Artificial Heart Market Players Bank on Innovative Technology to Foster Growth: Fact.MR
Fact.MR, a global research & consulting firm, in their latest report focuses on the gaining popularity for the Artificial Heart Market across the globe. The analysis offers an extensive study on the market trends, drivers, challenges and the opportunities for the current and the projected period.
Growing advancements in the technology and the increasing use of data science in the healthcare sector has increased the popularity of Artificial Heart market all over the globe. Rise in heart transplant, increasing cardio-vascular disease and the ageing population remain key driving factors. This technological marvel has created a tremendous hype in the industry which is a benefitting factor for the growth of the market.
“The new approval of a major industry giant CARMAT, in February 2021, from the US Food and Drug Administration (FDA) for the new version of artificial heart increased the benefits for the artificial heart market. In May 2020, Carmat obtained the approval from CMS for the reimbursement of the device increasing the popularity of this process.” states Fact.MR.
Global Increase in Cardiovascular Disease
According to Fact.MR, the increasing number of cardiovascular diseases and growing mortality in the ageing population remain key influencing factors. Patients with acute biventricular dysfunction also need help with artificial heart treatment.
Improper lifestyle and the deteriorating health of the population remain other key factors boosting adoption of artificial heart. Additionally, growing demand for the heart transplantation is also a factor that has led to momentum in this landscape. Although, the high cost of the surgery and limited expertise remain key deterrents.
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Growing Use of Artificial Intelligence (AI)
According to the Fact.MR, the boon of artificial intelligence and data science has managed to pave the way to a robust growth. Many advancements and the new technology is increasing the awareness and the demand for the heart transplant across the globe.
Health professionals are heavily investing in the research and development for better and improved outcomes which is giving a boost to the market. Due to the increasing awareness among the population, the artificial heart market has become the recommended treatment for the biventricular heart failure.
The artificial heart market is highly consolidated with few leading firms such as Carmat, Syncardia, BiVacor Inc., ABIOMED. Leading firm Carmat has stated that their new version of artificial heart will be on sale in Europe in the second quarter of 2021. The firm has created a device that will be instated in the human body for a longer period which will work physiologically as biological human heart, which pulsates, self-regulates and is compatible with the blood. This sale is expected to increase to increase the revenue by a major share for the market.
US Artificial Heart Market
The Artificial Heart market is segmented into North-America, Latin-America, Western and Eastern Europe, Asia-Pacific excluding Japan and Middle-East & Africa. According to the Fact.MR’s survey, owing to high presence of industry players, US is expected to be the lucrative market during the assessment period. Advancement in the healthcare sector and infrastructure as compared to the other regions is expected to boost market growth.
Due to the increase in cardio-vascular disease in Europe, it is anticipated to have the second largest market share. However, Asia-Pacific is expected to be the fastest growing region throughout the forecast period.
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