How Is The Cardiac Assist Devices And Equipment Market Segmented?
The cardiac assist devices and equipment market covered in this report is segmented –
1) By Type: Ventricular Assist Devices (LVAD), Intra-Aotic Baloon Pumps, Total Artificial Heart
2) By Modality: Transcutaneous, Implantable
3) By Application: Hospital Pharmacies, Ambulatory Surgical Centres, Emergency Services
Subsegments:
1) By Ventricular Assist Devices (LVAD): Implantable LVADs, Externally Powered LVADs, Pediatric LVADs, Other LVADs
2) By Intra-Aortic Balloon Pumps: Disposable Intra-Aortic Balloon Pumps, Reusable Intra-Aortic Balloon Pumps
3) By Total Artificial Heart: Pneumatically Powered Total Artificial Heart, Electrically Powered Total Artificial Heart, Other Total Artificial Heart Types
What Is Driving The Cardiac Assist Devices And Equipment Market? A Rise In The Prevalence Of Cardiovascular Diseases (CVD) In Cardiac Assist Devices And Equipment Market
A rise in the prevalence of cardiovascular diseases (CVD) increases 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, increases the demand for cardiac assist devices. For instance, according to the American Heart Association, a US-based nonprofit organization, by 2035, 45.1% of the US population is s to have some form of CVD. Total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach $368 billion. Therefore, a rise in the prevalence of cardiovascular diseases is driving the growth of the cardiac assist devices and equipment market.
What Is Driving The Cardiac Assist Devices And Equipment Market? Growing Influence Of Telemedicine In The Cardiac Assist Devices And Equipment Market
The surge in telemedicine services is expected to propel the growth of the cardiac assist devices and equipment market going forward. Telemedicine services refer to the use of electronic information and communication technologies to provide and support healthcare services. Telemedicine devices and platforms can support greater patient engagement in improving their own health, monitoring for irregularities, providing feedback to healthcare providers, and improving outcomes for patients with cardiac conditions by providing remote monitoring, early detection of complications, and timely interventions. For instance, according to the Centers for Disease Control and Prevention, a US-based government agency, in 2021, 37.0% of adults in the United States used telemedicine in the past 12 months, while the use of virtual visits by physicians increased to 80% in 2022 from 14% in six years. Thus, the surge in telemedicine services is driving the growth of the cardiac assist devices and equipment market.
Who Are The Major Players In The Global Cardiac Assist Devices And Equipment Market?
Major companies operating in the cardiac assist devices and equipment market include 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, Getinge Ab, GPB Life Science Holdings Llc, Jarvik Heart Inc., Medtronic plc, OregonHeart, Mitiheart Corporation, Procyrion Inc., Relianthreat Inc., Scandinavian Real Heart AB, Senko Medical Instrument Mfg. Co. Ltd., Syncardia Systems LLC, HeartWare International Inc., Cardiac Dimensions Inc., Cardiac Power Innovations, Cardiac Science Corporation, Cardionomic Inc., Carmat SA, CorWave SA, Edwards Lifesciences Corporation, Leviticus Cardio Ltd., LivaNova PLC, MicroMed Cardiovascular Inc., MyoCardioCare Inc., Novacor SA, Orqis Medical Corporation, Terumo Corporation, Thoratec Corporation, Ventracor Limited
What Are The Key Trends Of The Global Cardiac Assist Devices And Equipment Market? Revolutionizing Heart Failure Care With Cardiomems Hf System
Major companies operating in the cardiac assist devices and equipment market are developing innovative products such as the CardioMEMS HF System to support the care of more people living with heart failure. CardioMEMS HF System is a cardiac device that wirelessly measures and monitors pulmonary artery pressure and heart rate for patients with heart failure. For instance, in February 2022, Abbott Laboratories, a US-based medical device company received FDA approval for CardioMEMS HF System, a small implantable sensor for heart failure. Healthcare providers can use information from the CardioMEMS HF system to make treatment decisions and manage a patient's heart failure, possibly helping these patients get care sooner and avoid heart failure-related hospitalizations.
What Are The Key Trends Of The Global Cardiac Assist Devices And Equipment Market? Revolutionizing Cardiac Assist Devices Through Miniaturization
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 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 was compared, out of which the best one was found based on better clinical outcome and more cost-effectiveness due to its miniaturized design.
Cardiac Assist Devices And Equipment Market Merger And Acquisition: Johnson & Johnson Acquired Abiomed To Complement Market Growth
In December 2022, Johnson & Johnson, a US-based pharmaceutical company completed the acquisition of Abiomed for $16.6 billion. The acquisition of Abiomed adds heart recovery solutions that complement Johnson & Johnson's Biosense Webster electrophysiology business, allowing the company to expand in high-growth markets. Abiomed is a US-based medical device company that manufactures heart pumps.
Regional Outlook For The Global Cardiac Assist Devices And Equipment Market
North America was the largest region in global cardiac assist devices and equipment market in 2024. Western Europe was the second-largest region in cardiac assist devices and equipment market. The regions covered in the cardiac assist devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cardiac assist devices and equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Defines the Cardiac Assist Devices And Equipment Market?
The cardiac assist devices and equipment market consist of sales of ventricular assist devices (LVAD), intra-aortic balloon pumps, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Cardiac Assist Devices And Equipment Industry?
The cardiac assist devices and equipment market research report is one of a series of new reports from The Business Research Company that provides cardiac assist devices and equipment market statistics, including cardiac assist devices and equipment industry global market size, regional shares, competitors with a cardiac assist devices and equipment market share, detailed cardiac assist devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac assist devices and equipment industry. This cardiac assist devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
