Mechanical Circulatory Support Device Trends and Forecast
The future of the global mechanical circulatory support device market looks promising with opportunities in the hospital, cardiology center, ambulatory surgical center, and specialty center markets. The global mechanical circulatory support device market is expected to reach an estimated $1.6 billion by 2030 with a CAGR of 4.8% from 2024 to 2030. The major drivers for this market are increasing prevalence of heart failure, rising incidence of cardiovascular diseases, and growing need for this technology to support heart functioning.
Country Wise Outlook for the Mechanical Circulatory Support Device Market
The market of the mechanical circulatory support device ‘MCS’ is growing at a rapid pace owing to the technological advancement and an increasing incidence of heart failure. This segment includes v ventricular assist devices (VADs), total artificial hearts, and other similar devices that have found increasing prominence in the treatment of advanced heart disease. Developing countries such as the US, China, Germany, India, Japan and others are seeing the developments in the design of devices, regulatory processes and clinical usage of the devices which are improving patient experiences and increasing the range of therapies available. Such a shift can also be associated with the overall trend of progressing towards better palliative measures for patients suffering from end stage heart failure.
• United States: In the U.S, the MCS market is growing in terms of inventions and development as new and next generation VADs are being developed to enable implementation for a longer period of time. The market in the United States is changing drastically as the FDA is now granting provisional approval for the next generation devices which feature enhanced durability and improved comfort for the patients. Clinical trials for VADs aimed for home use are broadening so that the patients can be discharged earlier from the hospital and the quality of life of the patients is improved. Furthermore, the post implant patient management has also been enhanced with greater use of telehealth enabling the clinicians to manage patients remotely and therefore reduce the number of times they visit the hospital post discharge.
• China: The MCS market in China is gaining momentum primarily due to the increasing prevalence of coronary artery disease and the government’s programs aimed at improving the health care system. There are other features such as production of VADs locally which helps cut the cost and also increases the availability to the patients. New partnerships between local companies and foreign corporations are supporting acquisition of new knowledge and technology. Besides, the relevant authorities are reducing the timeframe required for the approval of new devices which will expeditiously increase the availability of advanced therapies in the developing cardiac care market.
• Germany: Germany remains on top in the MCS market within Europe concentrating on sophisticated technologies and clinical investigations. Other achievements include the development of devices capable of interconnectivity and internet access by patients, offloading VAD data to healthcare professionals in the field so it could be used to manage patient care. There is also growth in the involvement of the nation in foreign clinical trials helping in building up information on the effectiveness and safety of the device. Furthermore, heart failure is being targeted through awareness campaigns to enable treatment to be done in the onset stage rather than in the middle stages.
• India: There has been a positive growth in India’s MCS market due to increased cases of heart disease and the demand for better treatments. In recent trends there has been set up of specialized cardiac care units with latest MCS devices. Domestic companies have also made an entry to the market by providing inexpensive VADs that are suited to the patients of India. Further, partnership with foreign companies is increasing training opportunities available for practitioners, in turn, improving the management of heart failure.
• Japan: There is growth in the MCS market in Japan and one of the areas is the use of biocompatible materials in VADs which increases comfort and safety for the patients. The Japanese government has put more funds to research in the area of cardiac devices so as to help encourage co-operation between the university and the industries. There are also some clinical trials being conducted on the long term stability of these devices which provide important information for the MCS market worldwide. In japan also there is an emphasis on training of medical personnel for maximization of patients with advanced circulatory support devices.
Emerging Trends in the Mechanical Circulatory Support Device Market
The mechanical circulatory device market is progressing due to the several future trends which include development in the technology, improvement in the patient care and healthcare provision. These trends show that there is a paradigm shift towards patient welfare and broad therapies in ecosystem healthcare.
• Advancements in Miniaturization: The trend of fabricating smaller-sized MCS devices makes devices easier to implant and more comfortable for the patients. Smaller devices require less invasive procedures that minimize chances of complications, thus increasing their prospect for a long time use.
• Integration of Digital Health Technologies: The use of new digital health devices such as using remote management and medical applications also improves the management of patients within the home after the device has been implanted. This technology enables caregivers to measure a patient’s metrics as and when the patient is being cared for and thereby not only improves efficiency but also decreases the amount of hospitalizations needed.
• Focus on Long-term Support Solutions: Trends are also changing to a variety of devices that prioritize long term support rather than attaching importance on short term solutions. This shift in paradigm is meant to help most heart failure patients enhance their functional status in order to perform normal day to day routines.
• Regenerative Medicine Research: A number of productive treatments in Regenerative medicine are affecting the MCS market because of a device under development that includes engaging tissues. This type of treatment could lead to better results and less dependence on mechanical support.
• Patient-Centric Design Improvements: In an attempt to improve turnaround time adherence and patient satisfaction, there is a paradigm shift towards the user’s perspective through the ergonomics of the device. This consists of ergonomic designs as well as elements that make everyday management of the patients easier thus promoting compliance with the treatment.
These trends are acting positively on device functionalization, patient benefits, and also the further acceptance of these modern life- saving technologies by the target population.
Recent Developments in the Mechanical Circulatory Support Device Market
The modern mechanical circulatory support device market has seen incredible changes with every aspect such as innovations, regulatory approval, and partnerships. This evolution is very important in enhancing treatment regimens and management of patients.
• Introduction of Next-Generation VADs: A new generation of VADs is becoming commercially available, which will make the patient experience better and decrease the risk of the complications with devices. These are meant for means of support that last longer, which improves the prognosis of patients with end stage heart failure.
• Increased Telehealth Integration: With the development of telehealth technologies, it is easy to perform patient monitoring on those fitted with MCS devices using telemedicine. This way, patient parameters monitoring can be done by health care providers in real time, which makes it possible to provide better care.
• Regulatory Streamlining: Regulatory authorities have been fast-tracking the processes involved in the approval of new MCS device technology and this is shortening the time-to-market. This is helpful so that there is timely availability of new medical devices to the patients who need high level cardiac support.
• Research on Biocompatible Materials: Research on biocompatible materials is focused on creating better and safer MCS devices. They reduce the chances of side effects associated with the devices and, that improves the life span of such devices hence improving the patients’ quality of life.
• Global Collaboration Initiatives: The emerging trends in the MCS market are fostered by the enhanced collaboration between the manufacturers of the equipment, the health care providers, and the institutions that carry out research. These partnerships have facilitated improvements in design and clinical application of the devices for the benefit of patients all over the world.
These developments are fundamentally changing the Mechanical Circulatory Support Device market by boosting device performance, quality of patient management, and enhancing collaboration for innovation.
Strategic Growth Opportunities for Mechanical Circulatory Support Device Market
There are various avenues for growth in the Mechanical Circulatory Support Device market in terms of application. Stakeholders who intend to leverage the growth of the market, and improve the delivery of care to patients, must focus on these strategic opportunities.
• Heart Failure Management Programs: Heart failure patients are very challenging, but developing an organized heart failure management program helps improve patient outcomes as well as adherence to treatment. These programs also embed MCS devices into broader multi-dimensional care structures for the patients.
• The Pediatric Application Is Expanding: In particular, there is considerable need for MCS devices that are tailored for use in pediatric patients. By making devices for different age groups, it is possible to fill a huge gap and enable chronically ill children with heart diseases to obtain improved care.
• Penetrating Emerging Markets: It is reasonable to state that new avenues of growth may be found in expansion to emerging markets. With improvement in the healthcare systems, the demand for sophisticated MCS devices will be on the rise, thereby providing potential new revenue channels to manufacturing companies.
• Home Care Is Growing: Also, gaining demand for home solutions is on the rise with patients being more inclined into caring for themselves at home. Patients would experience greater comfort and the ability to manage their conditions through the development of compact, easy-to-use MCS devices.
• Collaborating with Services Using Telehealth Capability: Also, the management and monitoring of patients with MCS devices can be enhanced by collaboration with telehealth service providers. The synergism of the parties involved facilitates an efficient clinic-diagnostic process with more prompt management actions of patients and increased compliance with the treatment regimen response.
These growth opportunities in turn are changing the landscape of Mechanical Circulatory Support Device’s market by sparking up creativity, enhancing the quality of care and widening the reach of these life-saving devices.
Mechanical Circulatory Support Device Market Driver and Challenges
While discussing the current and future prospects of the Mechanical Circulatory Support Device market, this subsection outlines the principal drivers as well as challenges that create conditions for the development of this market. It is important to note that these factors need to be understood by the stakeholders who wish to exist in this complex environment.
The factors responsible for driving the mechanical circulatory support device market include:
1. Rising Incidence of Heart Disease: The increasing incidence of heart failure and other associated heart diseases is responsible for MCS devices uptake. As there are more patients who require such treatment, the market for these devices is growing exponentially.
2. Technological Innovations: There has been progressive improvement in the device technology, in terms of constituent materials, and size reduction, which leads to improved safety and functionality of MCS devices. These innovations are making more patients and healthcare providers to embrace these solutions even more.
3. Government Support and Funding: Lately, a majority of the governments have focused on improving the cardiovascular health of the population. Investment in the research and development of MCS devices leads to invention and increases availability of those advanced treatment options.
4. Aging Population: The number of elderly people around the globe is bringing upon the level of senior cystic heart diseases. Its these demographic changes that are increasing the demand for MCS devices because older people are usually sicker than the younger population and will need advanced cardiac support.
5. Increased Awareness and Education: As awareness of heart disease and its treatment increases so does the acceptance of MCS devices. Information campaigns assist patients and health providers in understanding the advantages of such technologies that are clinically indispensable.
Challenges in the mechanical circulatory support device market are:
1. High Costs of Devices: The high cost associated with MCS devices may be a disadvantage especially in developing countries. The challenge lies in the need to make enviable quality products at costs that will encourage market penetration.
2. Regulatory Hurdles: The approval of medical devices may involve navigating through a very intricate maze of regulations. Lengthy review processes can postpone the delivery of inventive answers, which will in turn hurt market growth.
3. Limited Patient Awareness: There is still a very huge awareness gap among patients and healthcare professionals regardless of the increased gradual understanding of MCS options. There is a need for further education anticipated to correct this situation and increase awareness of the usage advantages of such devices.
The MCS Device Market can be classified as a highly growing and highly punctured market since it is steered by both positive and negative facets. Although growing incidence of heart disorders and advances in technology offer the market very good inroads, cost and regulatory challenges will be of utmost importance if indeed the market is to fully take advantage of the growth.
List of Mechanical Circulatory Support Device Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies mechanical circulatory support device companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the mechanical circulatory support device companies profiled in this report include-
• Abbott Laboratories
• Syncardia Systems
• Terumo Cardiovascular
• Medtronic
• Teleflex
• Corwave
• Nipro Medical
• Berlin Heart
• Jarvik Heart
• Abiomed
• Evaheart
Mechanical Circulatory Support Device by Segment
The study includes a forecast for the global mechanical circulatory support device by product type, end use, and region.
Mechanical Circulatory Support Device Market by Product Type [Analysis by Value from 2018 to 2030]:
• Ventricular Assist Devices
• Extracorporeal Membrane Oxygenation
• Intra-Aortic Balloon Pumps
• Artificial Heart
Mechanical Circulatory Support Device Market by End Use [Analysis by Value from 2018 to 2030]:
• Hospitals
• Cardiology Centers
• Ambulatory Surgical Centers
• Specialty Centers
Mechanical Circulatory Support Device Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Mechanical Circulatory Support Device Market Insights
Lucintel forecasts that ventricular assist device is expected to witness highest growth over the forecast period.
Hospital is expected to witness highest growth over the forecast period.
North America is expected to witness highest growth over the forecast period due to increasing number of heart failure patients, existence of robust health infrastructure, and presence of major players in the region.
Features of the Global Mechanical Circulatory Support Device Market
Market Size Estimates: Mechanical circulatory support device market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Mechanical circulatory support device market size by product type, end use, and region in terms of value ($B).
Regional Analysis: Mechanical circulatory support device market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product types, end uses, and regions for the mechanical circulatory support device market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the mechanical circulatory support device market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q.1 What is the mechanical circulatory support device market size?
Answer: The global mechanical circulatory support device market is expected to reach an estimated $1.6 billion by 2030.
Q.2 What is the growth forecast for mechanical circulatory support device market?
Answer: The global mechanical circulatory support device market is expected to grow with a CAGR of 4.8% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the mechanical circulatory support device market?
Answer: The major drivers for this market are increasing prevalence of heart failure, rising incidence of cardiovascular diseases, and growing need for this technology to support heart functioning.
Q4. What are the major segments for mechanical circulatory support device market?
Answer: The future of the mechanical circulatory support device market looks promising with opportunities in the hospital, cardiology center, ambulatory surgical center, and specialty center markets.
Q5. Who are the key mechanical circulatory support device market companies?
Answer: Some of the key mechanical circulatory support device companies are as follows:
• Abbott Laboratories
• SynCardia Systems
• Terumo Cardiovascular
• Medtronic
• Teleflex
• CorWave
• Nipro Medical
• Berlin Heart
• Jarvik Heart
• Abiomed
Q6. Which mechanical circulatory support device market segment will be the largest in future?
Answer: Lucintel forecasts that ventricular assist device is expected to witness highest growth over the forecast period.
Q7. In mechanical circulatory support device market, which region is expected to be the largest in next 6 years?
Answer: North America is expected to witness highest growth over the forecast period due to increasing number of heart failure patients, existence of robust health infrastructure, and presence of major players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the mechanical circulatory support device market by product type (ventricular assist devices, extracorporeal membrane oxygenation, intra-aortic balloon pumps, and artificial heart), end use (hospitals, cardiology centres, ambulatory surgical centres, and specialty centres), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Mechanical Circulatory Support Device Market, Mechanical Circulatory Support Device Market Size, Mechanical Circulatory Support Device Market Growth, Mechanical Circulatory Support Device Market Analysis, Mechanical Circulatory Support Device Market Report, Mechanical Circulatory Support Device Market Share, Mechanical Circulatory Support Device Market Trends, Mechanical Circulatory Support Device Market Forecast, Mechanical Circulatory Support Device Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.