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ARTIFICIAL HEART MARKET OVERVIEW
Artificial Heart Market is expected to grow USD 5 billion at a CAGR 14.3% during the forecast period (2023-2032). The market of Artificial heart has been found that an artificial heart is like a pump that will be installed where it increases the circulation rate and replaces the heart ventricles which are either damaged or diseased. As per the Census Bureau of the United States in 2016, the market value occupies USD 49.2 million people of age 65 and above. This aging population covered a market share of 15.2% out of the total population which propels up the market growth and market size. Some regions of America are experiencing rapid advancement and have adopted recent technology. They have also adopted new government policies and the government here has taken certain initiatives by funding for research work in healthcare units which acts in driving up the market growth.
COVID 19 ANALYSIS of ARTIFICIAL HEART MARKET
The outbreak of the pandemic had a very bad effect on the heart sectors of the hospitals. It hampered the manufacturing units where the heart valve was manufactured. The lockdown and the shutdown so imposed by the government had a bad impact on the units, manufacturing artificial heart valve materials. Shortage of labor force was marked.
ARTIFICIAL HEART MARKET DYNAMICS
- 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.
ARTIFICIAL HEART MARKET SEGMENTATION
artificial heart type Insights
globally and regionally, the artificial heart market has been classified into type and end-user. As per the type, the market is classified into the heart-lung machine and mechanical heart. The mechanical heart is further classified into total artificial hearts and ventricular assist devices. The mechanical heart part projects at a high CAGR value during the market forecast period which contributes much more to the rise in market demand. Based on the end-users, the heart valve market is divided into hospitals and clinics and some healthcare centers, and many more. Globally, the types of artificial heart valves expand to the region of America, Europe, Asia Pacific, some of the Middle East, and African regions. The artificial heart market also expands to the regions of North America and some of Latin America areas where their region of North America includes the region of the United States and Canada. The market expanded to the European region and is divided into Western Europe and Eastern Europe. The Western European region includes some of the areas of Germany, France, Italian areas, the United Kingdom, Spain, and other regions of Western Europe. The market in the Asia Pacific market is divided into Japan, China, India, the South Korean region, Australia, and the rest of the Asia Pacific region.
Artificial heart technology
due to advancement in technology advanced heart surgeries were used. It led to the invention of different types of artificial heart valves which functioned uniquely. Technology arouses awareness about the diagnosis facilities and the treatments. Technology led to the introduction of an innovative new artificial heart of low costs. The artificial heart cost and the cost of the artificial heart valve were not that huge.
The American region is the largest area that the patients’ have attracted the artificial heart market due to the market being highly prevalent in cardiovascular, neurological, and other infections. The presence of more aged people is a triggering factor that promotes the market growth of the artificial heart. There are certainly key players who use good quality artificial heart valve materials and some other accessories which do better manage patients’ data who are suffering from cardiovascular disease. It has been marked that the European region occupies and is said to be the second-largest market covering a large market share. Globally, due to its availability of new treatment facilities and rise in expenses of healthcare units where the artificial heart market flourishes where the medical devices acquire a huge position in the market. As per the European Society of Cardiology, transplantation of artificial heart valves are very common as cardiovascular disease is said to be the leading cause of mortality and the major cause of morbidity in some of the European regions. The cost of artificial heart valves plays a major role in driving up the market size. Asia Pacific region is marked to be the fastest-growing region, which owes to covering a huge patient pool and adapting a faster healthcare technology, whereas taking some of the initiatives of the government for improving the healthcare units infrastructure. They have also adopted insurance policies which have helped in propelling up the market size of artificial heart. Fewer expenses of the clinical trials, research, market players have built up their headquarters and their manufacturing plants in the region of Singapore, South Korea, China, Australia, Japan, and many more. All these regions have shown positive exponential growth which has boosted up the market growth. The regions of the Middle East and Africa show steady growth due to lack of awareness, less availability of treatment facilities, and access at a limited rate shows less growth in these regions. In some of the Middle Eastern regions, the United Arab Emirates and some of the regions of Saudi Arabia covers a dominant market share which pushes up the developmental facilities of the medicals and clinics and increases the availability of the healthcare centers.
Some of the key players operating in the market of artificial heart which contribute to selling artificial heart valve materials are SynCardia Systems, CryoLife, LLC, ABIOMED, CARMAT, Abbott, Cleveland Heart Inc., and some of the Thoratec Corporation plays a major role contributing towards artificial heart market growth. These market players focus on marketing and promotional activities. They launch certain products and get their approvals from FDA. They believe in acquisitions, merging, making approvals, and collaborating, and expanding to occupy a large market share. They carry out strategies for expanding and strengthening their business. They make their distribution network strong and widen their customer base and make their portfolio attractive. Some of the top players have diversified portfolios covering a large geogra[hic market share and focus greatly on research.
The market report summarises the segmentation so done and describes well the market scenario taking place. It gives information about the market trends which makes the key players occupy a huge position in the markets. It describes well the key players covering a large market share and adopting new and different technology. It describes well the growth factors which play a huge role in improving the artificial heart market growth.
USD 5 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, and End user
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
SynCardia Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife, Inc., Abbott, and Thoratec Corporation
Key Market Opportunities
Medical device manufacturer
Key Market Drivers
· Adaptation of healthcare technology
· Government initiatives to increase the healthcare quality
· Availability of favorable insurance policies
Artificial Heart Market Highlights:
Frequently Asked Questions (FAQ) :
The valuation was USD 4.98 billion.
The predicted CAGR would be 14.3%.
The high cost of the procedure and regulations regarding the process can slow down the growth.
The mechanical heart segment has the chance to record a higher CAGR.
The Americas market would dominate the global field.
Key Questions Answered
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