Artificial Heart Market In-Depth Analysis Globally by Top Key Players
An artificial heart is a pump which is designed to replace
heart ventricles to restore normal functioning. Unavailability of donors,
allograft coronary diseases, and various other limitations are increasingly
favoring artificial hearts. They are used as a bridge to provide permanent
mechanical cardiac support, and its success is being evidenced by number of
artificial hearts working successfully across the globe. Market Research Future
(MRFR) has recently published an in-depth report on the global artificial heart
market and has cited rising incidence of cardiac disorders among the primary
drivers of the growth of the artificial heart market. The report is a
compilation of various other pertinent trend and factors that can impact the
growth of the market in the coming years. As per MRFR's analysis, the artificial
heart market is anticipated to register a CAGR of 15.1% 2019-2024.
Technological advancements, aggressive R&D activities,
clinical trials, and massive support from research institutions and government
bodies are factors propelling the growth of the market. Other vital factors
include rapid greying of the global population and increasingly favorable
reimbursement landscape. However, stringent regulatory framework is likely to
be potential hindrance to the growth of the market.
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Segmentation
The artificial heart market has been segmented based on type
and end user.
By type, the artificial heart market has been segmented into
the heart-lung machine and mechanical heart. The mechanical heart segment has
been further segmented into total artificial hearts and ventricular assist
devices (VADs). The mechanical heart segment is expected to exhibit a higher
CAGR over the forecast period.
By end-user, the artificial heart market has been segmented
into hospitals & clinics, specialty centers, and others.
Competitive Landscape
Cleveland Heart, Inc., Thoratec Corporation, ABIOMED,
Abbott, CryoLife, Inc., BiVACOR Inc., CARMAT, and SynCardia Systems, LLC are
the eminent players ion the global artificial heart market.
Regional Analysis
Region-wise, the artificial market has been segmented into
the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific
(APAC).
The Americas is the leading market for artificial heart.
Fast-track adoption of advanced technologies is the key factor that is
supporting the growth of the market. Artificial heart is a relatively advanced
and new technology and the Americas has been a frontrunner in the adoption of
the artificial heart, which can be credited to the high prevalence of
cardiovascular diseases and high healthcare expenditure. As per the estimates
of the Center for Disease Control and Prevention (2015), around 630,000
Americans die from cardiovascular diseases every year. Moreover, the presence
of a numvber of established market players in the region, who are actively
involved in product innovation and development are also favoring the growth of
the market. Furthermore, the region is experiencing a number of advancedments
in technology which is supporting the growth of the market. Government
initiatives in the form of R&D grants is also a supportive factor.
Europe is the second-largest artificial heart market and is
expected to exhibit substantial growth over the forecast period. Cardiovascular
diseases remain a leading cause of deaths across Europe. Aggressive R&D
activities and prolific growth of the medical devices industry is augmenting
the growth of the market.
APAC is poised to be the fastest-growing market for
artificial heart. Established market players are eyeing on expanding their
reach to the region. Given the high burden iof cardiovascular diseases in the
region, market players are certain to find potential for growth in the
healthcare sector of APAC. Low cost of R&D activities has encouraged
various key players to set up their research facilities in the region.
Singapore, South Korea, Japan, China, and Australia are key manufacturing
pockets in the region.
The MEA market is anticipated to exhibit the least growth
over the forecast period. The growth of the market is subdued by factors such
as the lack of awareness regarding the device, poor economic conditions, and
underdeveloped healthcare sector. Unavailability of skilled medical
professionals and lack of the required healthcare infrastructure are also
detering factors.
Industry Updates
August 2019 - researchers at the University of Birmingham
have developed a device that could improve care for patients with artificial
heart pumps. Sometimes, patients waiting for a heart transplant opt for a left
ventricular assist device (LVAD), commonly known as a heart pump. It requires
an open heart surgery to restore normal blood flow of the heart and patients
require to carry the device all the time, which can significantly impact the
life of the individual. The new research has developed a patient reported
outcome measure (PROM), which is likely to improve clinical care for such
patients. It would also help to provide recommendations for future policies,
designs, and research.
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Market Research Future
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