Largest segment driving the growth of the Cardiac Assist Devices Market

 


The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cardiac assist devices aid in pumping blood throughout the body when heart's pumping action weakens due to disorders like heart failure. It includes Ventricular Assist Devices (VADs), Intra-Aortic Balloon Pumps (IABPs) and Total Artificial Hearts (TAHs). These devices are crucial for patients awaiting a heart transplant.

Market key trends:

The increasing adoption of telemonitoring and remote patient monitoring by healthcare facilities as well as patients is one of the major trends witnessed in the Cardiac Assist Devices Market. Telemonitoring allows remote monitoring of patients' health using digital technologies thus reducing hospital visits. It provides real-time monitoring of patients vitals and early detection of worsening conditions. This has significantly improved patient care while lowering healthcare costs. With growing emphasis on patient-centric care, telemonitoring is poised to become an integral part of cardiac assist devices over the forecast period.

Segment Analysis

Content: The cardiac assist devices market is segmented into ventricular assist devices, total artificial hearts, and intra-aortic balloon pumps. Among these, ventricular assist devices dominate the market and account for around 80% share due to the increasing applications of left ventricular assist devices(LVADs) and right ventricular assist devices(RVADs) in bridging patients to heart transplantation. LVADs dominate ventricular assist devices segment owing to their ability to support the left ventricle and improve the patient's quality of life.

Key Takeaways

The global cardiac assist devices market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. According to the American Heart Association's Heart Disease and Stroke Statistics 2023 report, cardiovascular diseases are the leading global cause of death, accounting for over 17.6 million deaths annually

Regional analysis: North America dominates the global cardiac assist devices market share due to supportive reimbursement policies and higher awareness regarding advanced treatment methods. Asia Pacific is expected to be the fastest growing market attributed to large population base suffering from cardiovascular diseases and improving healthcare infrastructure.

Key players: Key players operating in the cardiac assist devices market include Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others. Abbott Laboratories leads the global market share owing to its broad product portfolio and strong geographical presence across major markets.

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https://www.dailyprbulletin.com/cardiac-assist-devices-market-size-share-growth-outlook-2023/


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