Analysis of Artificial Heart market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
It’s been a long time, modern medicine tried to invent a synthetic alternative to mammalian heart. In 1961, Paul Winchell successfully discovered the Artificial Heart.
An Artificial Heart is mainly a prosthetic device that is used to replace the biological heart. Artificial heart is used, when heart transplant cannot be performed in a patient with diseased heart. The artificial heart machine is used to replace the diseased heart of the patient.
The artificial heart is a form of cardiac pump but there is a little difference between these two, like, the cardiac pump can be used only for a few hours while the artificial heart can replace a biological heart for a number of months and can be implanted into the patient. The use of artificial heart is expected to reduce the need for heart transplantation there by reducing the gap between the demand and supply of biological heart.
The increase in the number of heart disease cases and other cardiovascular problems drive the growth of the global artificial heart market. However, rejection and external battery limit the mobility of the patient. Furthermore a number of other similar complications need to be addressed to ensure longer lifespan in patient there by expanding artificial heart market globally.
Artificial heart, now-a-days gaining huge popularity all over the world. The growing demand for the Artificial heart because of huge advancement in healthcare sector with increasing use of Artificial heart for biological heart transplantation, technological advancements, rise in aging population. And these criteria are expected to drive the market of Artificial heart over the next forecast.
However, owing to high price, need for long surgical procedure which leads to increase the chance of infections and bleeding, lack of trained HCP (Healthcare professionals) and strict government regulation, market of Artificial Heart may face some restraints.
The global market for Artificial heart is expected to generate significant revenue with a huge growth over the forecast due to rise in aging population, which in turn drive the high demand of Artificial heart in healthcare sector. Based on material used, metal based Artificial heart mainly titanium based Artificial hearts is always a prime choice for HCP as these are more biocompatible.
Hence Artificial hearts which uses material are driving the market as compared to the plastic one. Growing demand for heart transplantation, may drive growth of the Artificial heart market in surgical sector. As highly advanced infrastructure is needed for the heart transplant procedure, hence it is expected that Hospitals are expected to contribute the highest share.
Geographically, the global Artificial Heart market is segmented into North America, Latin America, Europe, CIS & Russia, Asia-Pacific Excluding Japan, Japan and the Middle East & Africa. North America is remain as the dominant market player in global Artificial Heart market on the account of advancement in healthcare sector of Artificial Heart as compared to other regions.
Increase in cardiovascular diseases leads to high demand of Artificial Heart in this region. Europe is following North America and it is expected to register the second largest revenue share in the global Artificial Heart market throughout the forecast period owing to the bulk of demand for Artificial Heart across the region because of increase in cardiovascular diseases.
However fastest growth is expected from Asia-Pacific, mainly from countries like India, Japan and China due to robust acceptance of Artificial Heart in healthcare sector due to improvement in healthcare sector.
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The Artificial Heart market is highly consolidated with a small number of manufacturers. Examples of some of the Global players operating in the Artificial Heart market include: Syncardia, BiVACOR Inc, ABIOMED, CARMAT.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Tentatively, the global artificial heart market can be segmented on the basis of material type, application, end users and geography.
Based on material type, the artificial heart market is segmented as:
Based on application, the artificial heart market is segmented as:
Based on end user, the artificial heart market is segmented as:
Based on geography, artificial heart market can be segmented as:
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The Artificial Heart market is likely to grow at a CAGR of 15.4% during the forecast period
The market is expanding because of the increasing use of artificial heart for biological heart transplantation.
Manufacturers are likely to find the most opportunities in North America.
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