Artificial Heart Market Research Report - Forecast till 2027

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 2027

Q: What was the valuation in 2017?

The valuation was USD 1.2 billion.. Read More

Q: What is the predicted CAGR for the Artificial Heart Market for the forecast period (2018-2024)?

The predicted CAGR would be 15.1%.. Read More

Q: Which region would take charge of the artificial heart market?

The Americas market would dominate the global field.. Read More

ID: MRFR/HC/6513-HCR | February 2021 | Region: Global | 90 pages

Artificial Heart Market Scenario

The Artificial heart market size is expected to grow significantly over the forecast period. The 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 pump that is surgically installed to provide circulation and replace heart ventricles that are diseased or damaged. The growing demand for the artificial heart is due to factors such as the rising burden of cardiovascular disorders, and the rising volume of the older patient population with end-stage heart failure.

Additionally, rising population indulged in smoking, along with favorable reimbursement scenarios, is driving the growth of the market. For instance, according to the United Nations, the older population is likely to reach 425 million by 2050. Additionally, according to the World Health Organization (WHO), in 201, more than 17.7 million people died from cardiovascular diseases contributing to 31% of all the global deaths. This rise in the aging population will lead to a rise in cardiovascular disorders as this population is highly prone to various heart disorders and is at a higher risk of developing complications which are also likely to drive the market.

However, stringent regulatory scenario, along with the high cost of procedures, are the key factors limiting the growth of the market.

Artificial Heart Market Segmentation

The 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.

The global artificial heart market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The artificial heart market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.

The European artificial heart market has been segmented into Western Europe and Eastern Europe. The Western Europe artificial heart market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.

The Artificial Heart market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Artificial Heart market in the Middle East & Africa has been segmented into the Middle East and Africa.

Artificial Heart Market Key Players

SynCardia Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife, Inc., Abbott, and Thoratec Corporation are some of the prominent players in the global artificial heart market.

Regional Market Summary

Global Artificial Heart Market Share (%), by Region, 2018

Source: White Papers, Company Presentations, Annual Reports

The Americas is the market leader and has an attractive market for artificial heart owing to the increasing prevalence of cardiovascular, neurological, and other infections pertaining to the rising geriatric population, which is a major trigger factor. According to the Center for Disease Control and Prevention (2015), over 630,000 Americans die from heart diseases each year, which accounts for one in every four deaths. Thus, several major companies are in a race for the introduction of high-quality devices and accessories for better management of data for patients with CVD.

Additionally, according to the US Census Bureau, in 2016, around 49.2 million residents were aged 65 and above. This huge older population led to over 15.2% of the total population, which is likely to drive the market. Furthermore, the Americas is witnessing rampant advancements in technology, and increasing government initiatives, and funding for research in the medical devices sector is driving the market growth.

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. For instance, according to the European Society of Cardiology, cardiovascular diseases (CVD) remain the leading cause of mortality and a major cause of morbidity in Europe. Moreover, the European Union spend over 210 Euro billion a year for CVD. This heavy expenditure is driving the growth of the market.

Asia-Pacific artificial heart market 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. Moreover, due to lower cost of clinical trials, research key players have been setting up their regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia which make a positive growth curve in Artificial Heart market in future.

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.

Global Artificial Heart Market, by Type

Heart-Lung Machine

Mechanical Heart
- Total Artificial Hearts
- Ventricular Assist Devices (VADs)

Global Artificial Heart Market, by End User

Hospitals & Clinics

Specialty Centers

Others

Global Artificial Heart Market, by Region

Americas
- North America
  - US
  - Canada
- Latin America

Europe
- Western Europe
  - Germany
  - France
  - Italy
  - Spain
  - UK
  - Rest of Western Europe
- Eastern Europe

Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific

The Middle East & Africa
- Middle East
- Africa

Intended Audience

Medical device manufacturer

Channel partners

Industry association

Governments and investment communities

Research organizations and associations

Healthcare industry

Report Scope:

Report Attribute/Metric	Details
Market Size	2023: USD 1.2 Billion
CAGR	2018-2023: 15.1%
Base Year	2019
Forecast Period	2027
Historical Data	2018
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, and End user
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	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

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Frequently Asked Questions (FAQ) :

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope of the Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Detection Technique Trends & Assessment

Chapter 5. Market Factor Analysis

5.1 Porter’s Five Forces Analysis

5.1.1 Bargaining Power of Suppliers

5.1.2 Bargaining Power of Buyers

5.1.3 Threat of New Entrants

5.1.4 Threat of Substitutes

5.1.5 Intensity of Rivalry

5.2 Value Chain Analysis

5.3 Investment Feasibility Analysis

5.4 Pricing Analysis

Chapter 6. Global Artificial Heart Market, by Type

6.1 Introduction

6.2 Heart-Lung Machine

Market Estimates & Forecast, by Region, 2020-2027