Cardiac Assist Devices Market Growth Accelerated by Technological Advancements in Devices Design

Cardiac assist devices play a vital role in improving patients' quality of life by providing circulatory support to failing hearts. Products like ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial hearts (TAHs) are used as therapeutic, supportive and replacement therapies. Technological advancements such as miniaturized pumps, wireless operation and long battery life have made these devices more efficient and user-friendly. 

Market key trends:

One of the key trends driving the growth of the cardiac assist devices market is the technological advancements in device design. Manufacturers are focusing on developing miniaturized, lightweight and durable devices to improve the quality of life of patients. For instance, HeartMate 3 Left Ventricular Assist System launched by Abbott is 40% smaller and designed for improved durability as compared to prior generations of devices. Similarly, Heartware HVAD pump system has revolutionary design which allows it to be implanted seamlessly. Such developments are expected to boost the adoption of advanced cardiac assist devices during the forecast period.

Segment Analysis

The cardiac assist devices market is segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial hearts (TAHs). Among these, the VADs segment dominates the market with over 65% share as these devices have showed good outcomes for destination therapy in patients with advanced heart failure who are not eligible for a heart transplant. Further, technological advancements have made VADs more durable, reliable and easier to implant, thus increasing their adoption rate over other cardiac assist devices.

Key Takeaways

The Global Cardiac Assist Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis - North America currently dominates the global market accounting for more than 40% share owing to the higher adoption of cardiac assist devices in this region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising awareness regarding heart diseases, growing aging population and rising healthcare expenditure in the region.

Key players - The key players operating in the cardiac assist devices market are Sherwin Williams Company, Akzo Nobel N.V., PPG Industries Ltd Axalta Coatings Systems, Rust-Oleum - RPM International Inc., and Aexcel Coatings. Sherwin Williams and Akzo Nobel collectively account for over 25% of the global market share due to their strong brand presence and wide product portfolio in the protective and marine coatings segments.

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