Artificial Heart Market Insights
Global artificial heart market size is expected to increase considerably over the forecast period. The global artificial heart market trends represented market capitalization of $1.2 billion in 2017 and are expected to grow at a CAGR of 15.1% over the forecast period. An artificial heart is a pump that is surgically installed to provide circulation and replace diseased or damaged heart chambers. The growing demand for artificial heart is due to factors such as the increased burden of cardiovascular disease and the increased volume of elderly patients with end-stage heart failure. In addition, growth in the tobacco consumer population, as well as favorable reimbursement scenarios, stimulate market growth.
According to the United Nations, for example, the oldest population is expected to reach 425 million by 2050. In addition, according to the World Health Organization (WHO), more than 17.7 million people died of cardiovascular disease, representing 31% of the elderly. This increase in aging will lead to an increase in cardiovascular disease, as this population is highly susceptible to various heart diseases and is at greater risk of developing complications that are likely to stimulate the market. However, a tight regulatory environment and high procedural costs are the most important factors limiting the market growth.
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Artificial Heart Market Segmentation
The global artificial heart market is classified by type and end-user.
The market is segmented by type into a heart-lung machine and a mechanical heart. The mechanical heart is then segmented into total artificial hearts and ventricular devices (VADs). The mechanical cardiac segment is expected to have the highest CAGR during the forecast period due to increased demand.
Based on the end-user, the global artificial heart market is segmented into hospitals and clinics, specialized centers and others.
Artificial Heart Market Regional Insights
Regionally, the Americas are expected to dominate the global artificial heart market due to the growing geriatric population, the high prevalence of various chronic diseases, and a large number of diagnostic imaging centers. In addition, the growing demand for advanced treatments and growing health care drive the growth of the market. For example, according to the American College of Cardiology Foundation, coronary artery disease is the leading cause of CV-related death in the United States. Congenital heart disease contributes to over 43.8% of deaths in the United States. In addition, total health spending on cardiovascular disease and stroke in the United States in 2015 was estimated at $ 329.7 billion. Cardiovascular diseases and strokes accounted for 14% of total health expenditure in 2015.
Europe is the second-largest market and occupies an important position in the global health market. artificial heart through key factors such as availability of advanced treatment facilities increased health care spending and opulence in medical device industry due to the presence of the major players in the market.
The Asia Pacific region is expected to grow the fastest on the market due to the large patient group, rapid adaptation of healthcare technology, and government initiatives to improve the quality of healthcare. health and availability of favorable insurance policies.
The Middle East and Africa are expected to show the weakest growth in the market due to some important factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates and Saudi Arabia are responsible for much of the market due to health sector development and the growing availability of specialized care centers.
Artificial Heart Market Participants
Key players contributing to the growth of the artificial heart market include some of the giants of the healthcare industry, such as heart market are SynCardia Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife, Inc., Abbott, and Thoratec Corporation.
Artificial Heart Industry Updates
A small ETH team, led by Ph.D. student Nicholas Cohrs, created what they say is the first completely soft artificial heart, with its pumping mechanism obtained by swelling of the silicone ventricles functioning like a real heart.
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