Drivers- the high increase in market demand of the artificial heart is due to the highly increased cardiovascular disorder among the population along with the increase in the aging population suffering from final stage heart failure. People engaging themselves in smoking along with reimbursement policies so implemented drives up the artificial heart valve market rate and its market value. People developing a high risk of heart complications increase the market growth of artificial heart.
Opportunities- medical device manufacturer is the lucrative opportunity that helps in driving up market growth. Some of the market drivers are an adaptation of new healthcare technology along with taking government initiatives to increase the opportunities of the market. Increased unavailability of favorable insurance policies widens up the opportunities for expanding the market growth of artificial heart.
Challenges- prevalence of HVD globally and regionally and certain regulatory approvals is the challenging factor towards the market growth.
Cumulative growth- the presence of high market value of high USD and high CAGR projects at a high rate covering large market share.
Restraints- strict rules so imposed by the government and the regulatory scenario so imposed as per the FDA policies are the factors that act as a restraining factor affecting the growth of the market. High costs of artificial heart valves along with the high treatment facilities and the regulations so imposed spoils up the market growth.
The ongoing advancements in biocompatible materials and miniaturization technologies are poised to enhance the efficacy and accessibility of artificial hearts, potentially transforming cardiac care for patients worldwide.
U.S. National Institutes of Health
