Global Artificial Heart Market Report Description:
Global Artificial heart market report gives comprehensive outlook on artificial heart across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global artificial heart market gives historical, current, and future market sizes (US$ Mn) on the basis of type, purpose, energy, and region. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global artificial heart market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global artificial heart market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global artificial heart market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global Artificial Heart products.
Global Artificial Heart Market:
The global artificial heart market estimated to be valued round US$ 2.12 billion 2019 and poised to grow at significant CAGR of 15.3% over 2020-2026. Limited availability of donors, on spot availability of fresh organs had limited the rate of orthotropic heart transplantations. High chances of non-suitability of available organs due to blood groups, age and high risk of transplantation due to high pulmonary vascular resistance of patients leads in increasing number of patients for organs than with donors which leads to high increase in demand for artificial heart devices. Although high cost procedures, stringent regulatory scenarios are restraining the market in some cases.
Benefits Offered by Artificial Heart are Fueling the Market Growth
These devices are used mostly in cases of advanced cardiovascular disease patients in whom their biological heart is damaged either partially or completely and is in non-favorable condition for orthotropic heart transplantation. These are most prominently using in acute biventricular dysfunction where one ventricle of heart is replaced by prosthetic heart. Also widely spreading in allograft coronary diseases. These devices are highly efficient and they do not possess any side effects or incompatibilities with the patient body.
North America Accounts for Larger Market Revenue Share in Global Artificial Heart Market
North America accounted for larger revenue share in global artificial heart market with a considerable CAGR. The growth in this region can be attributed to the presence of large cardiac disease patients and more advanced treatment facilities. According to center for disease control & prevention 2015 over 630,000 Americans died of heart diseases which is one fourth of country’s population and in 2016, 1.42 billion market occurred in North American region alone. “American heart association’’ alone spending around 800 million USD on cardiac treatments and researches. Countries like USA and Canada with advanced technologies, great funding for research places this region on top of the list.
- Abbott Laboratories
- Berlin heart
- BIVACOR Inc.
- Cleveland Heart Inc.
- CRYO life Inc.
- JARVIK Heart Inc.
- LIVA-NOVA PLC
- ON-X LIFE TECHNOLOGIES
- RELAINT Heart Inc.
- SYNCARDIA systems
- Thoratec corporation
Global artificial heart market is surging owing to frequent acquisitions and launchings by the market players. For instance, In August 2019 researchers at The University of Birmingham have developed a device that could improve care for patients with artificial heart pumps. Also non-blood contacting devices are developing which will enhance the market.
Key Findings of the Report:
- Global Artificial Heart market expanding at significant CAGR over 2020 to 2026 due to increase in geriatric population, high cases of acute cardiac failure patients and low availability of donors.
- Based on type, Ventricular artificial devices(VAD’s) segment accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global Artificial Heart market
- Mechanical heart (complete transplantation devices)
- Heart-lung machine
- Ventricular assisted devices (VAD’s)
- Left ventricular assisted devices
- Right ventricular assisted devices
- permanently replacing artificial hearts
- temporary replacement artificial hearts
- pneumatically powered devices (compressed air)
- Electrically powered devices (batteries)
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market