Artificial Heart Market Global Demand, Opportunities, Key Players, Segmentation and Forecast to 2030
An artificial
heart is a prosthetic device that is implanted into the body to provide
circulation and replace heart ventricles that are diseased or damaged
Artificial Heart Market is expected to grow USD 4.98 billion at a CAGR 15.80% during
the forecast period.
Segment Analysis
The global artificial heart market has been segmented into
type, and end user.
By type, the market has been segmented into the heart-lung
machine and mechanical heart. The mechanical heart is further segmented into
total artificial hearts and ventricular assist devices (VADs). The mechanical
heart segment is expected to register the highest CAGR during the forecast
period due to growing demand.
On the basis of end user, the market has been segmented into
Hospitals & Clinics, Specialty Centers, and others.
Major Key
Players:
Some of the prominent players in the global artificial Artificial
Heart Market Players are SynCardia
Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife,
Inc., Abbott, and Thoratec Corporation.
Regional
Analysis
On a regional basis, the Americas
is anticipated to dominate the global artificial heart market owing to the
owing to increasing geriatric population, high prevalence of various chronic
diseases, and a large number of diagnostic imaging centers.
Additionally, rising demand for
advanced treatment and growing healthcare expenditure is driving the growth of
the market. For instance, according to the American College of Cardiology
Foundation, coronary heart disease (CHD) is the leading cause of deaths
attributable to CV in the US. CHD contributes to over 43.8% of death cases in
the US. Additionally, in 2015, the total healthcare expenditure for CVD and
stroke in the US was an estimated USD 329.7 billion. CVD and stroke accounted
for 14% of total health expenditures in 2015.
Europe accounts for the second
largest market and holds a healthy share in the global artificial heart market
due to major driving factors like availability of advanced treatment
facilities, increasing healthcare expenditure, and flourishing medical device
industry due to the presence of major market players.
Asia-Pacific is expected to be
the fastest growing market, owing to the huge patient pool, a faster adaptation
of healthcare technology, government initiatives to increase the healthcare
quality, and availability of favorable insurance policies.
The Middle East & Africa is
expected to show the least growth in the market due to some major factors such
as lack of awareness, limited access, and availability of treatment facilities.
In the Middle East, the United Arab Emirates and Saudi Arabia is the largest market
share owing to the development of the healthcare industry and the rising
availability of specialty care centers.
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