DUBLIN--(BUSINESS WIRE)--The "Cardiac Assist Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest growing market for the cardiac assist devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The global cardiac assist devices and equipment market was valued at about $0.92 billion in 2018 and is expected to grow to $1.14 billion at a CAGR of 5.5% through 2022. Major players in the market are Abbot Laboratories, Berlin Heart, Abiomed, Bivacor and Calon Cardio - Technology Ltd.
In 2018, North America was the largest region in the cardiac assist devices and equipment market. USA was the largest country within the North America cardiac assist devices and equipment market, followed by Canada.
Rise in prevalence of cardiovascular diseases increase the demand for cardiac assist devices and equipment in developed and developing economies. The increasing need for diagnosis, monitoring, early stage treatment, and prevention of these life-threatening diseases, increase the demand for cardiac assist devices. In 2016, according to a study conducted by American Heart Association, a non-profit organization in the USA, total medical costs for cardiovascular diseases are expected to reach $749 billion by 2035 from $351.2 billion in 2015. The same study stated, in 2016, deaths due to cardiovascular diseases accounted for 840,678 and coronary heart disease accounted for 13% i.e. 363,452 of the total deaths in the USA.
Risks associated with implantation of cardiac assist devices into the human body acts as a major restraint for the growth of this market. Risks associated with device implantation include respiratory failure, blood clot formation, occurrences of stroke, and the risk of device failure leading to heart attack are some major reasons due to which people are hesitant to adopt cardiac assist devices, thus the demand from end users of cardiac assist devices remains restrained, therefore limiting the growth prospects of the market. The infection rate of cardiac implantable electronic devices is 1.7% initially after implantation, whereas after 2 years the infection rate is 9.5%, resulting to an increase in the risk factor. The rising number of device replacements results in complex procedures, considerable risks with an increase in infection rates.
Device miniaturization is becoming popular in the cardiac assist devices and equipment market. The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as 'Thoracotomy'. Cardiac assist device miniaturization acts as a replacement to heart transplantation as a destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware's device miniaturization program, aiming to reduce the weight, size and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices were compared, out of which the best one was found based on better clinical outcome and more cost effectiveness due to its miniaturized design.
In April 2019, Food and Drug Administration (FDA),a federal agency of US department of health and human services, a regulatory body, has sent a product recall notice to THORATEC Corporation, for its product HEARTMATE II, a left ventricular assist system, EU, due to adverse risks, blood pumping issues, use problems, power and battery problems identified. FDA has sent a notice for product recall as the product defect contributed to aortic insufficiency and potential pump obstruction in the patient which led to emergency heart transplant. Similarly, in the cardiac assist devices market in 2018, FDA came across 24,036 device problems out of which 10,788 were use problems, 1,791 blood pumping problems, 1,450 power problems, 1,402 battery problems, 949 connection problems, and others.
Key Topics Covered
1. Executive Summary
2. Cardiac Assist Devices and Equipment Market Characteristics
3. Cardiac Assist Devices and Equipment Market Size And Growth
3.1. Global Cardiac Assist Devices and Equipment Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Cardiac Assist Devices and Equipment Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Cardiac Assist Devices and Equipment Market Segmentation
4.1. Global Cardiac Assist Devices and Equipment Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
- Ventricular Assist Devices (LVAD)
- Intra-Aotic Baloon Pumps
- Total Artificial Heart
4.2. Global Cardiac Assist Devices and Equipment Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
- Hospital Pharmacies
- Ambulatory Surgical Centres
- Emergency Services
5. Cardiac Assist Devices and Equipment Market Regional And Country Analysis
5.1. Global Cardiac Assist Devices and Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
5.2. Global Cardiac Assist Devices and Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
- Abbot Laboratories
- Berlin Heart GmbH
- Abiomed Inc.
- Bivacor Pvt Ltd.
- Calon Cardio - Technology Ltd.
- Cardiobridge GmbH
- Balton Sp. Z O.O
- Cardiac Assist Inc.
- Braile Biomedica Ltd.
- Circulite Inc.
- Cardiokinetix Inc.
- Evaheart Inc.
- Fineheart Sarl
- Fresenius Medical Care AG & Co. KGaA (Xenios AG)
- Getinge Ab (Maquet Holding)
- GPB Life Science Holdings LLC (Insightra Medical Inc.)
- Jarvik Heart Inc.
- Medtronnic plc
- Mitiheart Corporation
- Relianthreat Inc.
- Scandinavian Real Heart
- Senko Medical Instrurment Mfg. Co. Ltd.
- Syncardia Systems LLC
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