The artificial heart 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 hearts, powered by either compressed air or electricity, help patients with total heart failure live normal lives past their life expectancy timeline or help them survive until their transplant date. These products are deployed to either completely replace the heart or replace only the ventricles. The device is surgically implanted in the chest to assist a deteriorating heart with its functions. An artificial heart may be used temporarily and is removed once the heart starts functioning normally. In cases where the damage is severe, the biological heart is completely replaced with an artificial heart.
A surge in the incidence of cardiac disorders and an increase in the geriatric population drive the artificial heart market. Improper lifestyles, leading to deteriorating cardiac conditions, are likely to create growth opportunities for the manufacturers of artificial hearts. However, the high cost of artificial heart valves and rigorously regulated treatment facilities are the factors hampering the growth of the market.
The “Global Artificial Heart Market Analysis to 2028” report aims to provide an overview of the market with detailed segmentation based on the system. The report provides key market statistics based on the performances of the leading players. It also describes key trends and opportunities in the market.
The artificial heart market is segmented on the basis of the system. Based on the system, the market is bifurcated into artificial heart, power supply, and others.
The artificial heart market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report covers the analysis and forecast of 18 countries worldwide, along with trends and opportunities prevailing in every region.
North America dominated the artificial heart market with ~49% share in 2021. The market growth in the region is majorly attributed to a high cardiovascular and neurological disease prevalence, and a large geriatric population. Key market players in the region use good-quality materials and other accessories for the manufacturing of artificial heart valves. In July 2022, China's National Medical Products Administration issued marketing approval for the artificial heart of a domestic made for severe heart failure cases. The artificial heart is an implantable ferrofluids-driven left ventricular assist device. In February 2020, Abbott received Breakthrough Device designation from the US Food and Drug Administration (FDA) for its Fully Implantable Left Ventricular Assist System (FILVAS). The following figure depicts the revenue growth trend in the global artificial heart market.
Source: The Insight Partners Analysis
The report analyzes factors affecting the artificial heart market, including drivers, restraints, opportunities, and future trends. It also provides an exhaustive Porter's five forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
The emergence of COVID-19 compelled healthcare providers to deprioritize or postpone therapeutic procedures, which adversely affected the sales of cardiovascular devices, such as artificial hearts, especially in 2020. The study "The Impact of the COVID-19 Pandemic on Waiting Times for Elective Surgery Patients: A Multicenter Study," published in July 2021, stated that the incidence of elective procedures decreased rapidly after the onset of the first COVID-19 wave, in March 2020; nonetheless, there has been a recovery in May and June, after which the surgery incidence was 22% higher than that in the reference years. The pandemic and consequent social restrictions, and labor force shortage hampered the manufacturing of heart valves and related materials.
Various companies in the artificial heart market focus on organic growth strategies, such as product launches, product approvals, patents, and events. On the other hand, inorganic growth strategies such as acquisitions, partnerships, and collaborations have also helped the market players through business and customer base expansion. The players operating in the artificial heart market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for artificial heart products.
The report also includes the profiles of key artificial heart market players, along with their SWOT analysis and market strategies. It also specifies components and services offered by these players, along with financial information for the last three years and key development in the past five years. The list of major companies engaged in the artificial heart market is mentioned below:
- SynCardia Systems
- LLC, BiVACOR Inc.
- Cleveland Heart, Inc.
- ON-X LIFE TECHNOLOGIES INC.
- Thoratec Corporation
The Insight Partners’ dedicated research and analysis team consists of experienced professionals, having advanced statistical expertise. The team offers various customization options in the existing study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. SynCardia Systems, LLC
2. BiVACOR Inc.
4. Cleveland Heart, Inc.
6. ON-X LIFE TECHNOLOGIES INC
9. Thoratec Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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