Cardiac Assist Devices and Equipment Market Witnesses Rapid Expansion

The cardiac assist devices and equipment market has experienced significant growth, with the market size projected to rise from $2.47 billion in 2023 to $2.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.2%. Anticipating continued rapid expansion, the market is poised to reach $4.18 billion by 2028, with a CAGR of 10.5%. The following factors contribute to the surge in the market.

Cardiovascular Disease Epidemic Drives Market Surge
The increasing prevalence of cardiovascular diseases (CVD) globally is fueling the demand for cardiac assist devices and equipment in both developed and developing economies. The surge in demand is attributed to the growing need for diagnosis, monitoring, early-stage treatment, and prevention of life-threatening cardiovascular diseases. Notably, the American Heart Association projects that by 2035, 45.1% of the US population is expected to have some form of CVD, with total costs reaching $1.1 trillion, emphasizing the critical role of cardiac assist devices.

Growing Influence of Telemedicine
The rise of telemedicine services is expected to propel the growth of cardiac assist devices and equipment. Telemedicine, utilizing electronic information and communication technologies, supports healthcare services, allowing for greater patient engagement and improved outcomes for cardiac conditions. The surge in telemedicine services is evident in the increased use of virtual visits by physicians, reaching 80% in 2022 from 14% in six years, as reported by the Centers for Disease Control and Prevention. This trend contributes to the cardiac assist devices and equipment market's upward trajectory.

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Innovations in Artificial Intelligence (AI) for Cardiac Assist Devices
Major companies in the cardiac assist devices and equipment market are focusing on AI-powered technologies to gain a competitive edge. These innovations, exemplified by products like the CardioMEMS HF System, revolutionize heart failure care. The CardioMEMS HF System wirelessly measures and monitors pulmonary artery pressure and heart rate for heart failure patients, allowing healthcare providers to make informed treatment decisions. The approval of this system by Abbott Laboratories reflects a commitment to advancing cardiac care.

Revolutionizing Cardiac Assist Devices through Miniaturization
Device miniaturization is gaining popularity in the cardiac assist devices and equipment market. This concept enhances device implantation, potentially shortening hospital stays through less invasive surgery. Cardiac assist device miniaturization is seen as a viable alternative to heart transplantation as destination therapy, addressing the shortage of heart donors. Initiatives by companies like Heartware Ltd. and the United Kingdom National Health Service's Bridge to Transplant program showcase the commitment to miniaturization for improved clinical outcomes and cost-effectiveness.

Regional Insights
North America leads the global cardiac assist devices and equipment market, followed by Western Europe. The comprehensive market report covers regions such as Asia-Pacific, Eastern Europe, South America, Middle East, and Africa.

Market Segmentation
The cardiac assist devices and equipment market covered in this report is segmented:
• By Type: Ventricular Assist Devices (LVAD), Intra-Aortic Balloon Pumps, Total Artificial Heart
• By Modality: Transcutaneous, Implantable
• By Application: Hospital Pharmacies, Ambulatory Surgical Centers, Emergency Services

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Cardiac Assist Devices And Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Cardiac Assist Devices And Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cardiac assist devices and equipment market size, cardiac assist devices and equipment market drivers and trends, cardiac assist devices and equipment market major players, cardiac assist devices and equipment market competitors' revenues, cardiac assist devices and equipment market positioning, and cardiac assist devices and equipment market growth across geographies. The cardiac assist devices and equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the cardiac assist devices and equipment market report and tap into segments with the highest growth potential.

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