Global Cardiac Assist Devices Market 2021 Industry Overview, Growth, Price Trends, COVID-19 Impact Analysis, Opportunities, and Forecast till 2030

In a recent published report, Kenneth Research has updated the market report for Global Cardiac Assist Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Cardiac Assist Devices Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

This market research report includes a detailed segmentation of the global cardiac assist devices market by product (Intra-Aortic Balloon Pump and Ventricular Assist Devices {Left Ventricular Assist Devices [LVAD], Right Ventricular Assist Devices [RVAD], and Biventricular Assist Devices [BIVAD]), and by region (North America, Europe, Asia Pacific, and Rest of the World).

Overview of the Global Cardiac Assist Devices Market Research
Research report predicts that the global cardiac assist devices market will grow at a CAGR of 11.6% during the forecast period. The market has witnessed steady growth in the past few years and the advancement in technology coupled with the introduction of novel products have augmented the acceptance of heart assist devices in the market. The market is fueled by upsurge in the incidence of heart failure, growing elderly population, and shortage of heart donors for transplantation.The market continues to grow and the devices are most widely used for the functioning of heart in case of failure and weakened heart patients. The field is getting revolutionized with the availability of improved technology. The key market players are focusing towards approvals, new product launches, and targeting towards end-user’s perspective. The market generates the revenue from the key players operating in this field and some of them includes Abbott Laboratories, Berlin Heart GmbH, Maquet GmbH (Getinge AB), SynCardia Systems, LLC, and ReliantHeart, Inc.
According to Infoholic Research analysis, North America accounted for the largest share of the global cardiac assist devices market in 2018 and is expected to remain the leading region in terms of value during the forecast period.

According to American Heart Association, an estimated 92.1 million population in US have at least one type of CVD and by 2030 it is projected that close to 44% of the US adult population to have some form of CVD. Increasing incidence of cardiovascular diseases, promising reimbursement policies, presence of dominant vendors, and accessibility of advanced technologies will increase the demand and adoption of the cardiac assist devices in the region.

Europe is the second largest region in terms of cardiac assist devices market. Cardiovascular disease (CVD) causes 3.9 million deaths and over 1.8 million deaths in EU countries. In UK alone, around 60,000 new cases of advanced chronic heart failure are diagnosed every year out of which 40% die within a year.
Asia Pacific is expected to grow at mid-double digit CAGR during the forecast period, owing to factors such as growing healthcare expenditure, high prevalence of lifestyle related disorders, and increasing acceptance of advanced technologies in the market.

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By Product:
>>Intra-Aortic Balloon Pump (IABP)
>>Ventricular Assist Devices (VAD)
o Left Ventricular Assist Devices (LVAD)
o Right Ventricular Assist Devices (RVAD)
o Biventricular Assist Devices (BIVAD)
>>Total Artificial Heart (TAH)
In 2018, the ventricular assist devices segment occupied the largest share and is expected to grow at mid-double digit CAGR during the forecast period. The ventricular assist devices market is further segmented into left ventricular assist devices, right ventricular assist devices, and biventricular assist devices. Among these, left ventricular assist devices occupied a major share and is expected to grow at high CAGR during the forecast period. Increasing number of patients suffering from last-stage heart failure, advancements in technology leading to better effectiveness & high survival rate, and decreased risk of the devices makes the segment the most common among other VAD devices.

By Regions:
>>North America
>>Asia Pacific
>>Rest of the World
The market is dominated by North America, followed by Europe and Asia Pacific. The US occupied the major share of the North American market due to the presence of key vendors and obtainability of advanced technologies.

Cardiac Assist Devices Market Research Competitive Analysis – The global cardiac assist devices market has massive growth opportunities in both developed and developing regions. The upgradation and advancements of devices will increase the competition among the market players. Many companies are concentrating on new approvals, funding, and development of new products related to cardiac assist device because of the increase in implantable procedures. For instance, Teleflex announced FDA approval for intra-aortic balloon pump in 2017. The AC3 Optimus device delivers intra-aortic balloon pump therapy to assist in pumping blood.
In October 2018, FDA approved HeartMate 3 left ventricular assist device developed by Abbott, as a destination therapy for patients with advanced heart failure. In January 2018, Canada regulatory body issued a Class IV License with conditions to HeartMate 3 Left Ventricular Assist System (LVAS) developed by Thoratec Corporation. BiVACOR Pty Ltd is developing a rotary Total Artificial Heart (TAH) device and its initiative is funded by OneVentures, a venture capital firm and the Federal Government of Australia. In addition, other leading vendors are focusing in investing huge on research and development activities to develop new products to obtain high share in the market.
Key vendors:
>>Abbott Laboratories
>>Berlin Heart GmbH
>>Maquet GmbH (Getinge AB)
>>ReliantHeart, Inc.
>>SynCardia Systems, LLC
>>BiVACOR, Inc.
>>Medtronic plc
>>XENIOS AG (Fresenius Medical Care AG & Co. KGaA)
>>Teleflex Incorporated
>>Carmat SA
>>Calon Cardio-Technology Ltd.
>>LivaNova, PLC

Key competitive facts –
>>The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices of devices are some of the key factors that confront the market.
>>The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.

Benefits – The report provides complete details about the current and forecast market size of every type of cardiac assist devices and market values by region. Through this report, the key stakeholders in the cardiac assist devices ecosystem can also know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals and to analyze before investing or expanding the business in this market.

Key Takeaways:
>>Understanding the potential market opportunity with precise market size and forecast data
>>Detailed market analysis focusing on the growth of cardiac assist devices industry
>>Factors influencing the growth of cardiac assist devices market
>>In-depth competitive analysis of dominant and pureplay vendors
>>Prediction analysis of cardiac assist devices industry in both developed and developing regions
>>Key insights related to major segments of the cardiac assist devices market
>>Latest market trend analysis impacting the buying behavior of the consumers
Key Stakeholders –

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What is the aim of the report?

  • The market report presents the estimated market size of market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of the market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the market during the forecast period.

What aspects regarding the regional analysis of market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

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