Market Outline: Cardiac Assist Devices Market
Cardiac assist devices are mechanical pumps, which are used to support or replace the blood flow in weak cardiac function people and patients with heart failure. These are implantable devices and can be used temporarily to help the heart rate and blood flow.
Market Dynamics: Cardiac Assist Devices Market
Rising prevalence of cardiac disorders, surge in geriatric population and technological developments in cardiac assist devices, which minimize the chances of infection and improved efficiency enables attract demand for cardiac assist devices. In addition, rising number of cases of heart failure and shortage of donors for late stage heart failure patients expected to boost the market during the forecast period. However, factors such as availability of alternative treatment options such as pace makers and heart transplantation expected to hinder the market growth. Furthermore chances of infection, high cost of devices and stringent regulatory procedures expected to act as restraints for the growth of the market over the forecast period.
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Market Scope: Cardiac Assist Devices Market
Global cardiac assist devices are segmented based on type of product, flow rate and end user
Based on the type of product, it is segmented into
- Ventricular Assist Devices (VDS)
- External Ventricular Assist Devices
- Left Ventricular Assist Devices (LVDS)
- Biventricular Assist Devices
- Right Ventricular Assist Devices
- Intra-Aortic Balloon Pumps
- Total Artificial Heart
Based on flow rate, it is segmented into
- Continuous Flow
- Pulsatile
Based on end user, it is segmented into
- Hospitals
- Ambulatory Surgical Centres
- Others
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Market overview: Cardiac Assist Devices Market
Global cardiac assist devices is expected to grow at significant rate owing to increase in cases heart failure around the world. Cardiac assist devices are one of promising treatment option for heart failure patients. Market players are focused on vertical integration in order to develop innovative products. For instance, in October 2013, Sunshine Heart Inc. (changed name to CHF Solutions Inc.) collaborated with Minnetronix Inc. to develop transcutaneous energy transfer system to power the companies fully- implantable C-Pulse heart assist system. For instance Medtronic Plc. has expanded its product portfolio in cardiac assist devices market by the acquisition of HeartWare International, Inc. in June 2016. Similarly in October 2015, St. Jude Medical, Inc. (acquired by Abbott Laboratories) acquired Thoratec Corporation to strengthen their heart failure market portfolio.
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Region Overview: Global Cardiac Assist Devices Market
Global cardiac assist devices is segmented into following regions, viz. North America, Asia-Pacific, Latin America, Middle East & Africa, and Europe. North America is expected to be major market for cardiac assist devices owing to factors such as growing awareness in patients about the cardiac assist devices, well established healthcare infrastructure and favourable reimbursement policies. Europe cardiac assist devices market expected to grow at significant rates owing to increase in growing heart related diseases and rising geriatric population. Asia-Pacific expected to grow at notable rates owing to developing healthcare infrastructure and growing awareness in patients.
Competition Assessment: Cardiac Assist Devices Market
Some of the players in global Cardiac Assist Devices are Calon Cardio-Technology Ltd. (UK) SynCardia Systems, Inc. (U.S.), Medtronic (U.S.), Berlin Heart GmbH (Germany), CHF Solutions, Inc. (U.S.), Teleflex Incorporated (U.S.), MAQUET GmbH & Co. (Germany), Abiomed (U.S.) and Abbot Laboratories (U.S.).
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