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Cardiac Assist Devices Market Deep Research Report with Forecast to 2031
According to the latest research by Insightace Analytics, the global Cardiac Assist Devices Market is expected to grow at an 8.0 % CAGR during the forecast period for 2023-2031.
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Cardiac assist devices are mechanical pumps designed to support the heart's pumping efficiency and ensure optimal blood circulation throughout the body. These devices are particularly beneficial for patients with congestive heart failure, especially in cases where pharmaceutical treatments prove ineffective. Heart failure is primarily caused by the deterioration of cardiac muscles, which impairs the heart's ability to circulate sufficient blood to vital organs. While heart transplantation is a possible solution, the declining availability of donor hearts has significantly increased the demand for cardiac assist devices as a crucial alternative.
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The demand for cardiac assist devices is expected to grow substantially in the coming years, driven by advancements in technology and increasing patient needs. Innovations in ventricular assist devices (VADs), supported by artificial intelligence (AI) and the Internet of Things (IoT), have significantly enhanced device functionality and adoption. Leading companies in the industry are investing heavily in research and development (R&D) to create smaller and more efficient centrifugal pumps, facilitating less invasive implantation procedures. Additionally, the aging global population and limited availability of heart transplant donors are expected to further drive the use of cardiac assist devices in patients suffering from severe cardiovascular conditions. However, the market faces challenges such as intense competition, complexities in treatment procedures, and limited awareness in rural and underdeveloped regions.
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, 2023-2031 (Value US$ Mn)
• Transcutaneous
• Implantable
Global Cardiac Assist Devices Market, by Products, 2023-2031 (Value US$ Mn)
• Ventricular Assist Device (VAD)
• Intra-Aortic Balloon Pump
Global Cardiac Assist Devices Market, by End-User, 2023-2031 (Value US$ Mn)
• Hospital
• Ambulatory Surgical Centers
Global Cardiac Assist Devices Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Cardiac Assist Devices Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Cardiac Assist Devices Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Cardiac Assist Devices Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Cardiac Assist Devices Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Cardiac Assist Devices Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.JPG
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