LONDON--(BUSINESS WIRE)--The global artificial heart market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
The number of patients currently waiting for heart transplantation is significantly higher than the number of donor hearts available, and most patients die waiting for a transplant. The lack of available therapies for advanced HF has increased the demand for durable LVAD and TAH over the last decade. This growing demand is driven by improving technology with better outcomes in patients with advanced HF, and the availability of smaller devices fitting into more patients. Currently, the number of global LVADs implanted per year is higher than the number of heart transplants. Moreover, the demand for artificial hearts is expected to continue to increase during the forecast period.
As per Technavio, the focus on the development of non-blood-contacting VADs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global artificial heart market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global artificial heart market: Focus on development of non-blood-contacting VADs
The artificial heart market is witnessing increased focus on the development of non-blood-contacting VADs as they can be applied without touching the bloodstream. They can overcome the limitations of all current circulatory assist devices, which touch the blood, and are thus, prone to various complications such as high rates of stroke and gastrointestinal bleeding. Non-blood-contacting VADs can be programmed to deliver energy to the bloodstream during cardiac systole or diastole. Thus, several vendors are increasing their R&D efforts to develop non-blood contacting VADs. This technology may enter the market during the forecast period and is expected to become a significant driver responsible for market growth.
“Apart from the focus on the development of non-blood-contacting VADs, factors such as the clinical trials for the development of TAHs, strategic acquisitions, and the increasing prevalence of HF and associated risk factors will significantly impact the growth of the artificial heart market during the forecast period,” says a senior research analyst at Technavio.
Global artificial heart market: Segmentation analysis
This market research report segments the global artificial heart market by product (VAD and TAH) and geographic regions (North America, Europe, Asia, and ROW)
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the high prevalence of HF and associated risk factors, favorable reimbursement policies, improved healthcare infrastructure, access to advanced healthcare, and the strong presence of established vendors in the region. The US and Canada are the major revenue contributors to the market in North America.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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