Artificial Heart Market Size And Forecast
Artificial Heart Market size was valued at USD 1.72 Billion in 2020 and is projected to reach USD 4.90 Billion by 2028, growing at a CAGR of 13.92% from 2021 to 2028.
The rapidly aging population globally and a subsequent increase in the number of people suffering from cardiovascular diseases are the key factors catapulting the growth of the Global Artificial Heart Market Moreover, increasing the number of heart failures leading to amputations coupled with growing public awareness about advancements in medical technology is further expected to boost the market growth. The Global Artificial Heart Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Artificial Heart Market Definition
An artificial heart refers to a prosthetic device that is implanted into the body to replace the organic mammalian heart. The synthetic replacement in humans acts as a type of mechanical circulatory support system wherein the patient’s native valves as well as ventricles are explanted. The device is usually powered pneumatically. An artificial heart is considered in many ways a technology marvel in clinical history, notwithstanding the many limitations pertaining to functionalities, and is usually used in the case of patients suffering end-stage biventricular heart failure awaiting transplantation.
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In addition, an artificial heart is also in demand for patients for whom heart transplantation surgery may not be appropriate. However, they are still to garner noticeable traction in the medical sector, with the implantation done only in a small subset of patients requiring transplantation. Over the past decade, the Artificial Heart Market has grown at an enormous scale, and over time it has brought many challenges with the change in the structure of the surgery centers and the way surgeons behave. The Global Artificial Heart Market is undergoing significant changes, as the manufacturers need to evolve in an attempt to keep the structure of their work.
Global Artificial Heart Market Overview
The rapidly aging population globally and a subsequent increase in the number of people suffering from cardiovascular diseases are the key factors catapulting the growth of the Global Artificial Heart Market Moreover, increasing the number of heart failures leading to amputations coupled with growing public awareness about advancements in medical technology is further expected to boost the market growth. Furthermore, an artificial heart is also emerging as a viable option for patients with acute biventricular dysfunction. However, the high implementation cost and limited surgical expertise are expected to stagnate the market growth.
Developing technologically advanced healthcare infrastructure and ongoing research projects in association with international universities and prominent vendors for the development of effective vaccines will provide lucrative growth opportunities to the Global Artificial Heart Market. However, the global market faces challenges as a large percentage of the global population predominantly in developing economies is yet to have its hands on these. With the increase in the number of heart failures, bad eating habits, and accidents all over the world, including a growing population there is a need for the widespread manufacturing of these hearts.
However, the high costs associated with the operation and maintenance of facilities in the sector will be a hindrance to the growth of the market. In addition, the lack of qualified specialists will challenge the growth of the market. Excess of unstructured data is expected to slow economic growth. The increasing complexity of interconnecting electronic components, the drop in global commodity prices, and the recent outbreak of COVID-19 have brought up many challenges to Artificial Heart Market. Nevertheless, rising demand for networking and automation, demand for smart healthcare infrastructure, robotics in healthcare applications, and sensor-based devices are expected to provide huge opportunities for the Artificial Heart Market for the forecasted period.
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Global Artificial Heart Market: Segmentation Analysis
The Global Artificial Heart Market is Segmented on the basis of Product Type, Application, and Geography.
Artificial Heart Market, By Product Type
- Total Artificial Heart
- Ventricular Assist Device (VAD)
Based on the Product Type, The market is bifurcated into Total Artificial Heart and Ventricular Assist Device (VAD). In Total Artificial Heart-whole heart is replaced with the artificial one including the right and left ventricles, and the four heart valves. VAD helps in pumping blood from the lower heart chambers(ventricles) to the rest of the body.
Artificial Heart Market, By Application
- Clinics
- Hospitals
- Others
Based on Application, The market is bifurcated into Clinics, Hospitals, and Others. Hospitals are the largest contributor to the global market in 2019 in this segment and are very likely to continue the trend in the forecast period.
Artificial Heart Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
· On the basis of Regional Analysis, The Global Artificial Heart Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region dominated the global market in 2019 followed by Europe and is expected to continue the trend in the forecast period. The Asia Pacific region is expected to grow at a rapid pace in the forecast period owing to rapid urbanization and industrialization with an increased investment towards smart healthcare & efficient technology and increased per capita income.
Key Players
The “Global Artificial Heart Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Thoratec Corporation, SynCardia Systems, Cirtec Medical Systems, BiVACOR, MyLVAD, CARMAT, Jarvik Heart, Abbott, AbioMed, and Cleveland Heart. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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