Cardiac Assist Devices Market: Poised for Growth with Aging Population, Technological Advancements, and Rising Demand

Cardiac Assist Devices Market worth $ 10.50 Billion by 2030 - Exclusive Report by Insightace Analytics

Insightace Analytics Pvt. Ltd. announces the release of a market assessment report on the "Global Cardiac Assist Devices Market- by Modality (Transcutaneous and Implantable), Products (Ventricular Assist Device (VAD) and Intra-Aortic Balloon Pump), End-User (Hospital and Ambulatory Surgical Centers), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

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Cardiac Assist Devices Market Projected for Strong Growth: Technological Advancements and Aging Population Drive Demand
Insightace Analytics forecasts a promising future for the global cardiac assist devices market, estimating its value at US$3.16 billion in 2021. By 2030, the market is expected to reach a substantial US$10.50 billion, reflecting a robust growth trajectory with a compound annual growth rate (CAGR) of 14.57% over the 2022-2030 forecast period.

Mechanical pumps acting as cardiac assist devices play a crucial role in supporting a weakened heart by ensuring efficient blood flow throughout the body. These devices are often used when heart failure reaches a stage where medications are no longer sufficient. Weakened heart muscles, the primary cause of heart failure, prevent the heart from pumping enough blood. While heart transplants remain an option, the growing scarcity of donors underscores the increasing need for cardiac assist devices.

This rising demand for cardiac assist devices paints a favorable picture for market growth in the coming years. Advancements driven by cutting-edge platforms like artificial intelligence and the Internet of Things (IoT) are leading to significant developments, particularly in ventricular assist devices. Recognizing this growing need, leading companies are actively engaged in research and innovation. Efforts are underway to create smaller centrifugal pumps that would facilitate minimally invasive implantation techniques.

Several factors are expected to propel market growth further:

• Aging population: As the global population ages, the prevalence of heart failure is anticipated to rise, leading to an increased demand for cardiac assist devices in patients with severe heart conditions.

• Technological advancements: Continuous advancements in device design, including the development of smaller and more efficient pumps, will improve patient outcomes and expand treatment options.
However, the market also faces some challenges:

• Treatment complexities: The high cost and complexity associated with cardiac assist device implantation and treatment can be a limiting factor.

• Competition: The presence of established players and the entry of new ones intensifies competition within the market.

• Lack of awareness: Limited awareness about these devices, particularly in developing regions, can hinder market penetration.
Despite these challenges, North America is expected to hold a significant share of the market due to rising heart failure rates, an expanding healthcare sector, and increased government spending on healthcare infrastructure development. The Asia Pacific region is also anticipated to witness notable growth, driven by the increasing presence of leading companies and growing competition within the regional market.
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Major market players operating in the cardiac assist devices market include Terumo Heart, Inc., Nova Pump GmbH, Getinge AB, Belton Ltd., Meryl Life Sciences Pvt. Ltd., Throated Corporation, Cardiac Assist, Inc., and Berlin Heart G.
Recent collaborations and agreements in the market:

• In October 2021, SynCardia, a manufacturer of whole artificial hearts, was purchased by Picard Medical. As a result of the acquisition, SynCardia will be able to strengthen its current products, improving clinical support for clinicians. Also, it will make it possible for the business to request authorization to use its goods in novel ways.

• In March 2020, for patients nearing death from biventricular failure, the US FDA approved Nocardia Systems LLC's use of a 50CC temporary artificial heart system as a bridge to a heart transplant.

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Market Segments
Global Cardiac Assist Devices Market, by Modality, 2022-2030 (Value US$ Mn)

• Transcutaneous
• Implantable
Global Cardiac Assist Devices Market, by Products, 2022-2030 (Value US$ Mn)
• Ventricular Assist Device (VAD)
• Intra-Aortic Balloon Pump

Global Cardiac Assist Devices Market, by End-User, 2022-2030 (Value US$ Mn)

• Hospital
• Ambulatory Surgical Centers

Global Cardiac Assist Devices Market, by Region, 2022-2030 (Value US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Cardiac Assist Devices Market, by Country, 2022-2030 (Value US$ Mn)

• U.S.
• Canada

Europe Cardiac Assist Devices Market, by Country, 2022-2030 (Value US$ Mn)

• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Cardiac Assist Devices Market, by Country, 2022-2030 (Value US$ Mn)

• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Cardiac Assist Devices Market, by Country, 2022-2030 (Value US$ Mn)

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Cardiac Assist Devices Market, by Country, 2022-2030 (Value US$ Mn)

• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global cardiac assist devices market
 To receive an industry overview and future trends of the cardiac assist devices market
 To analyze the cardiac assist devices market drivers and challenges
 To get information on the cardiac assist devices market value (US$Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the cardiac assist devices market industry

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