Global Cardiac Assist Devices Market Poised for Strong Revenue Growth Underpinned by Underserved Patients in Emerging Economies
In 2012, over 30% of all global deaths could be traced back to cardiovascular diseases (CVDs). An alarming rise in the incidence of CVDs is arguably the biggest factor driving the growth of the global cardiac assist devices (CAD) market, says Transparency Market Research (TMR) in a new report, which is titled, “Cardiac Assist Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.” The demand for cardiac assist devices will also be helped further by a grave shortage of donor hearts, making heart transplantation only a rare possibility. The report studies the growth prospects in this rapidly emerging market by focusing on specific aspects such as drivers, restraints, challenges, and opportunities. The size of the market is estimated by the demand-based revenue generated via sales of cardiac assist devices.
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Patients suffering from cardiovascular diseases are typically advised to consider cardiac assist devices to correct the blood pumping efficiency of the heart. These mechanical pumps work in conjunction with the heart to help an optimum blood flow. The three types of cardiac assist devices (CADs) commonly used are: Intra-aortic balloon pumps (IABPs), ventricular assist devices, and total artificial heart. The ventricular assist devices can either be designed to work with the left or right ventricle. Of these, left ventricular assist devices (LVAD) are the highest sold products and will likely remain popular through the forecast period of the report. With rapid advancements taking place in cardiac assist devices, it is projected that CADs could soon reach a phase where heart transplantation can be entirely avoided.
The report states that the cardiac assist devices market in North America currently stands as the largest on account of the region reporting a high rate of heart failure cases. Moreover, most new technological developments hit the U.S. first, which makes the uptake of CADs higher in the country as compared to many other markets. The impact of all of these factors is sewn together by the high degree of awareness among patients regarding the benefits of cardiac assist devices and CAD implantation being covered by reimbursement.
Europe trails North America in revenue generation in the cardiac assist devices market. The region reports the second-highest prevalence of cardiovascular diseases among people above the age of 65 years. The report recommends companies in the cardiac assist devices market to also focus on densely populated countries such as China and India where the median age is rising progressively. These countries also present a white space that can be filled in by CADs thanks to a substantial number of underserved cardiac patients.
Companies that are currently at the forefront of the global cardiac assist devices market are ABIOMED, Inc., Berlin Herat GmbH, Thoratec Corporation, MAQUET GmbH & Co. KG, HeartWare International, Inc. Teleflex Incorporated, and SynCardia Systems, Inc.
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