Rising Prevalence of Cardiovascular Diseases of Cardiac Assist Devices Market
The global Cardiac Assist Devices Market is estimated to be valued at US$ 3.69 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Cardiac assist devices provide circulatory support to patients suffering from heart failure. They reduce the workload on the heart and allow it to rest. The dominant device types like ventricular assist devices can be implanted for long term use or as a bridge to transplant. Many new devices are wireless and offer mobility to patients.
Weakness: The procedure to implant cardiac assist devices is highly invasive and complex. There are always risks of complications like bleeding, infections etc. The devices also require lifelong anticoagulation medication which can cause side effects. Being mechanical in nature, devices can malfunction or need replacement over time.
Opportunity: With rising cases of heart failure worldwide due to an aging population and better survival of cardiac patients, the demand for assist devices is growing rapidly. New indications are being explored and minimally invasive surgical techniques can boost adoption. Remote patient monitoring through mobile apps can improve outcomes.
Threats: High costs of devices, surgery and long term care pose major challenges. Not all patients are eligible for or can afford these therapies. Alternative heart transplant may be preferred. Reimbursement policies vary greatly between countries. Device recalls or failures can impact the market negatively.
Key Takeaways
The Global Cardiac Assist Devices Market Demand is expected to witness high growth. It was valued at US$ 3.69 Mn in 2024 and is forecasted to reach US$ 7.32 Mn by 2031, expanding at a CAGR of 8.9% over the forecast period.
North America currently dominates due to presence of major players, high healthcare spending and rising heart failure prevalence contributed by obesity and lifestyle diseases epidemics. The United States holds over 50% market share with the availability of reimbursed innovative technologies and large patient pool requiring long term ventricular support.
Key players operating in the cardiac assist devices market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum - RPM International Inc., Aexcel Coatings. These companies have robust R&D and established global distribution networks to market their devices. New products with remote monitoring systems are being developed to improve patient outcomes. Stakeholders are focused on reducing manufacturing costs through advanced design and materials to expand access in developing world. Partnerships betweendevice manufacturers and heart centers are helping to standardize and speed up adoption of novel technologies.
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