According to the latest market report published by Future Market Insights, titled ‘Cardiac Assist Devices Market: Global Industry Analysis (2012-2016) and Forecast (2017-2027)’, the global cardiac assist devices market is expected to expand at a CAGR of 5.7% during the forecast period 2017–2027.
The market is segmented based on product type, modality, end-user and region. On the basis of product type, the market has been segmented into Ventricular Assist Device and Intra-aortic Balloon Pump. The ventricular assist devices are further sub-segmented into, Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), Biventricular assist device (BIVAD), and External Ventricular Assist Devices. The ventricular assist devices segment dominates the cardiac assist devices market owing to the increasing prevalence of heart failure among the population. The LVAD is becoming a gold standard for the end-stage heart failure younger patients eligible for heart transplant. Based on modality, Cardiac assist devices market is segmented into Transcutaneous and Implantable devices. Implantable devices hold significant market share as these devices are used as long term solutions among the patients with or without transplant eligibility. In addition, rising prevalence of lifestyle disease leading to heart disease is expected to propel the growth of implantable segment market in future, with a CAGR of 6.2%. On the basis of end user, the market is bifurcated into Hospital Pharmacies and Ambulatory Surgical Centre. The hospital pharmacies is expected to dominated the market during the forecast period as most of the cardiac assist devices implantation and removal surgeries take place in hospitals. Cardiac assist devices market is expected to reach a market value of US$ 2,214.4 Mn by 2027 end.
On the basis of region, the market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and MEA.North America region dominated the Cardiac assist devices market which is estimated to measure more than 50% of the global market in 2017, and is expected to continue to dominate the global market as the region has advanced well developed healthcare facilities and high prevalence of heart diseases. Asia Pacific and the Middle East and Africa are estimated to be the lucrative and fastest growing regions in the global cardiac assist devices market.
Increase in the demand of cardiac assist devices, especially in geriatric population are the major factors driving the growth of Cardiac assist devices market. In addition, increase in investment by companies for development of advanced cardiac assist devices are escalating the growth of Cardiac assist devices market. For instance, In Aug 2017, Abbott received U.S. approval of the HeartMate 3 Left Ventricular Assist System in order to further broaden its market-leading heart failure portfolio.
The industry players of the Cardiac assist devices market are also focusing in development on cost effective, low side effect and high survival rate cardiac assist devices in order to maintain and increase the customer base. Some of the players in the global cardiac assist devices market include Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, among others.
The global cardiac assist devices market is segmented as follows: By Product Type: Ventricular Assist Device- Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), iventricular assist device (BIVAD), External Ventricular Assist Devices, Intra-aortic Balloon Pump; By Modality- Transcutaneous, Implantable; By End-User- Hospital Pharmacies, Ambulatory Surgical Centre; By Region- North America, Latin America, Western Europe, Easter Europe, Asia Pacific excluding Japan (APEJ), Japan, Middle East & Africa (MEA)
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