Global Artificial Heart Market Overview
According to SPER Market Research, the Global Artificial Heart Market is estimated to reach USD 0.81 billion by 2032 with a CAGR of 14.06%.
A prosthetic device placed into the body to take the place of the biological mammalian heart is referred to as an artificial heart. Humans' natural valves and ventricles are removed in order to use the synthetic replacement as a form of mechanical circulatory support system. The equipment is often pneumatically powered. Despite its functional limitations, an artificial heart is nevertheless regarded in many respects as a technological wonder in clinical history. These patients often have end-stage biventricular heart failure and are waiting for a transplant. The primary drivers of the Global Artificial Heart Market's expansion are the world's increasing ageing population and the concomitant rise in the number of patients with cardiovascular disorders. The market is also anticipated to rise as a result of rising public awareness of medical technological breakthroughs and an increase in heart failures resulting in amputations. Additionally, a feasible alternative for individuals with acute biventricular dysfunction is the use of an artificial heart. High implementation costs and a lack of surgical experience, however, are anticipated to stall market expansion.The Global Artificial Heart Market will have lucrative growth opportunities as a result of the construction of technologically advanced healthcare infrastructure and ongoing research initiatives in collaboration with renowned vendors and international universities for the creation of efficient vaccines.
Impact of COVID-19 on the Global Artificial Heart Market
The introduction of COVID-19 has caused a delay in elective treatments, which has hurt the market for cardiovascular devices like artificial hearts. The market for mechanical hearts was severely impacted since only life-threatening procedures were permitted, and the majority of cardiac treatments had to be postponed or cancelled because resources had to be diverted to help patients afflicted by COVID-19. Therefore, the was considerably harmed as a result of the limits imposed by COVID-19. However, the need for artificial hearts is anticipated to expand as a result of the rise in cardiac procedures. For the anticipated term, it is anticipated that growing need for networking and automation, demand for smart healthcare infrastructure, robotics in healthcare applications, and sensor-based devices would provide enormous potential for the Artificial Heart Market. The worldwide market, however, confronts difficulties since a sizable portion of the world's population, mostly in emerging nations, has yet to obtain these. There is a need for mass production of artificial hearts because to the rise in heart attacks, unhealthy eating habits, and accidents across the world, including a growing population.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Foreocast period | 2022-2032 |
| Segments covered | By Product Type, By Services, By Power Source, By End User |
| Regions covered | Asia Pacific, Europe, Latin America, Middle East and Africa, North America |
| Companies Covered | Abbott, AbioMed, BiVACOR Inc., Boston Scientific Corporation, CARMAT, Cirtec Medical Systems, Cleveland Heart, CryoLife, Inc., Edwards Lifesciences Corporation, Jarvik Heart, Inc., Medical Technology Est. and Medical Circle, MyLVAD, SynCardia Systems, LLC, Thoratec Corporation |
Global Artificial Heart Market Segmentation:
1. By Product Type:
- Heart-Lung Machine
- Mechanical Heart
- Total Artificial Hearts
- Ventricular Assist Devices
- Others
2. By Services:
- Batch-Release Testing Services
- Bioanalytical Testing Services
- Environmental Monitoring Services
- Method Development
- Microbial Testing Services
- Physical Characterization Services
- Raw Material Testing Services
- Stability Testing
- Validation Services
- Others
3. By Power Source:
- Internal Battery
- External Battery
4. By End User:
- Contract Research Organizations
- Hospitals and Clinics
- Medical Device Companies
- Pharmaceutical and Biopharmaceutical Companies
- Specialty Centers
- Others
5. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- South America
Key Topics Covered in the Report
- Size of Global Artificial Heart Market (FY’2019-FY’2032)
- Overview of Global Artificial Heart Market
- Segmentation of Global Artificial Heart Market By Product Type (Heart-Lung Machine, Mechanical Heart, Total Artificial Hearts, Ventricular Assist Devices, Others)
- Segmentation of Global Artificial Heart Market By Services (Batch-Release Testing Services, Bioanalytical Testing Services, Environmental Monitoring Services, Method Development, Microbial Testing Services, Physical Characterization Services, Raw Material Testing Services, Stability Testing, Validation Services, Others)
- Segmentation of Global Artificial Heart Market By Power Source (Internal Battery, External Battery)
- Segmentation of Global Artificial Heart Market By End User (Contract Research Organizations, Hospitals and Clinics, Medical Device Companies, Pharmaceutical and Biopharmaceutical Companies, Specialty Centers, Others)
- Statistical Snap of Global Artificial Heart Market
- Growth Analysis of Global Artificial Heart Market
- Problems and Challenges in Global Artificial Heart Market
- Competitive Landscape in the Global Artificial Heart Market
- Impact of COVID-19 and Demonetization on Global Artificial Heart Market
- Details on Recent Investment in Global Artificial Heart Market
- Competitive Analysis of Global Artificial Heart Market
- Major Players in the Global Artificial Heart Market
- SWOT Analysis of Global Artificial Heart Market
- Global Artificial Heart Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global Artificial Heart Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4.Heat map analysis
6. Competitive Landscape
6.1. Global Artificial Heart Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Artificial Heart Market
7. Global Artificial Heart Market, By Product Type, 2019-2032 (USD Million)
7.1. Heart-Lung Machine
7.2. Mechanical Heart
7.3. Total Artificial Hearts
7.4. Ventricular Assist Devices
7.5. Others
8. Global Artificial Heart Market, By Services, 2019-2032 (USD Million)
8.1. Batch-Release Testing Services
8.2. Bioanalytical Testing Services
8.3. Environmental Monitoring Services
8.4. Method Development
8.5. Microbial Testing Services
8.6. Physical Characterization Services
8.7. Raw Material Testing Services
8.8. Stability Testing
8.9. Validation Services
8.10. Others
9. Global Artificial Heart Market, By Power Source, 2019-2032 (USD Million)
9.1. Internal Battery
9.2. External Battery
10. Global Artificial Heart Market, By End User, 2019-2032 (USD Million)
10.1. Contract Research Organizations
10.2. Hospitals and Clinics
10.3. Medical Device Companies
10.4. Pharmaceutical and Biopharmaceutical Companies
10.5. Specialty Centers
10.6. Others
11. Global Artificial Heart Market, By Region, 2019-2032 (USD Million)
11.1. Global Artificial Heart Size and Market Share by Region (2019-2025)
11.2. Global Artificial Heart Size and Market Share by Region (2026-2032)
11.3. Asia-Pacific
11.3.1. Australia
11.3.2. China
11.3.3. India
11.3.4. Japan
11.3.5. South Korea
11.3.6. Rest of Asia-Pacific
11.4. Europe
11.4.1. France
11.4.2. Germany
11.4.3. Italy
11.4.4. Spain
11.4.5. United Kingdom
11.4.6. Rest of Europe
11.5. Middle East & Africa
11.5.1. Kingdom of Saudi Arabia
11.5.2. United Arab Emirates
11.5.3. Rest of Middle East & Africa
11.6. North America
11.6.1. Canada
11.6.2. Mexico
11.6.3. United States
11.7. Latin America
11.7.1. Argentina
11.7.2. Brazil
11.7.3. Rest of Latin America
12. Company Profiles
12.1. Abbott
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. AbioMed
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. BIVACOR Inc.
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Boston Scientific Corporation
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. CARMAT
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Cirtec Medical Systems
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Cleveland Heart
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. CryoLife, Inc.
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Edwards Lifesciences Corporation
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Jarvik Heart, Inc
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Medical Technology Est. and Medical Circle
12.11.1. Company details
12.11.2. Financial outlook
12.11.3. Product summary
12.11.4. Recent developments
12.12. MyLVAD
12.12.1. Company details
12.12.2. Financial outlook
12.12.3. Product summary
12.12.4. Recent developments
12.13. SynCardia Systems, LLC
12.13.1. Company details
12.13.2. Financial outlook
12.13.3. Product summary
12.13.4. Recent developments
12.14. Thoratec Corporation
12.14.1. Company details
12.14.2. Financial outlook
12.14.3. Product summary
12.14.4. Recent developments
13. List of Abbreviations
14. Reference Links
15. Conclusion
16. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
