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MarketResearch.com has announced the addition of the new report "Cardiac Assist Devices Market to 2017 - Increasing Uptake of Ventricular Assist Devices and Total Artificial Heart to Drive Growth," to their collection of Medical Devices market reports. For more information, click here.
The global market for cardiac assist devices is forecast to exceed $1.4 billion by 2017, with a Compounded Annual Growth Rate (CAGR) of 8.6% from 2010 to 2017. The market is expected to be driven by increasing rates of cardiovascular diseases and the aging population. The shortage of donor hearts for transplantation is also leading to an increase in adoption of cardiac assist devices in patients with end-stage heart failure. Cardiac assist devices are also being used as a Bridge-To-Transplantation (BTT), bridge-to-recovery or destination therapy, depending on the requirement of the patient and the severity of the disease. Technological advancements that make the devices more efficient and minimally invasive are expected to further drive the demand for cardiac assist devices in the future.
The US has the biggest market for cardiac assist devices, contributing about 55% of the global market share in 2010. This amounted to $437.4m in 2010. The cardiac assist devices market in the US is forecast to grow at a CAGR of 10.6% to reach a market value of $882.3m in 2017.
Factors such as longer lifespans, an increasing patient population, growing patient awareness, reimbursement coverage for cardiac assist device implantation procedures and higher availability due to the large number of heart care centers throughout the country, explain why the US has the biggest market for cardiac assist devices. Various pipeline products are undergoing clinical trials in the US in order to provide robust clinical data on the safety and efficacy of the devices. The launch and approval of novel technologically advanced products will further drive demand for cardiac assist devices in the future.
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