improvements in reimbursement policies for heart failures, and associated comorbidities. Vendors are likely to focus on addressing unmet patient need as the demands for innovative cardiac assist devices is growing due to promising clinical outcomes, thereby increasing opportunities for vendors.
The following factors are likely to contribute to the growth of the cardiac assist devices market during the forecast period:
• Growing Global Incidence of Heart Failure
• Shortage of Donor Hearts & Increasing Patient Waiting List for Heart Transplantation
• Increasing demand for Shared Care Centers & their Importance Post-LVAD Implantation
• Technological Advancements
• New Product Approvals and Line Extensions for Existing Commercial Cardiac Assist Devices
The study considers the present scenario of the cardiac assist devices market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Global Cardiac Assist Devices Market: Segmentation
This research report includes detailed segmentation by Application, Products, End-users, and Geography. The application of bridge to transplant (BTT) is enhancing the quality of life and survival chances of patients. The segment is expected to grow steadily due to advances in technology. The entry of advanced and innovative products from first-generation pulsatile flow cardiac assist devices to third-generation continuous flow devices is immensely influencing market growth prospects. However, the segment is likely to witness a decline during the forecast due to the increasing usage of cardiac assist devices as a destination therapy for treating advanced heart failure.
Left ventricular assist devices (LVAD) are predominantly used to bridge to transplant and destination therapy compared to other devices. The usage of LVAD has significantly improved the survival rate among patients undergoing heart transplantation. The application of LVADs in patients requiring cardiac support for longer duration enhances the quality of life and survival chances. These factors are likely to influence patients to prefer LVAD implants, thereby bolstering the demand for LVADs.
Intra-aortic balloon pumps (IABP) are considered to be the first line of treatment, especially in low and middle-income countries, and help treat the patient at critical stages. The segment is expected to grow due to several surgeons recommending IABP for treating advanced heart failures. IABPs provide safer use and earlier intervention to provide hemodynamic support and has minimal complications than other cardiac assist devices.
The hospital segment is expected to dominate the market during the forecast period, as the number of hospitals offering cardiac care is relatively high than in other healthcare settings. Patients prefer undergoing advanced heart failure treatment in hospitals due to their convenient locations and ease of accessibility. Moreover, the aging population and shortage of heart donors are other major factors likely to drive the segment growth.
Specialty cardiac centers (SSCs) are solely dedicated to treating patients suffering from several CVDs, such as vascular stenosis and heart failure. The segment is expected to grow at the fastest CAGR due to the availability of sophisticated infrastructure related to the diagnosis and high-quality treatment of CVDs in standalone cardiology centers.
Market Segmentation by Application
• Bridge to Transplant
• Destination Therapy
Market Segmentation by Product
• Intra-aortic Balloon Pump (IABP)
• Ventricular Assist Devices (VADs)
o Left Ventricular Assist Devices (LVADs)
o Other VADs
• Total Artificial Heart (TAH)
Market Segmentation by End-user
• Special Cardiac Centers
Insights by Geography
The North American market is expected to grow at the fastest CAGR due to favorable patient demographics, availability of skilled surgeons, and favorable reimbursement coverage. The increasing prevalence of obesity and diabetes, coupled with the aging population, has increased heart failures, which are expected to bolster the market. In Europe, the market is likely to grow because of the increasing geriatric population with heart diseases and high awareness of the advantages of cardiac assist devices. Further, increased government investments for such devices are likely to boost industry growth. Germany, the UK, and France are the key countries in the region as they invest the highest in R&D activities than other European countries. The APAC market is expected to grow at a moderate rate due to the increased healthcare expenditure, coupled with a high prevalence of CVDs. Favorable government policies and increased vendor initiatives in spreading awareness of stents are the other primary factors likely to influence the industry.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
o Saudi Arabia
Insights by Vendors
The global cardiac assist devices market is highly consolidated with major players accounting for a significant share of the industry. However, there are considerable growth opportunities for new entrants. Several investigational and small med-tech companies are expected to offer innovative products and technologies. The leading players are focusing on implementing several strategies such as product launches and approvals, acquisitions, and an increase in R&D investment to enhance their market share. Moreover, they focus on expansion in existing and new industries to cater to the needs of growing customer base, widen their product portfolios, and boost their production capabilities to gain traction from end-users. Leading players are likely to dominate the industry on account of their strong presence and surgeons’ endorsement for their products due to the availability of abundant clinical data and efficacy.
• Berlin Heart
• ZEON MEDICAL
• Tokai Medical Products
• SENKO MEDICAL INSTRUMENT
• Insightra Medical
• Jarvik Heart
Key Market Insights
The analysis of the cardiac assist devices market provides market sizing and growth opportunities for the period 2019–2025.
• Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
• Includes a detailed analysis of challenges and investment opportunities in the industry.
• Delivers a complete overview of market segments and the regional outlook of the cardiac assist devices market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the market.
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