Cardiac assist devices are mechanical pumps that are used to support the circulation of blood in patients suffering from heart failure or heart attacks. Cardiac assist devices are implanted surgically and are used to pump blood from the lower chambers of the heart (ventricles) to the rest of the body (arteries). These devices provide mechanical circulatory support by partially or completely taking over the pumping function of the weakened heart. The global cardiac assist devices market has witnessed significant growth owing to the rising incidences of cardiovascular diseases and the growing geriatric population that is more prone to heart diseases.

The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.69 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising incidences of cardiovascular diseases presents a major market opportunity for cardiac assist devices. Cardiovascular diseases remain the leading cause of death globally. According to the World Health Organization, cardiovascular diseases are estimated to cause over 17.9 million deaths worldwide each year. The global burden of cardiovascular diseases is rising mainly due to increasing risk factors like obesity, physical inactivity, and unhealthy diets. The increasing risk factors are leading to a spike in the number of patients requiring cardiac assist devices. The growing patient pool suffering from cardiovascular diseases offers significant growth prospects for cardiac assist devices manufacturers. Effectively addressing the rising disease burden through innovative cardiac assist devices can help meet the increasing market demand.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. The cardiac assist devices market requires heavy investments in R&D and obtaining regulatory approvals which increases the entry barriers.

Bargaining power of buyers: The bargaining power of buyers is moderate. The availability of alternative treatment options and medical reimbursement policies impact the buyers’ purchasing power.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate due to the presence of a large number of raw material and component suppliers.

Threat of new substitutes: The threat of new substitutes is moderate as new technologies for cardiac support like TAVR are emerging as viable alternatives.

Competitive rivalry: The competitive rivalry is high due to presence of global and regional players offering differentiated products.

SWOT Analysis

Strengths: Growing geriatric population with cardiac conditions, increasing demand for minimally invasive procedures.

Weaknesses: High costs of implantable devices, reimbursement issues, requirement of extensive training for usage.

Opportunities: Expanding applications of ventricular assist devices, emergence of ambulatory external pumps, growth opportunities in developing markets.

Threats: Risks associated with surgery and device malfunctions, stringent regulatory framework.

Key Takeaways

The Global Cardiac Assist Devices Market Growth is expected to witness high during the forecast period. The market in North America region currently dominates due to presence of advanced healthcare infrastructure and high adoption rates of new technologies.

Regional analysis revealed that Asia Pacific region is expected emerge as the fastest growing market during the forecast period owing to increasing healthcare expenditures, rising prevalence of cardiovascular diseases, growing medical tourism.

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. These players are focusing on new product launches, partnerships and expansion in emerging markets to strengthen their market position.

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