Global Mechanical Circulatory Devices Market Size By Product Type(Ventricular Assist Devices, Extracorporeal Membrane Oxygenation ), By End-User(Hospitals, Cardiology Centres), By Geographic Scope And Forecast
Global Mechanical Circulatory Devices Market Size By Product Type(Ventricular Assist Devices, Extracorporeal Membrane Oxygenation ), By End-User(Hospitals, Cardiology Centres), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Mechanical Circulatory Devices Market Size And Forecast
Mechanical Circulatory Devices Market size was valued at USD 2,350.06 Million in 2021 and is projected to reach USD 4,303.18 Million by 2030, growing at a CAGR of 7.17% from 2023 to 2030.Â
The market growth can be attributed to rising prevalence of cardiovascular diseases along with growing need for heart transplants among individuals across the globe. The Global Mechanical Circulatory Devices Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Mechanical Circulatory Devices Market Definition
Mechanical circulatory support devices are generally referred to artificial devices that can perform various functions of the heart. These devices vary significantly in terms of indication and design and are particularly used to provide temporary or full support for a heart that is unable to function adequately. IABP, extracorporeal membrane oxygenation (ECMO), Left Ventricular Assist Device (LVAD), and right ventricular assist device (RVAD). Those used for full support include intra-aortic balloon pump (IABP), biventricular assist device (BiVAD) and total artificial heart (TAH) are some mechanical support devices used for temporary use.
Mechanical circulatory assist devices have substantially evolved during the last few years. It is currently useful and real therapeutic method, not only for the cardiogenic shock treatment, but also for treatment of the chronic heart failure, as well as preventively in higher risk cases of cardiac surgery and percutaneous coronary intervention. The main objective of a mechanical circulatory support device is to unload the deteriorating heart and assist in maintaining vital organ perfusion and forward cardiac output.
Global Mechanical Circulatory Devices Market Overview
The market growth can be attributed to rising prevalence of cardiovascular diseases along with growing need for heart transplants among individuals across the globe. Increasing research and development related to technological advances in ventricular assist devices (VAD), including continuous flow technology, have assisted in improving efficiency; and as well as overall patient experience is contributing to the growth of the mechanical circulatory support devices market.
In terms of product type, Ventricular Assist Devices accounted for the largest market share of 52.69% in 2021. Ventricular assist device has emerged as one of the most durable and safe therapy for end-stage heart failure patients with >22 000 implantations in the U.S. as of 2020. MCS with ventricular assist device remains a highly invasive intervention that necessitates a careful, multidisciplinary evaluation of patients’ candidature before implantation.
However, several rare but serious risks are associated to VAD implant which include the blood clots formation in the device, thereby disrupting the blood flow ultimately leading to a stroke or heart attack. Furthermore, bleeding may also occur, as in any open-heart surgery and as a result of the blood-thinning medications needed to reduce the risk of blood clots. This is anticipated to restrain the growth of mechanical circulatory support devices demand over the period.
We've seen a number of product recalls lately because things just aren't working right or aren't compatible. The scariest part? Most of these are Class I recalls, meaning they could cause serious harm or even death to patients. This is really slowing down how the market is growing. Big names like Medtronic and Abbott are among those who've had to recall their products due to these failures. And speaking of where these devices are used, hospitals are the biggest users of mechanical circulatory support (MCS) devices because they see so many patients needing help. These MCSDs are used for people with really bad heart failure who need either temporary or permanent help keeping their blood flowing. We're talking about things like ventricular assist devices (VADs), total artificial hearts (TAHs), and ECMO.
Global Mechanical Circulatory Devices MarketSegmentation Analysis
The Global Mechanical Circulatory Devices Market is segmented on the basis of Product Type, End-User and Geography.
Mechanical Circulatory Devices Market by Product Type
Wow, VADs have really come a long way! These days, they're smaller and tougher, meaning they can help failing hearts for a much longer time. This is translating into happier patients and a lot more trust in these devices. Plus, getting them covered by insurance is getting easier, which means more people who really need them can actually get them. And with more doctors seeing VADs as a real solution for heart failure, more and more are choosing to use them. Think about ita VAD as a long-term solution? That's destination therapy, and it's huge for folks who can't get a transplant. Since more patients are looking for alternatives, the market for destination therapy VADs is only going to get bigger!
The adoption of mechanical circulatory support devices (MCSDs) in hospitals has been growing steadily in recent years, driven by several factors such as advancements in device technology, favorable reimbursement policies, and increasing awareness among healthcare providers and patients. As more healthcare providers become aware of MCSDs as a treatment option, there has been a growing interest and adoption of these devices in hospitals. Additionally, manufacturers and industry organizations have been providing education and training programs to healthcare providers to increase their familiarity with MCSDs.
Mechanical Circulatory Devices Market by Geography
• Asia-Pacific• North America• Europe• Latin America• Middle East and Africa
To Get Summarized Market Report By Geography-
With the boomer generation getting older, we're likely to see more folks dealing with heart failure. This is really pushing the need for things like mechanical circulatory support devices as a way to help them. Luckily, these devices are getting better all the time! Think smaller sizes, easier to carry around, and even sensors and wireless connectivity. All this makes them a real option for more and more people. Plus, it's getting easier to get them covered by insurance, which is a huge deal. So, yeah, you can expect to see more of these devices being used across North America as they keep getting better and helping people live healthier lives.
Key Players
The major players in the market are Abbott Laboratories, SynCardia Systems, Terumo Cardiovascular Systems Corporation, Medtronic plc, Teleflex Incorporated, CorWave SA, Nipro Medical Corporation, Berlin Heart GmbH, Jarvik Heart, Inc., Abiomed Inc., Evaheart Inc., Microport Scientific Corporation, NovaPump GmbH, Getinge AB, Origen Biomedical, LivaNova Inc.
Report Scope
STUDY PERIOD
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Abbott Laboratories, SynCardia Systems, Terumo Cardiovascular Systems Corporation, Medtronic plc, Teleflex Incorporated, CorWave SA, Nipro Medical Corporation, Berlin Heart GmbH, Jarvik Heart, Inc., Abiomed Inc., Evaheart Inc., Microport Scientific Corporation, NovaPump GmbH, Getinge AB, Origen Biomedical, LivaNova Inc.
SEGMENTS COVERED
By Product Type, By End-User and By Geography.
CUSTOMIZATION SCOPE
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