Cardiac assist devices are implantable mechanical pumps that are placed inside the body to support heart function and blood flow for those suffering from weak or failing hearts. The devices reduce the workload on native heart and improve overall cardiac output and end-organ perfusion. Some of the key advantages of these devices include providing long-term circulatory support as bridge to transplant, improving quality of life and survival rates of patients with severe heart failure. Growing prevalence of cardiovascular diseases and rising need for cardiac replacement therapies among high-risk patients are fueling the demand for such devices globally.

The Global Cardiac Assist Devices Market is estimated to be valued at US$ 3.69 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Cardiac Assist Devices Market Size 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 companies collectively account for over 45% of the global market revenue.

Growing geriatric population and subsequent rise in incidence of heart failures is expected to fuel the demand for cardiac assist devices during the forecast period. As per estimates, more than 26 million people worldwide suffer from heart failure and nearly half of them die within 5 years of diagnosis.

Technological advancements are also contributing to the market growth. Companies are increasingly investing in developing miniaturized ventricular assist devices, wearable technologies and wireless power systems to provide patients with mobility and better quality of life. This is increasing acceptance of such devices among end-users.

Market Trends

Growing trend of remote monitoring solutions: Several key players are focusing on development of remote monitoring solutions to improve patient management and care. Devices equipped with advanced sensors can transmit patient health data to providers, enabling early detection of issues.

Increasing adoption of transcutaneous energy transmission system (TETS): TETS allows patients to be untethered from external power source, improving their mobility. This has significantly boosted the adoption of new generation Cardiac Assist Devices Market worldwide.

Market Opportunities

Untapped potential in developing countries: Emerging markets such as India, China, Brazil etc. offer huge growth opportunities owing to improving healthcare infrastructure and increasing medical tourism. However, underpenetration of advanced cardiac assist devices exists currently.

Growing research on wireless powered implants: Future opportunities lie in developing fully implantable cardiac assist devices that can be charged wirelessly through skin via inductive or ultrasonic power transmission systems. This will help avoid device related infections and improve patient comfort.

Impact of COVID-19 on Cardiac Assist Devices Market
The COVID-19 pandemic has significantly impacted the growth of the cardiac assist devices market. The market growth declined in 2020 owing to the temporary suspension of non-emergency procedures and hospital resources being diverted towards treating COVID-19 patients. However, there was sustained demand for devices used for cardiac support for COVID-19 patients who developed cardiac complications. With the resumption of elective surgeries post lockdowns being lifted, the market is expected to witness strong recovery going forward.

The manufacturers had to face supply chain disruptions due to restrictions on transportation during lockdowns. This led to delays in new product launches and hampered the availability of critical components. However, the companies are now focusing on enhancing their supply chain resilience to address future disruptions. There has also been growing demand for portable cardiac assist devices to enable the treatment of cardiac patients at home and reduce hospital visits amid the pandemic.

The COVID-19 outbreak highlighted the importance of investing in healthcare infrastructures and technologies. Governments and healthcare providers are inclined towards promoting remote patient monitoring to overcome capacity constraints. This is anticipated to boost the adoption of advanced cardiac assist devices integrated with remote monitoring capabilities in the coming years. Continuous technological advancements are also expected to make these devices more affordable and accessible to a larger patient population globally.

Geographical Regions with High Concentration of Cardiac Assist Devices Market in Terms of Value

North America holds the largest share of the cardiac assist devices market in terms of value, owing to the rising prevalence of cardiovascular diseases, growing geriatric population susceptible to heart failures, and frequent new product launches by key players in the US. The region also has a well-established reimbursement structure and favorable government initiatives to encourage the adoption of innovative medical technologies.

Europe is the second largest regional market spurred by increasing investments to strengthen healthcare infrastructures across major countries like Germany, France, and the UK. Asia Pacific is poised to be the fastest growing region on account of the unmet clinical needs, growing healthcare expenditure, and improving access to advanced treatment options, especially in China and India.

Fastest Growing Regional Market for Cardiac Assist Devices

Asia Pacific region is expected to witness the fastest growth in the cardiac assist devices market during the forecast period. Factors such as large untapped market potential, rising medical tourism, growing focus on expanding healthcare access in developing nations, and rapidly aging demographics are fueling the adoption of cardiac assist devices.

There is a significant demand-supply gap for advanced cardiac care in Asia Pacific countries compared to Western markets. This presents lucrative opportunities for market players to introduce affordable innovative devices. Additionally, Asia Pacific governments are collaborating with medical technology companies for conducting extensive clinical research and training local surgeons. These initiatives are expected to strengthen the regional market by enhancing awareness, appropriate utilization, and successful long-term outcomes.

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