LONDON--(BUSINESS WIRE)--Technavio analysts forecast the cardiac medical devices market in the US to reach over USD 7 billion by 2020, growing at a CAGR of almost 2%, according to their latest report.
The research study covers the present scenario and growth prospects of the cardiac medical devices in the US for 2016-2020. Based on product type, the market is classified into the following segments: CRM devices, cardiac assist devices, and heart valves.
Technavio healthcare and life sciences analysts highlight the following three factors that are contributing to the growth of the cardiac medical devices in the US:
- Prevalence of cardiac disorders
- Shortage of heart donors
- Increase in public awareness
Prevalence of cardiac disorders
The incidence of cardiac disorders such as bradycardia, sick sinus syndrome, atrioventricular blocks, ventricular fibrillation, cardiac arrest, and tachycardia is rising each year. With aging, heart muscles lose their elasticity and ability to respond to different pressure rates. This makes older people susceptible to cardiac disorders. Sudden cardiac arrests are noted to be a leading cause of death worldwide among adults aged above 40.
“In 2013, the American Heart Association estimated that cardiac disorders accounted for more than 450,000 deaths in the US each year. The Sudden Cardiac Arrest Foundation estimated that the number of deaths related to cardiovascular diseases is almost equal to Alzheimer's disease, cancers such as breast, cervical, prostate, and colorectal, house fires, road accidents, and suicide combined,” says Barath Palada, a lead analyst at Technavio for cardiovascular devices research.
Shortage of heart donors
People with a higher severity of cardiovascular diseases are required to undergo heart transplantation. However, it is difficult to obtain heart transplants due to the shortage of heart donors. The number of people worldwide that require a heart transplant is rising rapidly. This leads to a rise in the average waiting time for heart transplantation. The average waiting time for a donor heart in the US is 9-11 months. In 2013, the Health Resources and Services Administration estimated that about 18 people in the US die every day due to the shortage of donor hearts.
This has fueled the demand for cardiac assist devices such as ventricular assist devices (VADs) and total artificial hearts (TAHs). Unlike artificial hearts, VADs help the heart rest after cardiac surgeries. They are also implanted in people awaiting donor hearts and for long-term use in individuals with advanced congestive heart failure. Among VADs, LVADs are the most used devices as they help pump the blood to the body and other vital organs. LVADs help reduce the load on the heart, allowing potential patient recovery. However, these devices are difficult to manufacture due to their complex use and architecture and compatibility issues with different cell types.
Increase in public awareness
Various governments and organizations worldwide are implementing initiatives to spread awareness about sudden cardiac arrest. The Heart Rhythm Society in the US has commemorated the month of October as the Sudden Cardiac Arrest Awareness month to raise awareness about the disorder. “The Sudden Cardiac Arrest Coalition that consists of 46 non-profit organizations aims to increase the survival rate of people with sudden cardiac arrest globally, particularly in the US. The coalition spreads awareness and funds research about sudden cardiac arrest. It also enables people that have suffered sudden cardiac arrest in the past to gain easy access to life-saving therapies,” adds Barath.
Browse Related Reports:
- Global Cardiac Rhythm Management Devices Market 2015-2019
- Global Cardiac Prosthetic Devices Market 2015-2019
- Global Cardiac Resynchronization Therapy (CRT) Devices Market 2015-2019
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