Cardiac assist devices are mechanical pumps that are used to support the pumping function of the heart. Left ventricular assist devices (LVAD) and right ventricular assist devices (RVAD) are examples of cardiac assist devices. These devices are primarily used as either a bridge to heart transplant or for destination therapy. The rising prevalence of cardiovascular diseases such as heart failure due to the growing geriatric population is a key factor augmenting the demand for cardiac assist devices. Heart failure patients have limited long-term survival options and cardiac assist devices provide an important therapeutic solution. In recent years, technologically advanced implantable cardiac assist devices such as left ventricular assist devices (LVAD) have significantly improved the quality of life and life expectancy of patients with advanced heart failure.
The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.02 Bn in 2023and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing preference for minimally invasive surgical procedures is one of the major trends witnessed in the cardiac assist devices market. Key manufacturers are focused on developing miniaturized devices that require minimal invasive implantation. For instance, HeartMate 3 Left Ventricular Assist System by Abbott Laboratories only requires small incisions in the stomach for implantation. Similarly, HeartWare HVAD system primarily uses small incisions in the diaphragm and pericardium for implantation. Growing demand for heart transplant and increasing development of next-generation devices including Ventricular Assist Devices (VADs) and Total Artificial Hearts are also contributing to growth of this market.
Threat of new entrants: The threat of new entrants is moderate as the capital investment required for setting up manufacturing facilities and obtaining regulatory approvals is high. However, rising demand provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of large hospitals and diagnostic centers. However, various product options provide less bargaining power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component manufacturers. Switching costs are also low.
Threat of new substitutes: The threat of substitutes is low as the cardiac assist devices offer better effectiveness compared to other treatment options.
Competitive rivalry: The competitive rivalry is high due to the presence of global and regional players. Players compete based on product innovation, quality, and cost.
The Global Cardiac Assist Devices Market Size is expected to witness high growth. The market size was valued at US$ 3.02 Bn in 2023and is forecast to reach US$ 5.34 Bn by 2030, expanding at a CAGR of 8.9% during the forecast period.
North America dominates the global cardiac assist devices market and is expected to maintain its leading position throughout the forecast period. This can be attributed to the growing geriatric population, rising awareness about cardiac assist devices, and strong presence of key players in the region.
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, collaborations and geographic expansion to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it