The Cardiac Assist Devices Market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cardiac assist devices are mechanical circulatory support technologies used to partially or completely replace the functioning of failing heart. The ventricular assist devices (VADs) provide longer quality of life to patients suffering from heart failure. VADs are implanted surgically and are battery operated, helping the heart to function effectively. These devices offer advantages such as capability to move blood continuously, reduces workload on native heart, and prolongs life of heart transplant candidates.

Market key trends:

Technological advancements are expected to be a major trend in the cardiac assist devices market. Key players are focusing on developing innovative cardiac assist devices with improved functionalities. For example, in 2019 Medtronic received FDA approval for its HVAD System, a miniaturized HeartWare ventricular assist device (VAD). It has features like improved durability, increased blood flow, and longer battery life. Similarly, Syncardia Systems developed Freedom portable driver, a smaller VAD controller offering increased mobility to patients. The continuous innovations to provide efficient and portable devices will propel the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as it requires high R&D investment and setup costs to establish manufacturing facility. Bargaining power of buyers: The bargaining power of buyers is moderate as there are few players operating in the market thus limiting buyer options. Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials. Threat of new substitutes: The threat of new substitutes is moderate as new technologies can disrupt current cardiac assist devices. Competitive rivalry: is high given presence of major players and continuous launches of new and improved devices.

SWOT Analysis

Strength: Wide product portfolio and strong geographic presence of major players. Growing demand for minimally invasive surgeries boost adoption.

Weakness: High procedure and device costs limit market growth. Stringent regulatory approval process.

Opportunity: Rising geriatric population susceptible to cardiac conditions create scope. Untapped opportunities in developing nations.

Threats: Developing economies prefer cheaper substitutes. Reimbursement issues and clinical trials risks.

Key Takeaways

The global Cardiac Assist Devices Market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing prevalence of heart diseases. North America region currently dominates the market owing to growing elderly population and higher acceptance of advanced technologies. Europe is the second largest market attributed to increasing funding for clinical trials. Asia Pacific is expected fastest growing region due to improving healthcare infrastructure and rising medical tourism.

Key players operating in the Cardiac Assist Devices market are Abbott Laboratories, Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc, CARMAT, CorWave SA, Medtronic PLC, Terumo Heart, Inc., NovaPump GmbH, Getinge AB, Balton Ltd., Meril Life Sciences Pvt. Ltd., Thoratec Corporation, CardiacAssist, Inc., Berlin Heart GmbH, and others.

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