Major players in the cardiac assist devices and equipment market are Abbot Laboratories, Berlin Heart GmbH, Abiomed Inc. , Bivacor Pvt Ltd. and Calon Cardio - Technology Ltd. The global cardiac assist devices and equipment market is expected to decline from $0.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiac Assist Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967809/?utm_source=GNW
9 billion in 2019 to $0.7 billion in 2020 at a compound annual growth rate (CAGR) of -15.5%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the demand for cardiovascular devices due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices to contain the spread of virus and keep the staff safe, contribute to this decline. The market is then expected to recover and grow at a CAGR of 8.4% from 2021 and reach $1.2 billion in 2023.
The cardiac assist devices and equipment market consists of sales of cardiac assist devices and equipment and related services. Cardiac assist devices and equipment are electromechanical devices for assisting cardiac circulation, which are used either to partially or to completely replace the function of a failing heart.
In 2018, North America was the largest region in the cardiac assist devices and equipment market. USA was the largest country within the North America cardiac assist devices and equipment market, followed by Canada.
In April 2019, Food and Drug Administration (FDA),a federal agency of US department of health and human services, a regulatory body, has sent a product recall notice to THORATEC Corporation, for its product HEARTMATE II, a left ventricular assist system, EU, due to adverse risks, blood pumping issues, use problems, power and battery problems identified. FDA has sent a notice for product recall as the product defect contributed to aortic insufficiency and potential pump obstruction in the patient which led to emergency heart transplant. Similarly, in the cardiac assist devices market in 2018, FDA came across 24,036 device problems out of which 10,788 were use problems, 1,791 blood pumping problems, 1,450 power problems, 1,402 battery problems, 949 connection problems, and others.
Risks associated with implantation of cardiac assist devices into the human body acts as a major restraint for the growth of this market. Risks associated with device implantation include respiratory failure, blood clot formation, occurrences of stroke, and the risk of device failure leading to heart attack are some major reasons due to which people are hesitant to adopt cardiac assist devices, thus the demand from end users of cardiac assist devices remains restrained, therefore limiting the growth prospects of the market. The infection rate of cardiac implantable electronic devices is 1.7% initially after implantation, whereas after 2years the infection rate is 9.5%, resulting to an increase in the risk factor. The rising number of device replacements results in complex procedures, considerable risks with an increase in infection rates.
Device miniaturization is becoming popular in the cardiac assist devices and equipment market. The concept of minimizing the size of the cardiac assist devices enhances device implantation, provides potentially shorter hospital stay through the use of less invasive surgery such as ’Thoracotomy’. Cardiac assist device miniaturization acts as a replacement to heart transplantation as a destination therapy, due to lack of heart donors. For instance, Heartware Ltd. is increasingly investing in the Heartware’s device miniaturization program, aiming to reduce the weight, size and energy consumption of the device. Furthermore, the United Kingdom National Health Service has invested in a Bridge to Transplant program (BTT) where the performance of two minimally invasive cardiac assist devices were compared, out of which the best one was found based on better clinical outcome and more cost effectiveness due to its miniaturized design.
Rise in prevalence of cardiovascular diseases increase the demand for cardiac assist devices and equipment in developed and developing economies. The increasing need for diagnosis, monitoring, early stage treatment, and prevention of these life-threatening diseases, increase the demand for cardiac assist devices. In 2016, according to a study conducted by American Heart Association, a non-profit organization in the USA, total medical costs for cardiovascular diseases are expected to reach $749 billion by 2035 from $351.2 billion in 2015. The same study stated, in 2016, deaths due to cardiovascular diseases accounted for 840,678 and coronary heart disease accounted for 13% i.e. 363,452 of the total deaths in the USA.
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