Market Trends of Global Artificial Heart Industry
Ventricular Assist Devices are Expected to Account for a Large Share
- A ventricular assist device (VAD) helps pump blood from the lower chambers of the heart (ventricles) to the rest of the body. VAD is essential for patients with weakened hearts or heart failures. They temporarily maintain the heart function until the heart recovers or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as they are mechanical pumps surgically implanted in the heart to pump blood into the whole body.
- Factors such as increasing product launches, rising research and development activities, and strategies adopted by key market players will likely drive the growth of the market. For instance,
- In July 2022, China's National Medical Products Administration issued marketing approval for a domestically developed artificial heart for severe heart failure. It is an implantable ferrofluids-driven left ventricular assist device.
- In March 2022, Penn State Health Milton S. Hershey Medical Center became the second hospital in the United States to implant a newly designed EvaHeart2 Left Ventricular Assist System (LVAS) in a patient with severe heart failure. The procedure was part of the COMPETENCE Trial, a multi-center clinical study to evaluate EvaHeart2, including 40 clinical sites and 399 patients with severe heart failure through 2022.
- Furthermore, the prominent players are actively participating in the development of advanced VAD, which is projected to drive the growth of the segment during the forecast period.
- For instance, in June 2023, Magenta Medical commenced a clinical trial study for its smallest heart pump, known as elevated percutaneous Left Ventricular Assist Device (VAD), for high-risk percutaneous coronary intervention (HR-PCI). The aim of the study is to reduce vascular access complications during heart surgery.
- Thus, the studied segment is expected to contribute to significant growth due to the increasing product launches, rising research and development activities, and strategies adopted by key market players.
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North America is Expected to Hold a Significant Share in the Market
- The geographical analysis of the artificial heart market shows that North America holds a significant market share in the global market. The primary driving factors for the growth of the North American artificial heart market are the growing burden of cardiovascular diseases, rising adoption of technologies, increasing product approvals, increasing investments, and key initiatives taken by the key market players.
- The rising burden of cardiovascular diseases leading to heart failure is expected to boost the advancements in the artificial heart market in the region. For instance, according to the article published by the CDC in May 2023, about 659,000 Americans have a heart attack every year. Hence, due to the high prevalence of heart attacks in the region, there is a continuous need for devices that can increase the efficiency of hearts.
- The increase in the launch of products and services in the region is also anticipated to drive the market significantly. For instance, in February 2022, Carmat received FDA approval for its new version of its artificial heart in the United States. This new device version includes improvements in the prosthesis and the wearable system based on clinical experience gained in the PIVOTAL study.
- The rising research and development activities for developing technologies supporting heart functioning are another major factor likely to drive growth. For instance, in February 2023, Researchers from Harvard University engineered a school of fish that uses the contractions of human heart cells to swim autonomously. This experiment could advance pacemaker technology and improve the development of artificial hearts for humans.
- Therefore, due to the high prevalence of heart diseases and the number of product launches by prominent players, the market studied is expected to witness lucrative growth in North America.
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