Cardiac assist devices are mechanical pumps used to support the heart’s function and blood flow in patients suffering from heart failure or cardiomyopathy. Ventricular assist devices, or VADs, are the most commonly used cardiac assist devices. They are implanted inside the body and help pump blood from the lower chambers of the heart to the rest of the body. VADs improve the heart’s ability to pump blood and give the organ rest so it can recover. Cardiac assist devices offer lifesaving treatment to patients awaiting a heart transplant or those who are not candidates for transplantation. They act as a bridge between late-stage heart disease and recovery or transplantation.
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.
Market key trends:
The increasing incidence of heart failure due to growing geriatric population and rising prevalence of lifestyle diseases like diabetes and obesity is a major factor driving the demand for cardiac assist devices. According to data by the Centers for Disease Control and Prevention (CDC), in 2020, more than 6 million adults in the U.S. had heart failure. There is an ongoing effort by device manufacturers to develop more patient-friendly, portable cardiac assist devices with applications in long-term and ambulatory support. Advancements in miniaturization technologies and use of durable materials are some trends that can make future devices smaller, quieter, and capable of supporting patients outside the hospital.
Threat of new entrants: Low capital requirement for manufacturing cardiac assist devices is driving threat of new entrants in the market. However, strong brand recognition of existing players and need for technical expertise prevents high threat.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of alternatives and importance of device cost for patients. Regulated nature of industry maintains prices.
Bargaining power of suppliers: Suppliers have low bargaining power given the importance of components in medical devices and need for compliance. Suppliers are dependent on few manufacturers.
Threat of new substitutes: Threat of substitutes is low as devices are highly customized for severe cardiac conditions. However, cell and gene therapy shows potential as substitute.
Competitive rivalry: The market is highly consolidated with large players. Players compete on innovation, product features and regional expansion though market is still growing rapidly.
The Global Cardiac Assist Devices Market Demand is expected to witness high growth at a CAGR of 8.9% during the forecast period between 2024 to 2031.
Regional analysis: North America dominates the market currently due to presence of major players, high healthcare spending and rising prevalence of cardiovascular diseases in the region. Asia Pacific region is expected to grow at fastest pace due to large patient population, improving access to healthcare and increasing medical tourism in the region.
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, Sokan New Materials, and Jotun AS. Key players are mainly focusing on new product launches and enhancing their geographic presence especially in emerging countries with large patient base like India and China. Regulatory approvals and strategic collaborations are also development areas for players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it