Artificial Heart Market 2020-2024: Drivers and Key Players Strategies Analyzed

Global artificial heart market size is expected to grow significantly over the forecast period. The market held a market value of USD 1.2 billion in 2017 and is projected to grow at a CAGR of 15.1% over the forecast period. An artificial heart is a pump that is surgically installed to provide circulation and replace heart ventricles that are diseased or damaged. The growing demand for the artificial heart is due to factors such as the rising burden of cardiovascular disorders, and the rising volume of the older patient population with end-stage heart failure.

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Additionally, rising population indulged in smoking, along with favorable reimbursement scenarios, is driving the growth of the market. For instance, according to the United Nations, the older population is likely to reach 425 million by 2050. Additionally, according to the World Health Organization (WHO), in 201, more than 17.7 million people died from cardiovascular diseases contributing to 31% of all the global deaths.

This rise in the aging population will lead to a rise in cardiovascular disorders as this population is highly prone to various heart disorders and is at a higher risk of developing complications which are also likely to drive the market.However, stringent regulatory scenario, along with the high cost of procedures, are the key factors limiting the growth of the market. 

Segmentation

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.

The global artificial heart market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The artificial heart market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.

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The European artificial heart market has been segmented into Western Europe and Eastern Europe. The Western Europe artificial heart market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.

The Artificial Heart market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Artificial Heart market in the Middle East & Africa has been segmented into the Middle East and Africa.

Key Players

SynCardia Systems, LLC, BiVACOR Inc., CARMAT, Cleveland Heart, Inc., ABIOMED, CryoLife, Inc., Abbott, and Thoratec Corporation are some of the prominent players in the global artificial heart market.

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