New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiac Assist Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277191/?utm_source=GNW
Z O.O, Cardiac Assist Inc., Braile Biomedica Ltd., and circulate Inc.
The global cardiac assist devices and equipment market will grow from $2.15 billion in 2022 to $2.41 billion in 2023 at a compound annual growth rate (CAGR) of 12.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cardiac assist devices and equipment market is expected to grow to $3.51 billion in 2027 at a CAGR of 9.9%.
The cardiac assist devices and equipment market consist of sales of ventricular assist devices (LVAD), intra-aortic balloon pumps, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cardiac assist devices and equipment are electromechanical devices that assist in pumping blood from the heart to the rest of the body. These devices are used either to partially or completely replace the function of a failing heart.
North America was the largest region in cardiac assist devices and equipment market in 2022.Western Europe was the second-largest region in cardiac assist devices and equipment market.
The regions covered in cardiac assist devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of cardiac assist devices and equipment are ventricular assist devices, intra-aortic balloon pumps, and the total artificial heart.Ventricular assist devices refer to the electromechanical device that is used for assisting in cardiac circulation.
The various types of modalities are transcutaneous and implantable. These are used in hospital pharmacies, ambulatory surgical centres, and emergency services.
A rise in the prevalence of cardiovascular diseases increases the demand for cardiac assist devices and equipment in developed and developing economies.The increasing need for diagnosis, monitoring, early-stage treatment, and prevention of these life-threatening diseases, increase the demand for cardiac assist devices.
According to the American Heart Association, by 2035, 45.1% of the US population is projected to have some form of CVD. Total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach $368 billion. According to the Centers for Disease Control and Prevention, anout 697,000 people died from heart diseases in 2020 which was almost 1 in every 5 deaths.
Risks associated with the implantation of cardiac assist devices into the human body acts as a major restraint for the growth of this market.Risks associated with device implantation include respiratory failure, blood clot formation, occurrences of stroke, and the risk of device failure leading to a heart attack are some major reasons due to which people are hesitant to adopt cardiac assist devices, thus the demand from end-users of cardiac assist devices remains restrained, therefore limiting the growth prospects of the market.
The infection rate of cardiac implantable electronic devices is 1.7% initially after implantation, whereas after 2years the infection rate is 9.5%, increasing the risk factor. The rising number of device replacements results in complex procedures, considerable risks with an increase in infection rates.
Device miniaturization is becoming popular in the cardiac assist devices and equipment market.The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as ’Thoracotomy’.
Cardiac assist device miniaturization acts as a replacement to heart transplantation as destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware’s device miniaturization program, aiming to reduce the weight, size, and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices was compared, out of which the best one was found based on better clinical outcome and more cost-effectiveness due to its miniaturized design.
In June 2021, Medtronic plc, an Irish medical device company, stopped the sale and distribution of the HeartWare Ventricular Assist Devices system due to the risk of mortality and neurological adverse events due to the use of the device and malfunctioning in the starting of the device.
The countries covered in the cardiac assist devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cardiac assist devices and equipment market research report is one of a series of new reports that provides cardiac assist devices and equipment market statistics, including cardiac assist devices and equipment industry global market size, regional shares, competitors with a cardiac assist devices and equipment market share, detailed cardiac assist devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac assist devices and equipment industry. This cardiac assist devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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