According to Precision Business Insights (PBI), the latest report, the mechanical circulatory support devices market is expected to be worth USD 1.2 billion in 2022, growing at a 9.5% CAGR from 2022 to 2028. The global mechanical circulatory support devices market is segmented into the following types By Product Type (Ventricular Assist Devices, Left Ventricular Assist Devices (LVAD), Biventricular Ventricular Assist Devices (BIVAD), Right Ventricular Assist Devices (RVAD), Artificial Heart, Extracorporeal Membrane Oxygenation, Intra-Aortic Balloon Pumps), By End-User (Hospitals, Ambulatory Surgical Centers, Specialty Cardiology Centers), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players’ profiles in the mechanical circulatory support devices market report are Medtronic plc., Abbott Laboratories, Evaheart, Inc., Abiomed, Inc., Procyrion, Inc., NuPulseCV, Inc., Windmill Cardiovascular Systems, Inc., CorWave, SynCardia Systems, LLC, and BiVACOR, Inc. The rising use of these gadgets, the high prevalence of CVDs, the expanding number of R&D initiatives to advance present technologies, and the scarcity of cardiac donors for transplants. Mechanical circulatory support devices are urgently needed to treat the condition due to this circumstance. According to the National Institute of Environmental Health Sciences, the chance of developing a chronic disease is also sharply growing as the elderly population grows. This suggests that chronic illness will likely impact most Americans in the coming decades. Mechanical circulatory support devices are now urgently needed for the diagnosis, treatment, and prevention of the disease due to this circumstance.
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Ambulatory Surgical Centers Segment to Dominate the Mechanical Circulatory Support Devices Market:
The ambulatory surgical centers segment is expected to account for a larger revenue share in the global mechanical circulatory support devices market, with a value share worldwide. It is projected to grow at a 9.6% CAGR between 2022 and 2028. Due to the rising patient demand for these healthcare facilities. The main elements influencing their market are cutting-edge medical equipment, improved patient outcomes, and cost-effectiveness. Additionally, shorter recovery times and lower infection rates are encouraging a patient preference for ambulatory surgical facilities, which will favorably impact the segment’s growth over the following years.
Asia Pacific Mechanical Circulatory Support Devices Market:
The Asia Pacific market is expected to increase in the global mechanical circulatory support devices market over the forecast period. It is projected to grow at a CAGR of 10.3% in the coming years. To increase their market share, prominent cardiac assist device industry companies are primarily concentrating on geographic development, setting up offices close to their intended markets, and consolidating their manufacturing capacities. Large corporations are purchasing businesses in Asia-Pacific to improve their competitiveness and establish sustainable positions.
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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global mechanical circulatory support devices market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In October 2020, the US Food and Drug Administration (FDA) has granted 510(k) clearance to Abiomed for an all-in-one, compact extracorporeal membrane oxygenation (ECMO) cardiopulmonary bypass system called the Abiomed Breethe OXY-1 System.
Detailed Segmentation :-
Based on the product type:
- Ventricular Assist Devices
- Left Ventricular Assist Devices (LVAD)
- Biventricular Ventricular Assist Devices (BIVAD)
- Right Ventricular Assist Devices (RVAD)
- Artificial Heart
- Extracorporeal Membrane Oxygenation
- Intra-Aortic Balloon Pumps
Based on the end user:
- Ambulatory Surgical Centers
- Specialty Cardiology Centers
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