The artificial heart market is projected to grow from US$ 1.98 billion in 2021 to US$ 4.99 billion by 2031; it is expected to grow at a CAGR of 15.5% from 2022 to 2031.
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.
MARKET DYNAMICS
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.
MARKET SCOPE
The “Global Artificial Heart Market Analysis to 2031” 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.
Strategic Insights
MARKET SEGMENTATION
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.
REGIONAL FRAMEWORK
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 2021, 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.
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 2021. 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 2021; 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.
Artificial Heart Market Report Analysis
CAGR (2023 - 2031)
US$ 2.64 Billion
US$ 8.37 Billion
Report Coverage
Key Players
Regional Overview
Market Segmentation
By System
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.
- CARMAT
- Cleveland Heart, Inc.
- ABIOMED
- ON-X LIFE TECHNOLOGIES INC.
- Abbott
- Cirtec
- Thoratec Corporation
- MyLVAD
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.
Artificial Heart Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.64 Billion |
| Market Size by 2031 | US$ 8.37 Billion |
| Global CAGR (2023 - 2031) | 15.50% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By System
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
System
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
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The List of Companies
1. SynCardia Systems, LLC
2. BiVACOR Inc.
3. CARMAT
4. Cleveland Heart, Inc.
5. ABIOMED
6. ON-X LIFE TECHNOLOGIES INC
7. Abbott
8. Cirtec
9. Thoratec Corporation
10. MyLVAD
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