Artificial Heart Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

Artificial Heart Insights

An artificial heart is a robot designed to exchange a damaged or diseased heart. It's typically used as a short-lived measure for patients who are awaiting a heart transplant or as a permanent solution for patients who aren't candidates for a transplant. There are two main sorts of artificial hearts: complete artificial hearts and ventricular assist devices (VADs). A complete implant replaces the whole heart and requires the removal of the patient's own heart. A VAD, on the opposite hand, can be a partial replacement that's implanted alongside the patient's own heart to assist it to pump blood.

Artificial hearts work by using mechanical pumps to circulate blood throughout the body. They're powered by batteries or external power sources and are controlled by a computer that monitors and adjusts the flow of blood. While artificial hearts are successfully utilized in some patients, they're not without risks. Complications can include bleeding, infection, blood clots, and device failure. additionally, artificial hearts are often expensive and need ongoing monitoring and maintenance.

Artificial Heart Market

The artificial heart market is a rapidly growing industry because the demand for these devices increases due to the rising prevalence of heart conditions and the shortage of donors. The artificial heart market size was valued at $1.8 billion in 2022 and is predicted to grow at a compound annual rate of growth (CAGR) of 15.3% from 2023 to 2030 to achieve a price of around $5.6 billion by 2030.

North America dominates the synthetic heart market due to the high incidence of heart conditions and the availability of advanced healthcare infrastructure. Europe and Asia-Pacific also are expected to ascertain significant growth within the market owing to the increasing prevalence of heart conditions in these regions. Some of the key players within the implant market include Abiomed, Abbott Laboratories, Medtronic, SynCardia Systems, and BiVACOR Inc., among others. These companies are investing heavily in research and development to enhance the planning and functionality of artificial hearts, which is predicted to drive market growth within the coming years.

Artificial Heart Market Growth Drivers

Heart disease is the leading cause of death globally, and its prevalence is increasing due to lifestyle changes, aging populations, and other factors with an estimated 17.9 million deaths each year which has led to an increased demand for artificial hearts as a treatment option. There is also a shortage of donor hearts available for transplant, which has led to the development of artificial hearts as an alternative treatment option.

With rapid technological advancements, artificial heart devices are becoming more effective and efficient. These devices are now smaller, lighter, and more durable than ever before, which makes them more attractive to patients and physicians. The global increase in healthcare expenditure initiated a growing focus on the development and adoption of innovative medical technologies, including artificial heart devices. Governments and insurance providers are offering favorable reimbursement policies for patients undergoing artificial heart surgery, driving the growth of the market.

Artificial Heart Market Segmentation:

1.       Type: Left Ventricular Assist Devices (LVADs), Total Artificial Heart (TAH)

2.       Material: Titanium, Stainless Steel, Polymers

3.       End users: Hospitals, Cardiac Centers, Ambulatory Surgical Centers

4.       Mode of implantation: Thoracotomy, Sternotomy, Minimally Invasive Surgery

5.       Geography: North America, Europe, Asia-Pacific, Latin America, Middle East &Africa

Artificial Heart Market by Type Review

The two major types of artificial heart devices are left ventricular assist devices (LVADs) and total artificial heart (TAH). Left Ventricular Assist Devices (LVADs) are mechanical pumps that are implanted within the chest and attached to the guts to help the ventricle in pumping blood to the body. LVADs are often used as a bridge to transplant for patients who are expecting a heart transplant but also can be used as a destination therapy for patients who aren't candidates for transplant. Total Artificial Heart (TAH)devices are complete replacements for both the left and right ventricles of the guts utilized in patients who have end-stage coronary failure and aren't candidates for a heart transplant. The TAH could be a more invasive surgery than LVADs, and it requires an extended recovery period but can provide complete support for the guts and be life-saving for patients who haven't any other options.

Artificial Heart Market by Material Review

The materials used to construct artificial hearts can impact the sturdiness, weight, and overall performance of the device. Titanium is a biocompatible material that's commonly utilized in the development of LVADs as it's lightweight, strong, and features a low risk of causing an immune reaction within the body. Chrome steel is another commonly used material in the construction of implant devices. it's durable, immune to corrosion, and may withstand high stress.

Polymers are synthetic materials that can be utilized in the development of artificial hearts designed to possess specific mechanical properties and can be molded into different shapes and sizes. Polymers are often biocompatible and may reduce the danger of blood coagulation within the device. Composites are materials that are made by combining two or more materials designed to possess specific mechanical and biocompatible properties. Composites are often wont to create lightweight and powerful implant devices.

Artificial Heart Market by End User Review

Hospitals are the first end users of implant devices liable for the implantation and management of those devices, also because of the ongoing care and support of patients who have received them. Cardiac centers are specialized centers that specialize in the diagnosis and treatment of heart conditions. They'll have more advanced facilities and expertise in the use of implant devices than general hospitals. Ambulatory surgical centers (ASCs) are outpatient facilities that concentrate on performing surgeries that don't require an overnight hospital stay. While not as common as hospitals or cardiac centers, ASCs can also perform implant surgeries.

Artificial Heart Market by Mode of Implantation Review

A thoracotomy is a surgery during which an incision is formed within the chest wall to access the guts. this is often the foremost invasive mode of implantation for a man-made heart device and requires an extended recovery period. A sternotomy is a surgery during which an incision is formed within the sternum (breastbone) to access the guts and is often a less invasive mode of implantation than a thoracotomy which may end in a shorter recovery period. Minimally invasive surgery is a technique that involves making small incisions within the chest and using specialized tools to implant the synthetic heart device. This mode of implantation is a smaller amount invasive than a thoracotomy or sternotomy and could end in a faster recovery time and fewer complications.

Artificial Heart Market Regional Synopsis:

The North American artificial heart market is the biggest on the planet and is supposed to keep on overwhelming during the estimated time frame (2023-2030) with the USA being the biggest market having a high reception pace of cutting-edge clinical innovations. The market was worth $1.1 billion in 2022, and with a CAGR of 12.5% from 2023 to 2030, it is expected to be worth approximately $2.8 billion by 2030. This is because of the presence of major market players, the expansion of government initiatives, and the high rate of heart disease.

The Europe artificial heart market is supposed to develop essentially with Germany, France, and the UK being significant supporters of the development of the market. The market compound annual growth rate (CAGR) is expected to be 12.9% from 2023 to 2030, attributed to rising healthcare costs and awareness of heart diseases.

The Asia Pacific artificial heart market is expected to experience the highest growth rate with China and India expected to be major markets in the region, driven by increasing healthcare expenditure and growing demand for advanced medical technologies. Due to the rapidly aging population and rising incidence of heart diseases, the market is expected to grow at a CAGR of 13.6% from 2023 to 2030.

The Latin American & Middle East and African artificial heart market is expected to grow moderately during the forecast period due to increasing healthcare expenditure and rising awareness about heart diseases.

Artificial Heart Market Key challenges:

Artificial heart devices are typically very expensive, making them inaccessible to several patients who may enjoy them, also putting pressure on healthcare systems and insurance providers to supply coverage for these devices.

Despite significant advances in technology, implant devices still have technical limitations which will impact their effectiveness and reliability. for instance, some devices might not be suitable for all patients and may have a limited lifespan, requiring replacement after a particular period of your time.

Patient selection is another challenge within the implant market. Not all patients are suitable candidates for implant devices, and selecting the proper patients is critical for the success of the device. The regulatory landscape for implant devices is complex and difficult to navigate where companies must undergo extensive testing and clinical trials to realize regulatory approval for their devices, which could be a lengthy and expensive process.

Artificial Heart Market Key Global Players:

There are several key factors that shape the competitive landscape of the artificial heart market including:

·        Market share and brand recognition are important factors within the competitive landscape of the synthetic heart market where companies that have a robust brand and a big market share are likely to be more successful than smaller, lesser-known companies.

·       Companies that are ready to form partnerships and collaborations with other companies or academic institutions can have access to new technologies, expertise, or funding which will help them gain a competitive advantage.

·      Companies that are ready to offer their products at a competitive price and have favorable reimbursement policies may have a competitive advantage over companies that struggle with pricing or reimbursement issues.

Numerous players are vying for market share and investing in new technologies and product development to stay ahead of the curve in the market. Several key global players in the artificial heart market include:

·         Abbott Laboratories

·         AbioMed

·         Berlin Heart

·         BiVACOR

·         Carmat

·         Jarvik Heart

·         Medtronic

·         SynCardia Systems

New players entering the market and established players developing new technologies and expanding their product portfolios are likely to intensify competition as the market continues to expand.

The report on the artificial heart market covers the following aspects:

·         Market Overview: A general overview of the global artificial heart market, including its current size and growth projections for the future.

·         Market Segmentation: A breakdown of the market by type, material, end-user, mode of implantation, and geographic region.

·         Market Dynamics: An analysis of the key drivers, challenges, and trends affecting the growth of the artificial heart market.

·         Competitive Landscape: A comprehensive analysis of the leading players in the artificial heart market, including their market share, product offerings, and key strategies.

·         Regional Analysis: A detailed analysis of the artificial heart market by geographic region, including market size, growth projections, and key trends for each region.

·         Company Profiles: In-depth profiles of key players in the artificial heart market, including their business overview, product offerings, financial performance, and recent developments.

·         Market Forecast: Projections for the future growth of the artificial heart market, including market size, growth rate, and key trends for the next five to ten years.

 

Attributes	Details
Base Year	2022
Trend Period	2018 – 2032
Forecast Period	2023 – 2030
Pages	215
Type Segment	Left Ventricular Assist Devices (LVADs), Total Artificial Heart (TAH)
Material Segment	Titanium, Stainless Steel, Polymers
End-user Segment	Hospitals, Cardiac Centers, Ambulatory Surgical Centers
Mode of Implantation Segment	Thoracotomy, Sternotomy, Minimally Invasive Surgery
Company Profiles	AbioMed, Berlin Heart, BiVACOR, Carmat, Jarvik Heart, Medtronic, and Others
Edition	4th edition
Publication	March 2023