Growing Demand to Drive Global Cardiac Assist Devices Market
Cardiac assist devices are mechanical pumps that are used to support the functioning of the heart. They are implanted surgically and are used either to partially or to completely replace the pumping function of the heart. The main products in the market are ventricular assist devices, total artificial hearts, and intra-aortic balloon pumps. Ventricular assist devices are the most widely used and help increase the pumping action of the failing left or right ventricles. They are used as a bridge to heart transplant in heart failure patients.
The increasing prevalence of cardiovascular diseases is a major driver of the cardiac assist devices market. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, resulting in over 17.9 million deaths in 2019. Conditions like coronary heart disease, strokes, rheumatic heart disease, and heart failure are on the rise. This is increasing the need for heart transplantation as well as cardiac assist devices. Secondly, the rising elderly population is also fueling market growth. As age advances, the risks of cardiovascular diseases increase substantially. With a rapidly growing geriatric population worldwide, the burden of heart diseases is projected to escalate significantly. This will augment the demand for cardiac assist devices over the coming years.
The global cardiac assist devices market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide as well as growing investment in cardiac care technologies.
The cardiac assist devices market size for 2023 is estimated to reach US$ 3.2 Billion and is projected to grow steadily due to rapidly aging populations in various countries. North America currently dominates the cardiac assist devices market, accounting for the largest market share, owing to the high adoption of advanced technologies and growing healthcare expenditure in the region. Asia Pacific is expected to exhibit the fastest growth over the coming years due to rising healthcare standards and increasing medical tourism in its developing economies.
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