Major players in the cardiac assist devices and equipment market are Abbot Laboratories, Berlin Heart GmbH, Abiomed Inc. , Bivacor Pvt Ltd. and Calon Cardio - Technology Ltd. The global cardiac assist devices and equipment market is expected to grow from $0.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiac Assist Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067837/?utm_source=GNW
73 billion in 2020 to $0.82 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.13 billion in 2025 at a CAGR of 8.3%.
The cardiac assist devices and equipment market consists of sales of cardiac assist devices and equipment and related services. Cardiac assist devices and equipment are electromechanical devices for assisting cardiac circulation, which are used either to partially or to completely replace the function of a failing heart.
Risks associated with implantation of cardiac assist devices into the human body acts as a major restraint for the growth of this market.Risks associated with device implantation include respiratory failure, blood clot formation, occurrences of stroke, and the risk of device failure leading to heart attack are some major reasons due to which people are hesitant to adopt cardiac assist devices, thus the demand from end users of cardiac assist devices remains restrained, therefore limiting the growth prospects of the market.
The infection rate of cardiac implantable electronic devices is 1.7% initially after implantation, whereas after 2years the infection rate is 9.5%, resulting to an increase in the risk factor. The rising number of device replacements results in complex procedures, considerable risks with an increase in infection rates.
Rise in prevalence of cardiovascular diseases increase the demand for cardiac assist devices and equipment in developed and developing economies.The increasing need for diagnosis, monitoring, early stage treatment, and prevention of these life-threatening diseases, increase the demand for cardiac assist devices.
According to the American Heart Association, by 2035, 45.1% of the US population is projected to have some form of CVD. Total costs of CVD are expected to reach $1.1 trillion in 2035, with direct medical costs projected to reach $748.7 billion and indirect costs estimated to reach $368 billion. According to the World Heart Federation 2019, 17.9 million people die every year from CVD, including heart disease and stroke.
In April 2019, Food and Drug Administration (FDA),a federal agency of US department of health and human services, a regulatory body, has sent a product recall notice to Thoratec Corporation, for its product Heartmate II, a left ventricular assist system, EU, due to adverse risks, blood pumping issues, use problems, power and battery problems identified.FDA has sent a notice for product recall as the product defect contributed to aortic insufficiency and potential pump obstruction in the patient which led to emergency heart transplant.
Similarly, in the cardiac assist devices market in 2018, FDA came across 24,036 device problems out of which 10,788 were use problems, 1,791 blood pumping problems, 1,450 power problems, 1,402 battery problems, 949 connection problems, and others.
Device miniaturization is becoming popular in the cardiac assist devices and equipment market.The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as ’Thoracotomy’.
Cardiac assist device miniaturization acts as a replacement to heart transplantation as a destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware’s device miniaturization program, aiming to reduce the weight, size and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices were compared, out of which the best one was found based on better clinical outcome and more cost effectiveness due to its miniaturized design.
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