New York, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Insight Partners recently published a report on "Artificial Heart Market Size, Share, Trends, Growth Strategy and Forecast to 2028 – COVID-19 Impact and Global Analysis – by System and Geography", the global artificial heart market size is projected to grow from USD 1.98 billion in 2021 to USD 4.99 billion by 2028; it is expected to grow at a CAGR of 15.5% from 2022 to 2028.
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Global Artificial Heart Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.98 Billion in 2021 |
| Market Size Value by | USD 4.99 Billion by 2028 |
| Growth rate | CAGR of 15.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | System |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Artificial Heart Market: Competitive Landscape
SynCardia Systems, LLC; BiVACOR Inc.; CARMAT; Cleveland Heart, Inc.; ABIOMED; ON-X LIFE TECHNOLOGIES INC.; Abbott; Cirtec; Thoratec Corporation; and MyLVAD are a few of the key players profiled during the study of the artificial heart market. Several other major companies were also analyzed to get a holistic view of the market and its ecosystem.
According to the World Health Organization (WHO), the population aged 60 years and above is anticipated to rise from 900 million in 2015 to 2 billion in 2050. An increase in the geriatric population may lead to a surge in the incidence of age-related health problems, including cardiovascular diseases and respiratory diseases. The rise in prevalence of cardiovascular diseases can be associated with sedentary lifestyles; smoking, tobacco and alcohol consumption; and an unbalanced diet. An overall rise in the global burden of cardiovascular diseases, coupled with an increase in mortality rate among the geriatric population due to these diseases, is a key factor contributing to the growth of the artificial heart market. According to the (WHO), cardiovascular diseases account for ~17.9 million deaths every year, i.e., ~31% of the total death count reported worldwide. Thus, the surge in the overall prevalence of cardiovascular diseases boosts the growth of the artificial heart market.
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Impact of COVID-19 Pandemic on Global Artificial Heart Market:
The emergence of COVID-19 compelled healthcare providers to deprioritize or postpone therapeutic procedures, which adversely affected the sales of cardiovascular devices, such as artificial hearts, especially in 2020. The study "The Impact of the COVID-19 Pandemic on Waiting Times for Elective Surgery Patients: A Multicenter Study," published in July 2021, stated that the incidence of elective procedures decreased rapidly after the onset of the first COVID-19 wave, in March 2020; nonetheless, there has been a recovery in May and June, after which the surgery incidence was 22% higher than that in the reference years. The pandemic and consequent social restrictions, and labor force shortage hampered the manufacturing of heart valves and related materials.
Growing Prevalence of Cardiovascular Diseases and Rising Funding Support Fuel Artificial Heart Market Growth:
North America dominated the artificial heart market with ~49% share in 2021. The market growth in the region is majorly attributed to the high prevalence of cardiovascular, neurological, and other diseases, and a surge in the geriatric population. Cost plays a notable role in the sale of artificial heart valves. Further, the COVID-19 pandemic adversely affected the care and services provided by hospitals for patients with heart conditions. The lockdowns imposed by various country governments hampered the manufacturing of heart valves.
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