Cardiac Assist Devices Market is Anticipated to Witness High Growth Owing to Increase in Cardiovascular Diseases

 

Cardiac Assist Devices Market

Cardiac assist devices are mechanical pumps that are used to support the pumping function of the weakened heart. There are various types of cardiac assist devices available in the market including ventricular assist devices, total artificial hearts, and intra-aortic balloon pumps. Ventricular assist devices are the most commonly used cardiac assist devices that are implanted in patients suffering from severe heart failure. They pump blood from the lower chambers of the heart to the rest of the body. The growing incidence of cardiovascular diseases and rising number of patients requiring cardiac surgeries are majorly driving the demand for cardiac assist devices globally. Cardiac assist devices are increasingly being used as a bridge to transplant therapy or for permanent use in cases where transplantation is not a viable option.

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. Akzo Nobel N.V and PPG Industries Ltd are two of the leading players in the global cardiac assist devices market.

The rising geriatric population highly prone to cardiovascular diseases, increasing budget allocation for healthcare infrastructure development in developing regions, and growing awareness regarding heart failures treatment are expected to open new opportunities for players in the Cardiac Assist Devices Market.

Key players are focusing on expanding their presence globally, especially in emerging markets of Asia Pacific and Latin America to tap the high market potential. Players are also investing in new product development and launches to consolidate their market share.

Market Drivers:

Increase in cardiovascular diseases - The growing prevalence of cardiovascular diseases such as coronary artery disease, heart failure, and stroke due to changing lifestyles and increasing geriatric population are majorly driving the demand for cardiac assist devices.

Market Restrains:

High cost of cardiac assist devices - The high cost associated with the implantation of cardiac assist devices can hinder the market growth. Besides device cost, implantation procedure and post-operative care are also expensive which limits affordability.


Segment Analysis
This market comprises intra-aortic balloon pumps, ventricular assist devices, and total artificial hearts. Ventricular assist devices dominate the market owing to their ability to support the weakened ventricles and improve the quality of life of patients suffering from heart failure. They enhance cardiac output and circulation in patients experiencing difficulty in pumping sufficient blood to meet the body's needs.

Global Analysis
North America holds the largest share in the cardiac assist devices market due to high healthcare spending and presence of major market players in the region. Asia Pacific is poised to grow at the fastest rate during the forecast period. Increasing incidences of cardiovascular diseases, rising healthcare expenditure, growing medical tourism, and rapid improvements in healthcare infrastructure are factors boosting market growth in Asia Pacific countries like India and China.

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