Total Artificial Heart Market Size, Share, Growth, and Industry Analysis, By Type (SynCardia and Others), By Application (Dilated Cardiomyopathy, Ischemic Cardiomyopathy, and Others) Regional Forecast to 2028

REPORT OVERVIEW

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The global total artificial heart market size was USD 39 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with total artificial heart experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research and analysis, the market is projected to touch USD 156.5 million by 2028, exhibiting a CAGR of 21.7% during the forecasting period. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A prosthetic device called the Total Artificial Heart (TAH) is inserted into the body to take the place of the natural heart. Several proprietary artificial heart devices, such as the Syncardia TAH, AbioCor (Abiomed, Danvers, Massachusetts, USA), and CARMAT, have been created (Carmat, Velizy, France). Recently, a review of the development of these tools and their clinical application was conducted. The Syncardia (TAH) is the only one of the listed devices that is currently in use. Current feasibility studies on the CARMAT have only collected data from a small number of patients, nevertheless. Additionally, there is no information on the application of the AbioCor or CARMAT in CHD patients.

The ventricles, the heart's lower chambers, are replaced by the entire artificial heart. A power source that is external to the human body is connected via tubes to the entire artificial heart. The entire artificial heart then pumps blood to the lungs and the rest of the body through the main artery of the heart. The four mechanical valves that make up the entire artificial heart function like actual heart valves and are essential to preserving blood flow. These valves connect the arteries, the atrium, the aorta, and the pulmonary artery to the entire artificial heart.

COVID-19 Impact: Substantial Effects to Hamper Market Growth

The COVID-19 pandemic is anticipated to have a substantial effect on the total artificial heart market growth. Healthcare providers were forced to prioritise or delay therapeutic operations due to COVID-19, which hurt sales of cardiovascular equipment such artificial hearts, especially in 2020. The incidence of elective surgeries reduced significantly following the start of the first COVID-19 wave.

LATEST TRENDS

"Increasing Number of Smokers to Boost Market Growth"

The rising number of smokers is one of the main reasons anticipated to spur the growth of the total artificial heart market over the forecast period. Additionally, it is projected that the right reimbursement circumstances will further fuel the total artificial heart market expansion. Additionally, it is predicted that the rise in cardiovascular problems brought on by the ageing population will moderate the expansion of the artificial heart market. On the other hand, it is further anticipated that the timeframe period would see a slowdown in the growth of the artificial heart industry due to the rigorous regulatory scenario.

SEGMENTATION

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• By Type

Based on type; the market is divided into SynCardia and Others.

• By Application

Based on application; the market is divided into Dilated Cardiomyopathy, Ischemic Cardiomyopathy, and Others.

DRIVING FACTORS

"R&D Activities to Enhance Market Growth"

During the study period, demand for artificial hearts increased as a result of the expanding burden of cardiovascular diseases and the growing need for novel technologies that can lower the death rates linked to heart failure. The total artificial heart market will experience profitable expansion as a result of the increasing research and development studies showing the higher survival rates for cardiac patients.

"Increasing Cases of Cardiovascular Disorders to Augment Market Growth"

The total artificial heart market has seen a sharp rise in demand as a result of both an increase in the population's cardiovascular disorders and an ageing population with advanced heart failure. The market pricing and value of artificial heart valves rise as a result of smokers and reimbursement policies that have been put in place. People who have a high risk of developing cardiac problems enhance the artificial heart market and its size.

RESTRAINING FACTORS

"Government Regulation to Constrain Market Growth"

The factors that operate as a brake on the market's growth are the government's rigorous regulations and the regulatory environment established in accordance with FDA guidelines. The market growth is hampered by the high costs of mechanical heart valves, as well as the high expenses of treatment facilities and the regulations enforced.

REGIONAL INSIGHTS

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"Growing Prevalence of Cardiovascular Disorder to Augment Growth in North America"

The rising prevalence of cardiovascular disorders, rising adoption of technology, rising product approvals, rising investments, and significant initiatives taken by the top industry participants are the main drivers propelling the growth of the North American artificial heart market share. America currently controls the majority of the artificial heart business due to the rise in neurological, cardiovascular, and other infections. Additionally, during the projected period, the region's total artificial heart market would experience considerable increase due to the region's ageing population.

Due to the vast patient base, Asia-Pacific is predicted to experience significant growth in the artificial heart industry. Further, it is projected that the region's total artificial heart market will rise quickly in the next years due to the quick advancement of medical technology.

KEY INDUSTRY PLAYERS

"Prominent Industry Players in the Industry to Promote Market Expansion"

The research provides a full overview of the analysis of the market aspects, including sales value, sales volume, market revenue, and demand size, as well as sales growth, pricing analysis, and changing regional market growth factors. The market participants and their respective positions within the industry are discussed in the report. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on producers, applications, sales channels, locations, types, and distributors is provided in the study on materials.

List of Market Players Profiled

• BiVACOR (U.S.)
• SynCardia (U.S.)
• Jarvik Heart (U.S.)
• CARMAT (France)
• AbioMed (U.S.)

REPORT COVERAGE

The report helps in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns and so on. Includes a chapter on the impact of covid-19 pandemic on the market. The data is further compiled & validated through various market estimation & data validation methodologies. The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The report also provides information about the top-winning strategies implemented by industry players.