Cardiac assist devices are implantable mechanical pumps that help improve the
functioning of a weakened heart by decreasing the workload of the heart and
increasing blood flow to the body. These devices offer a comprehensive solution
for patients waiting for a heart transplant or with an advanced heart disease.
The global
Cardiac Assist Devices Market is estimated to be valued at US$ 3.02 billion in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Technological advancements is one of the key trends driving the growth of the
cardiac assist devices market. Manufacturers are increasingly focusing on
developing miniature, safer, and more reliable devices. For instance, Jarvik
Heart, an American-based medical device company, has developed the Jarvik 2000
Heart Assist System, which is one of the smallest heart pumps in the world.
Similarly, Abiomed Inc has introduced its Impella heart pump platform which
provide comprehensive cardiac and respiratory support. These advancements allow
reduced complications and improved patient outcomes thereby accelerating the
adoption of cardiac assist devices. Introduction of devices with advanced
features such as portability, biocompatibility is expected to further propel
the market growth over the forecast period.
Segment
Analysis
The global cardiac assist devices market is dominated by left ventricular
assist devices (LVADs) segment. LVADs help pump blood from the left ventricle
of the heart to the aorta and the rest of the body. LVADs are primarily used
for destination therapy that allows many heart failure patients to live outside
of the hospital. These devices provide long-term cardiac support by
continuously pumping blood from the lower chambers of the heart. Therefore,
LVADs segment holds the major market share due to high demand.
Key Takeaways
Global
Cardiac Assist Devices Market Size is expected to witness high growth
over the forecast period of 2023 to 2030.
Regional analysis: North America holds the largest share of the cardiac assist
devices market due to rising prevalence of cardiovascular diseases and
developed healthcare infrastructure in the region. As per the American Heart
Association, heart disease is the leading cause of death in the United States.
This has increased demand for cardiac assist devices for treatment. Asia
Pacific is expected to grow at the fastest pace during the forecast period
owing to growing medical tourism and healthcare spending in emerging economies
such as China and India.
Key players: Key players operating in the cardiac assist devices market are
Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings
Systems, Rust-Oleum - RPM International Inc., Aexcel Coatings., Sokan New
Materials, and Jotun AS. Sherwin Williams Company holds the leading position in
the market and offers wide range of medical coatings for cardiac assist
devices. Akzo Nobel NV focuses on providing eco-friendly coating solutions to
medical device manufacturers.
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