Cardiac Assist Devices Market

Cardiac Assist Devices Market Outlook (2023 to 2033)

The global cardiac assist devices market is poised to surpass US$ 1.37 billion by 2023, surging at a remarkable CAGR of 6.1% through 2033 to reach US$ 2.48 billion.

The incorporation of advanced technology such as the Internet of Thinking and rising investment from leading players results in market growth.

The technologies utilized to create cardiac devices have advanced dramatically during the past ten years, and so have the indications for these devices. Due to this, many patients are now being handled with cardiology devices, which have had exponential therapeutic and monitoring outcomes.

The development that has had a big positive effect on cardiology is artificial intelligence, which has increased diagnostic skills for some cardiac disorders.

2018 to 2022 Global Cardiac Assist Devices Market Outlook in Comparison to 2023 to 2033 Forecast

Cardiac Assist Devices Market recorded steady growth of 5.8% CAGR during the historical period, from 2018 to 2022. The rising prevalence of heart failure across the globe resulted in increased demand for cardiac assist devices.

Technological development in the field of ventricular assist devices is recognized as a key driver for the growth of the cardiac assist devices industry with mounting cases of coronary heart diseases.

As per FMI’s analysis, growth in cardiac assist devices is attributed to the increasing prevalence of lifestyle disorders that are the main cause of cardiovascular diseases. Cardiovascular diseases such as coronary heart disease and others have led to increased cases of heart failure, especially across the United States of America, the United Kingdom, and India.

Demand for heart transplantation has significantly increased due to the rising cases of heart failure. However, the unavailability of heart donors and long waiting list result in increased mortality rates.

Patients are hence opting for ventricular assist devices for the treatment of heart failure. Due to the increased demand for ventricular assist devices, leading companies are continuously developing advanced cardiac assist devices catering to the demand. Moreover, key companies are adopting cutting-edge technologies such as artificial intelligence and the Internet of Thinking to facilitate the rising demand and curb mortality rates.

As per FMI, the market witnessed a year-on-year (Y-o-Y) growth at 6.1% CAGR, topping US$ 2.48 billion in 2033.

What is the Impact of Demand for Minimally Invasive Devices on the Market?

• Integration of cutting-edge technologies such as artificial intelligence and the Internet of Things has led to technological advancements in cardiac assist devices, propelling an increase in demand.
• The growing presence of robots and automated devices in operating rooms has created a need for minimally invasive devices, resulting in a surge in sales of cardiac assist devices.
• State-of-the-art technologies and a rising number of patients preferring non-invasive devices have contributed to the increased demand for implantable devices. Benefits such as fast recovery and short hospital stays are driving the demand for non-invasive options.
• The soaring demand has prompted key players to engage in research and development activities, focusing on innovation in cardiac assist devices.
• Market players are particularly focused on developing small centrifugal pumps that enable less-invasive implantation procedures.
• The adoption of minimally invasive techniques in cardiac procedures has led to a shift in the market landscape, with an emphasis on developing and improving technologies that enable less invasive interventions.
• The demand for minimally invasive devices has led to improved patient outcomes, including short recovery times, reduced hospital stays, and few post-operative complications.
• The increasing demand for minimally invasive devices is expected to continue driving market growth and expand treatment options for patients requiring cardiac assist devices.

Sabyasachi Ghosh

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How are the High Cost and Risk Associated with Ventricular Assist Devices Expected to Restrict Growth?

• The high cost and associated risks of ventricular assist devices pose a restriction on market growth.
• Patients in developing economies, such as Africa and India, are unable to afford the cost of these devices, limiting their accessibility.
• While healthcare professionals highly recommend ventricular assist devices, risks such as pump thrombus, suction events, and infections present challenges for market players.
• After the implantation of left ventricular assist devices (LVAD), around 60% of patients experience complications within 6 months, and 80% suffer from at least one adverse effect after a year, as reported by the European Society of Cardiology.
• Unplanned hospital revisits are common for patients who have undergone LVAD transplantation, further highlighting the challenges and risks associated with these devices.
• The risks represent potential threats for market players and are expected to hinder the demand for ventricular assist devices.

Country-wise Insights

Why is the United States of America Likely to Remain at the Forefront of the Cardiac Assist Devices Market?

Over the past few years, the United States of America has been in the lead in terms of healthcare. Increasing cases of cardiovascular disease contributed to the country’s market share of 51.7% in 2022.

Technological advancements in the field of cardiac assist devices are one of the key factors driving growth. The rising prevalence of heart failure within the country has increased the demand for ventricular assist devices. Furthermore, healthcare professionals and scientists are incessantly working on developing next-generation ventricular assist devices.

Thanks to the presence of leading players such as Medtronic PLC., and Abbott Laboratories, the development of cardiac assist devices and new launches, have significantly improved the market revenue.

Increasing preference for non-invasive, portable, and implantable devices has also accelerated the market growth in the country. Leading healthcare companies are developing products in the pipeline focusing on minimally invasive ventricular assist devices. For instance,

• In March 2020, the United States of America-based healthcare giant, SynCardia Systems LLC, got approval from the United States of America Food and Drug Administration (FDA) for a 50cc temporary total artificial heart system as a bridge to heart transplant for patients who are at imminent risk for death from biventricular failure.

With the rising incidence of cardiovascular disease in the country, the number of heart transplant surgeries is increasing at a mounting pace. However, the severe shortage of organ donors has resulted in increasing demand for heart devices. The increasing number of patients opting for cardiac assist devices in the United States of America fuels the market growth during the forecast period.

How does the Market in India Emerge as a Notable One for Cardiac Assist Devices?

As per Future Market Insights, India is anticipated to be one of the highly profitable markets of South Asia in the cardiac assist devices market with a projected CAGR of 5.1% from 2023 to 2033.

The expansion of the healthcare sector and the development of ventricular assist devices are affecting the market growth positively. The prevalence of heart failure in the country has resulted in increased demand for cardiac assist devices. Additionally, increased government funding and initiatives for the development of healthcare facilities are likely to boost growth across India.

India is the top country with a high diabetic population, and nearly 77 million people suffer from diabetes, estimates International Diabetes Federation. Diabetes is the primary cause of developing major heart disease. One-fifth of the Indian population succumb due to coronary heart disease.

India is witnessing a simultaneous uptick in the number of heart failure, especially among the younger population due to the rising cases of coronary heart disease. With the increasing burden of heart failure in the country, patients are opting for minimally invasive procedures. This, in turn, has increased the demand for ventricular assist devices, especially left ventricular assist devices in India.

Growing government funding and initiatives are also aiding the growth of the cardiac assist devices market. For instance, the Government of Assam Health and Family Welfare has introduced a scheme in which government bears the expenses of surgery for children with coronary heart disease.

What are the Factors Driving Revenue Generation in the United Kingdom Market?

Growth in the United Kingdom for cardiac assist devices is attributable to the increasing technological advancements in the field of ventricular assist devices, where the United Kingdom garnered a revenue share of 6.4% in 2022.

With the rising prevalence of coronary heart diseases resulting in heart failure, the adoption of ventricular assist devices is improving. Furthermore, the expansion of healthcare infrastructure and leading companies focusing on the development of next-generation cardiac assist devices have improved the adoption of ventricular assist devices.

Leading player based in the United Kingdom, Calon Cardio-Technology, for instance, intends to receive CE marking fulfilling the European products requirement for its ventricular assist device, commonly known as, MiniVAD.

Increasing investment in the development of these devices is creating incremental opportunities for cardiac assist devices in the country. With patients now opting for minimally invasive devices for the treatment of heart failure, demand for ventricular assist devices is burgeoning across the United Kingdom.

What Factors Support the Growth of Cardiac Assist Devices in Germany?

As per Future Market Insights, Germany is anticipated to lead the growth of Europe’s cardiac assist market, holding a value share of 11.2% in 2022 globally.

Technological advancements and innovation in ventricular assist devices are key growth factors driving the demand for cardiac assist devices in Germany. Moreover, companies are investing hugely in the development of cardiac assist devices to cater to the increasing demand.

Increasing initiatives and funding from the government are also aiding the growth of the cardiac assist devices market in Germany. Further, leading players such as Biotronik, are developing next-generation implantable and ventricular assist devices for patients suffering from heart failure.

• In July 2021, BIOTRONIK’s implantable cardiac monitor received recognition as a high-performing noiseless, and high-precision technology.

Category-wise Insights

Why is the Demand for Ventricular Assist Devices (VAD) Rising?

Accounting for over 62.49% of global revenue share, ventricular assist devices are anticipated to be highly sought-after in the cardiac assist devices industry. Increasing demand for left ventricular assist devices in aiding the growth of VAD.

Future Market Insights estimates VAD to be the product of choice in the market. As healthcare professionals and engineers are developing next-generation devices fully implantable on both sides of the heart, ventricular assist devices are expected to gain traction.

Growth in this segment is attributed to technological advancements, the rising prevalence of cardiac arrest, and the shortage of organ donors. Also, advancements and upgradation in the development of LVAD have bolstered its adoption.

Leading healthcare companies such as Abbott Laboratories, Medtronic PLC, and Abiomed are increasing research activities to develop advanced LVAD catering to the rising demand. With rapid development, companies are seeking fast-track approvals from regulatory bodies which are resulting in high investment.

With the increasing demand for technologically updated ventricular assist devices, the market is expected to register high demand in the next decade.

Why are Implantable Devices Gaining Popularity in Cardiac Assist Devices Market?

Based on modality type, the market is segmented into transcutaneous and implantable cardiac assist devices. As per Future Market Insights, the implantable devices segment captured a share of 60.79% in 2022.

Owing to the benefits of the ability to screen, monitor, and control erratic heart rhythms, implantable devices are expected to gain immense popularity during the forecast period. Moreover, the rising need for efficient solutions to manage heart failure is predicted to improve the adoption of implantable devices. Additionally, increasing preference for non-invasive surgical procedures has accelerated the adoption of implantable devices.

An implantable cardioverter defibrillator is a useful device that helps prevent sudden death in patients suffering from sustained ventricular tachycardia or fibrillation. Technological advancements and gradation in implantable cardiac assist devices have improved the demand.

How are Hospital Pharmacies Gaining Popularity as the Primary End-User?

Hospital pharmacies are gaining popularity as the primary end-user in the healthcare industry due to several reasons that are contributing to the sub-segment share of 79.8% in 2022.

Firstly, hospital pharmacies offer a centralized and convenient source of medication procurement and distribution within the hospital setting. This ensures efficient inventory management, reduces medication errors, and improves patient safety.

Secondly, hospital pharmacies provide specialized pharmaceutical services, including compounding, drug information, and medication management, tailored to the unique needs of the hospital and its patients.

Lastly, with the increasing complexity of medication therapies and the need for close collaboration with healthcare providers, hospital pharmacies play a vital role in ensuring optimal patient outcomes and medication utilization.

How is the Competitive Landscape in the Cardiac Assist Devices Industry Structured?

As per FMI’s analysis, continuous innovation and gradation in cardiac assist devices have led to intense competition among top market players.

Key players are focusing on new product launches and gaining approvals from regulatory bodies to stay in the competition. Nearly 75% of the global market share is accounted for by the top 7 players operating in the cardiac assist devices market.

Organizations are also adopting winning strategies such as collaborations and mergers among key players. These strategies are also adopted by regional players to gain a leading position in the industry.

Key Players Operating in the Market

• Terumo Corporation
• Medtronic PLC
• Abbott Laboratories
• Abiomed Inc.
• Teleflex Incorporated
• Maquet GmbH
• BerlinHeart GmbH
• Others

Developments in the Market:

• In June 2021, Abbott Laboratories announced that the company can support the expanded use of a mechanical circulatory support device, HEARTMATE 3™ Heart Pump, for the effective treatment of heart failure.
• In February 2021, CARMAT, the leading designer and developer of the world’s most advanced artificial heart, received approval from the United States of America Food and Drugs Administration (FDA) to use the new version of its artificial heart in the US Early Feasibility Study (EFS).

Market by Category

By Product Type:

• Ventricular Assist Devices (VAD)
  • Left Ventricular Assist Device (LVAD)
  • Right Ventricular Assist Device (RVAD)
  • Biventricular Assist Device (BIVAD)
  • External Ventricular Assist Devices
• Intra-Aortic Balloon Pump

By Modality Type:

• Transcutaneous
• Implantable

By End User:

• Hospital
• Ambulatory Surgical Centers

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan (APEJ)
• Japan
• The Middle East & Africa (MEA)