Growing Prevalence of Cardiovascular Diseases and Rising Funding Support Fuel Artificial Heart Market Growth
According to our latest market study on "Artificial Heart Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by System and Geography," the market is projected to grow from US$ 1.98 billion in 2021 to US$ 4.99 billion by 2028; it is expected to grow at a CAGR of 15.5% from 2022 to 2028.
Artificial Heart Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Download Free SampleArtificial Heart Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by System (Artificial Heart, Power Supply, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
According to the World Health Organization (WHO), the population aged 60 years and above is anticipated to rise from 900 million in 2015 to 2 billion in 2050. An increase in the geriatric population may lead to a surge in the incidence of age-related health problems, including cardiovascular diseases and respiratory diseases. The rise in prevalence of cardiovascular diseases can be associated with sedentary lifestyles; smoking, tobacco and alcohol consumption; and an unbalanced diet. An overall rise in the global burden of cardiovascular diseases, coupled with an increase in mortality rate among the geriatric population due to these diseases, is a key factor contributing to the growth of the artificial heart market. According to the (WHO), cardiovascular diseases account for ~17.9 million deaths every year, i.e., ~31% of the total death count reported worldwide. Thus, the surge in the overall prevalence of cardiovascular diseases boosts the growth of the artificial heart market.
The artificial heart market, based on the system, is segmented into artificial heart, power supply, and others. The artificial heart segment is further classified as ventricular assist device (VAD) and total artificial heart. The power supply segment is categorized as internal battery and external battery. In 2021, the artificial heart segment accounted for a larger share of the artificial heart market.
North America dominated the artificial heart market with ~49% share in 2021. The market growth in the region is majorly attributed to the high prevalence of cardiovascular, neurological, and other diseases, and a surge in the geriatric population. Cost plays a notable role in the sale of artificial heart valves. Further, the COVID-19 pandemic adversely affected the care and services provided by hospitals for patients with heart conditions. The lockdowns imposed by various country governments hampered the manufacturing of heart valves.
SynCardia Systems, LLC; BiVACOR Inc.; CARMAT; Cleveland Heart, Inc.; ABIOMED; ON-X LIFE TECHNOLOGIES INC.; Abbott; Cirtec; Thoratec Corporation; and MyLVAD are a few of the key players profiled during the study of the artificial heart market. Several other major companies were also analyzed to get a holistic view of the market and its ecosystem.
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