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Artificial Heart Market to Represent a Significant Expansion at 15.1% CAGR By 2024
Global Artificial Heart Market Research Report: Information by Type (Heart-Lung Machine, Mechanical Heart, Total Artificial Hearts, Ventricular Assist Devices (VADs)), End User (Hospitals & Clinics, Specialty Centers) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2024
The global artificial heart market held a market value of USD 1.2 billion in 2017 and is projected to grow at a CAGR of 15.1% over the forecast period. An artificial heart is a prosthetic device that is implanted into the body to provide circulation and replace heart ventricles that are diseased or damaged
The global artificial heart market has been segmented into type, and end user.
By type, the market has been segmented into the heart-lung machine and mechanical heart. The mechanical heart is further segmented into total artificial hearts and ventricular assist devices (VADs). The mechanical heart segment is expected to register the highest CAGR during the forecast period due to growing demand.
On the basis of end user, the market has been segmented into Hospitals & Clinics, Specialty Centers, and others.
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Some of the prominent players in the global artificial heart market are SynCardia Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife, Inc., Abbott, and Thoratec Corporation.
On a regional basis, the Americas is anticipated to dominate the global artificial heart market owing to the owing to increasing geriatric population, high prevalence of various chronic diseases, and a large number of diagnostic imaging centers.
Additionally, rising demand for advanced treatment and growing healthcare expenditure is driving the growth of the market. For instance, according to the American College of Cardiology Foundation, coronary heart disease (CHD) is the leading cause of deaths attributable to CV in the US. CHD contributes to over 43.8% of death cases in the US. Additionally, in 2015, the total healthcare expenditure for CVD and stroke in the US was an estimated USD 329.7 billion. CVD and stroke accounted for 14% of total health expenditures in 2015.
Europe accounts for the second largest market and holds a healthy share in the global artificial heart market due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure, and flourishing medical device industry due to the presence of major market players.
Asia-Pacific is expected to be the fastest growing market, owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, and availability of favorable insurance policies.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access, and availability of treatment facilities. In the Middle East, the United Arab Emirates and Saudi Arabia is the largest market share owing to the development of the healthcare industry and the rising availability of specialty care centers.
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