Authored By: Sarah
11 Jul 2024

 Artificial Heart Market Size to grow by USD 1831.5 million between 2024-2028

According to a research report “ Artificial Heart Market” by Product (VAD, TAH) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1831.5 million, at a CAGR of  11.64% during the forecast period. The incidence of Heart Failure (HF) is a significant public health concern, with estimates suggesting that up to 10,000 to 20,000 individuals per million in developed countries and 20,000 individuals per million in Europe are affected. In the United States, approximately 800,000 to one million new cases are diagnosed each year, with this number projected to reach nearly 7.65 million by 2025. Hospital admissions due to HF have also been on the rise in various regions. This increasing prevalence underscores the growing demand for advanced medical solutions, such as artificial hearts, to improve patient outcomes and reduce the burden on healthcare systems.

Browse market data tables, figures, and in-depth TOC on “Artificial Heart Market” by Product (VAD, TAH) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Product, the VAD segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

The Artificial Heart Market represents a significant business opportunity for manufacturers and suppliers due to the increasing prevalence of heart diseases and advancements in medical technology. This market is projected to grow steadily, driven by rising demand for minimally invasive procedures and longer life expectancy of implanted devices. Companies focusing on research and development of cost-effective and efficient solutions will gain a competitive edge.

North America is forecasted to hold the largest market size by region in 2024

The Artificial Heart Market represents a significant business opportunity for manufacturers and suppliers due to the increasing prevalence of heart diseases and advancements in medical technology. This market is driven by factors such as an aging population, rising healthcare expenditures, and technological innovations. Key players in this market include Thoratec Corporation, SynCardia Systems, and Abiomed, Inc. These companies are investing heavily in research and development to produce more efficient and cost-effective solutions for artificial hearts. The global market for artificial hearts is projected to grow at a steady rate in the coming years, offering lucrative prospects for businesses in this sector.

The Artificial Heart Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Abbott Laboratories
  • Berlin Heart GmbH
  • BiVACOR Inc.
  • Boston Scientific Corp.
  • Calon Cardio Technology Ltd.
  • CARMAT SA
  • Corcym Srl
  • CorWave SA
  • Cryolife Inc.
  • Edwards Lifesciences Corp.
  • Evaheart Inc.
  • Jarvik Heart Inc.
  • JenaValve Technology Inc.
  • Johnson and Johnson Services Inc.
  • LivaNova PLC
  • Medtronic Plc
  • MyLVAD Foundation LTD.
  • Quest Diagnostics Inc.
  • SynCardia Systems LLC
  • Terumo Corp.
.

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Research Analysis Overview

The Artificial Heart Market is witnessing significant growth due to the increasing prevalence of cardiovascular disorders among the geriatric population. International universities and research projects are focusing on developing advanced materials science for the manufacturing of artificial hearts and ventricular assist devices (VADs). The regulatory scenario is evolving with the approval of total artificial hearts and the shift from traditional transplantation to VADs and other advanced heart technologies. The aging population, as per the Census Bureau, is another key factor driving the market. The demand for artificial hearts and VADs is increasing as healthcare professionals seek to improve patient outcomes and extend the lives of those suffering from heart diseases. The market includes manufacturing units, hospitals, and healthcare units. Recent technology advancements in the heart sectors include the development of new materials for heart valves and the integration of artificial intelligence in heart pumps. The blood pumping technology in artificial hearts is also undergoing significant improvements. The regulatory scenario is crucial in this market, with stringent regulations governing the manufacturing and usage of artificial hearts. In conclusion, the Artificial Heart Market is expected to grow significantly due to the increasing prevalence of cardiovascular disorders, regulatory approvals, and technological advancements. The market includes key players such as SynCardia Systems, Abiomed, and Thoratec Corporation. The future of the market lies in the development of more advanced and cost-effective solutions for patients with heart diseases.

Market Research Overview

The Artificial Heart Market is witnessing significant growth due to the increasing prevalence of cardiovascular disorders in the geriatric population and the scarcity of donor organs for heart transplantation. The regulatory scenario plays a crucial role in the market's growth, with organizations such as the European Medicines Agency and the FDA setting stringent requirements for product approval. Key players in the market include CARMAT, a French company specializing in Total Artificial Heart (TAH) therapy, and medical device manufacturers like Medtronic and Abbott. Research projects and collaborations with international universities are driving innovation in the field, leading to technological advancements such as enhanced control algorithms, improved durability, and miniaturization. The price of procedures and insurance policies also impact the market, with high-quality, safe products being a priority for healthcare professionals and patients. Regulatory approvals, such as CE marking and FDA approval, are essential for product expansion. The market is also influenced by healthcare regulatory scenarios, including the impact of regulations on the availability of vaccines and the price of procedures. The shortage of donor organs and the unmet need for alternative treatments have led to an increased focus on circulatory support devices such as ventricular assist devices and mechanical hearts. Recent technological advancements in biotechnology, robotics, materials science, and transplant have provided new opportunities for innovation in the field. However, challenges such as pump thrombosis and biocompatibility remain. The market is expected to grow further due to the aging population, with the Census Bureau projecting a significant increase in the number of people aged 65 and over in the coming decades. Smoking and labor force participation rates also influence the market, with smoking contributing to cardiovascular disorders and labor force participation affecting the availability of healthcare professionals. In summary, the Artificial Heart Market is a dynamic and complex industry driven by technological advancements, regulatory approvals, and the unmet need for alternative treatments for heart failure. The market is influenced by various factors, including healthcare regulatory scenarios, price of procedures, vaccines, and the aging population. Key players include medical device manufacturers and academic institutions, and recent technology trends include enhanced control algorithms, improved durability, and miniaturization.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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