Artificial Heart Market by Product and Geography - Forecast and Analysis 2022-2026

The artificial heart market share is expected to increase by USD 1.86 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.8%.

This artificial heart market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers artificial heart market segmentation by product (VAD and TAH) and geography (North America, Europe, Asia, and Rest of World (ROW)). The artificial heart market report also offers information on several market vendors, including Abbott Laboratories, Abiomed Inc., Berlin Heart GmbH, BiVACOR Inc., Boston Scientific Corp., Calon Cardio-Technology Ltd, CARMAT SA, Corcym Srl, CorWave SA, Edwards Lifesciences Corp., Evaheart Inc., Jarvik Heart Inc., Medtronic Plc, MyLVAD Foundation LTD., Quest Diagnostics Inc., SynCardia Systems LLC, Artivion Inc., JenaValve Technology Inc., LivaNova Plc, and Terumo Corp. among others.

What will the Artificial Heart Market Size be During the Forecast Period?

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Artificial Heart Market: Key Drivers, Trends, and Challenges

The increasing prevalence of HF and associated risk factors is notably driving the artificial heart market growth, although factors such as high cost of artificial hearts may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial heart industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Artificial Heart Market Driver

One of the key factors driving the global artificial heart market growth is the increasing prevalence of HF and associated risk factors. Every year, more than 7.2 million people die from CAD around the world. In Europe, HF affects 20,000 out of one million people in the general population. The prevalence of HF in western countries is estimated to be around 10,000 to 20,000 out of one million individuals, and the average incidence is around 7,500 per million persons each year. Every year, 800,000 to a million patients are diagnosed with HF in the US. By 2025, nearly 7.65 million people in the US will have HF. The prevalence of HF also increases significantly with age. In 2018, approximately 650 million people were aged 65 years and above across the world, and the number is expected to increase to approximately 910 million by 2030. Furthermore, the associated risk factors of HF such as blood pressure, obesity, smoking, and alcohol consumption are also increasing. Such factors will drive the market growth during the forecast period.

Key Artificial Heart Market Trend

Clinical trials for the development of TAHs is one of the key artificial heart market trends that is expected to impact the industry positively in the forecast period. Several vendors are increasing their R and D efforts for innovative TAHs. For instance, BiVACOR Inc. is developing a small and compact TAH called the BiVACOR. It is designed to be a long-term device that can replace the total function of the native heart. It utilizes rotary blood-pump technology, which allows high flows and consumes less power. Similarly, CARMAT is developing the first auto-regulating bioprosthetic TAH, called CARMAT. It aims to offer a long-term therapeutic solution to patients with advanced biventricular HF who are not eligible for transplantation and who have exhausted all treatment options. These products or technologies may enter the market during the forecast period, which is expected to drive the market.

Key Artificial Heart Market Challenge

One of the key challenges to the global artificial heart market growth is the high cost of artificial hearts. Vendors offering artificial hearts can charge high prices in part due to structural barriers to competition such as the complex and costly regulatory approval process, and patent protection. Depending on the type of VAD and the country, the cost of a VAD is in the range of USD 100,000. The current price of a TAH transplant is in the range of USD 125,000-USD 150,000. It costs about USD 18,000 a year to maintain. Furthermore, the procedural costs for artificial hearts can significantly increase depending on the type of device used, the extent of surgery, surgeon's skill, surgeon's experience, complications involved such as bleeding and infection, hospital costs, special tests, insurance coverage, and medications required. Such factors are expected to limit the growth of the market in the forecast period.

This artificial heart market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global artificial heart market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial heart market during the forecast period.

Who are the Major Artificial Heart Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Abbott Laboratories
• Abiomed Inc.
• Berlin Heart GmbH
• BiVACOR Inc.
• Boston Scientific Corp.
• Calon Cardio-Technology Ltd
• CARMAT SA
• Corcym Srl
• CorWave SA
• Edwards Lifesciences Corp.
• Evaheart Inc.
• Jarvik Heart Inc.
• Medtronic Plc
• MyLVAD Foundation LTD.
• Quest Diagnostics Inc.
• SynCardia Systems LLC
• Artivion Inc.
• JenaValve Technology Inc.
• LivaNova Plc
• Terumo Corp.

 

This statistical study of the artificial heart market encompasses successful business strategies deployed by the key vendors. The artificial heart market is fragmented and the vendors are deploying growth strategies such as expansion product portfolio to compete in the market.

Product Insights and News

• Abbott Laboratories - The company offers products such as Mitraclip, Epic Mitral Valve, Trifecta GT Valve.
• Abbott Laboratories - In October 2021, the company announced it has entered into a three-year agreement to be the Health Sciences and Nutrition Partner of the Real Madrid Football Club and Global Partner of the Real Madrid Foundation. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The artificial heart market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Artificial Heart Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the artificial heart market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Artificial Heart Market?

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49% of the market's growth will originate from North America during the forecast period. The US is the key market for artificial hearts in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

High prevalence of HF and associated risk factors, favorable reimbursement policies, improved healthcare infrastructure, access to advanced healthcare, and strong presence of established vendors will facilitate the artificial heart market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, with the outbreak of COVID-19, the regional artificial heart market registered low growth. The outbreak influenced governments across the region to impose strict lockdowns to stop human-to-human transmission of the COVID-19 virus. However, in the first half of 2021, with the gradual decrease in COVID-19 cases, lockdowns were lifted, leading to the resumption of non-essential services in hospitals, health clinics, and manufacturing units. This will fuel the demand for artificial hearts and drive the regional market in focus during the forecast period.

What are the Revenue-generating Product Segments in the Artificial Heart Market?

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The artificial heart market share growth by the VAD segment will be significant during the forecast period. The growth is attributed to the increase in the prevalence of advanced HF, the global shortage of suitable donor hearts available for transplantation, and favorable reimbursement policies in countries such as the US.

This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial heart market size and actionable market insights on post COVID-19 impact on each segment.

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Artificial Heart Market Scope
Report Coverage	Details
Page number	132
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 11.8%
Market growth 2022-2026	$ 1.86 billion
Market structure	Fragmented
YoY growth (%)	11.24
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 49%
Key consumer countries	US, Germany, France, Japan, and China
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Abbott Laboratories, Abiomed Inc., Berlin Heart GmbH, BiVACOR Inc., Boston Scientific Corp., Calon Cardio-Technology Ltd, CARMAT SA, Corcym Srl, CorWave SA, Edwards Lifesciences Corp., Evaheart Inc., Jarvik Heart Inc., Medtronic Plc, MyLVAD Foundation LTD., Quest Diagnostics Inc., SynCardia Systems LLC, Artivion Inc., JenaValve Technology Inc., LivaNova Plc, and Terumo Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Artificial Heart Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive artificial heart market growth during the next five years
• Precise estimation of the artificial heart market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the artificial heart industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of artificial heart market vendors

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