Cardiac Assist Devices Market Sustains Competitiveness by Adoption of Technological Innovations
A cardiac assist device supports the heart in case of respiratory failure. Such devices may replace the heart partially or completely. There are different types of cardiac assist devices available in the market such as Ventricular Assist Device and Intra-aortic Balloon Pump. Ventricular assist devices include left ventricular assist devices (LVAD) & right ventricular assist devices (RVAD) used in combination to move blood from the left and right ventricles.
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External Ventricular Assist Devices are used for temporary support during or after heart surgery. The intra-aortic balloon pump is a polyethylene balloon mounted on a catheter, and is inserted into the aorta through the femoral artery in the leg. The Intra-aortic Balloon Pump assists the heart during both its rest phase and work phase.
The global market analysis on cardiac assist devices indicates that the market is expected to be dominated by ventricular assist devices. Additionally, among the different types of ventricular assist devices, the left ventricular assist devices segment leads the market with the highest market size of over US$ 1,400 Mn estimated by the end of 2027.
The overall ventricular assist devices market is expected to reach a market valuation of over US$ 1,600 Mn by the end of 2027, growing at a CAGR of 6.1% during the forecast period.
The global market is witnessing an increase in the demand for advanced equipment in the health care industry. This demand is increasing the focus of developed countries towards advanced medical equipment. The demand for new cardiac assist devices has increased in the last few years as such devices enable continuous flow of blood to the heart, require no mechanical bearings, facilitate approval for bridge to transplant, are available in miniature sizes, and are the life-line support for patients seeking to either recover from or wait for a heart transplant.
Even the government has increased the funding for research and development initiatives in advanced medical treatment options and target specific drug delivery, placing utmost concern to the safety of patients at all times. All these factors are expected to drive the growth of the global cardiac assist devices market during the period 2017-2027.
The market’s growth is also helped by established reimbursements on Medicare in many regions. Especially in the U.S, Medicare covers reimbursement of cardiac assist devices procedures when done by a registered hospital or health care agency. This positive reimbursement scenario encourages patients to undergo such costly and complicated medical procedures.
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Growing concerns over the risks related to the use of cardiac assist devices may hinder the growth of the global cardiac assist devices market
There are certain risks associated with cardiac assist devices. The most common risks include infections, pump thrombus, hemorrhage, arrhythmias, and suction events. Many companies have even incurred losses due to the adverse effects these devices have caused to many patients. Medtronic PLC received warning letters from the FDA due to the clotting related side-effects of their small MVAD device.
The Abbott Laboratories product HeartMate II has reported several adverse events in clinical trials such as bleeding, cardiac arrhythmia, localised infection and respiratory failure, which may give a false impression to health care professionals. Such cases have resulted in total product recall, thereby hampering the revenue growth of the global cardiac assist devices market.
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