Global Artificial Heart Market - 2024-2031

Global Artificial Heart Market - 2024-2031

Global Artificial Heart Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031

Artificial heart, device that maintains blood circulation and oxygenation in the human body for varying periods of time. The two main types of artificial hearts are the heart-lung machine and the mechanical heart.

Artificial hearts are implanted through a nine-hour surgical procedure involving a team of heart surgeons and specialists. The process includes removing the lower chambers of the heart, attaching the artificial heart to the remaining parts, connecting grafts to blood vessels, and attaching the artificial heart to an external power supply. CARMAT's artificial heart is considered for patients with end-stage biventricular heart failure who have no other treatment options.

Market Dynamics: Drivers & Restraints

Rise in technological advancements

The artificial heart market is gaining momentum due to the increasing burden of cardiovascular diseases, technological advancements, the geriatric population, and sedentary lifestyles, as well as rising research and development activities.

Continuous innovations in medical technology, including improved biocompatibility, durability, and functionality of artificial hearts, drive market growth. Enhanced designs that increase the longevity and performance of artificial hearts make them more viable for long-term use.

For instance, according to an article published in Horizon, the European Union is developing a project on artificial heart using soft robotics. Funded by the EIC’s Pathfinder programme, HybridHeart seeks to create artificial muscles that mimic the contraction of the heart's natural muscles.

The resulting artificial heart can be thought of as a set of complex balloons, according to Bas Overvelde, an expert in soft robotics at Eindhoven University of Technology in the Netherlands and a member of the multidisciplinary HybridHeart team. The device has an internal chamber that holds the blood. When the balloons are inflated, the internal chamber contracts and pumps the blood around the body.

High cost of devices

Artificial hearts, particularly complete artificial hearts (TAHs), are expensive due to their technological complexity and high production costs. SynCardia Systems' Total Artificial Heart (TAH-t) is one of the leading TAHs, costing between USD 100,000 to USD 125,000, without additional costs. Access to this life-saving treatment can be a significant barrier due to the exorbitant expenses associated with the device.

Segment Analysis

The global artificial heart market is segmented based on product type, application, end-user and region.

The ventricular assist devices (VAD) from the product type segment accounted for approximately 45.3% of the artificial heart market share

The ventricular assist devices (VAD) from the product type segment accounted for approximately 45.3%. A ventricular assist device (VAD) is a vital tool for patients with weakened hearts or heart failures, enabling them to pump blood from the lower chambers of the heart to the rest of the body. VADs temporarily maintain heart function until recovery or before heart transplant, and in some chronic heart conditions, serve as permanent support therapy.

For instance, in September 2023, Tampa General Hospital and USF Health Morsani College of Medicine performed two groundbreaking surgeries to expand access to care for acute heart failure patients. Dr. Lucian Lozonschi, director of the Cardiothoracic Surgery Center of Excellence at TGH, and professor and chief of the Division of Cardiothoracic Surgery at USF Health Morsani College of Medicine, performed the procedure in December 2022. The new Impella RP Flex with SmartAssist RVAD and the HeartMate 3LVAD with Full MagLev Flow Technology were implanted into the patient, providing an option for patients experiencing acute heart failure.

Moreover, in September 2022, A made-in-India left ventricular assist device (LVAD) was launched with a team of IITians and investors from across the country working on it. The device will be available for just Rs 20 lakh, compared to the Rs 1.20 crore cost of an imported artificial heart.

Geographical Analysis

North America is estimated to hold about 38.4% of the total market share throughout the forecast period

North America is estimated to hold about 38.4% of the total market share throughout the forecast period owing to factors like mainly due to the growing incidence of cardiovascular disorders, rising adoption of technologies, increasing product approvals, novel product launches, increasing investments, and major initiatives taken by key market participants are the fundamental driving factors for the growth of the North American artificial heart market.

For instance, in November 2023, BiVACOR, Inc., a clinical-stage medical device company developing a total artificial heart (TAH), announced the United States Food and Drug Administration (FDA) has provided approval for The BiVACOR Total Artificial Heart (BTAH) to commence an investigational device exemption (IDE) for the first-in-human Early Feasibility Study (EFS).

Moreover, in July 2021, A surgical team at Duke University Hospital, led by Drs. Jacob Schroder and Carmelo Milano, successfully implanted a new-generation artificial heart in a 39-year-old man with heart failure, becoming the first centre in North America to perform the procedure.

Covid 19 Impact Analysis

The pandemic severely impacted hospitals' heart sectors, particularly in manufacturing units for heart valves. The government's lockdown and shutdown negatively impacted these units, leading to a significant labour shortage in the artificial heart valve materials sector.

Market Segmentation

By Product Type
• Ventricular Assist Devices (VAD)
• Total Artificial Heart (TAH)
• Heart Lung Machine
• Others

By Application
• Dilated Cardiomyopathy
• Ischemic Cardiomyopathy
• Others

By End User
• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include AbioMed, BiVACOR, SynCardia Systems LLC, Jarvik Heart, Inc, CARMAT, Medtronic, Abbott, Corwave, Cirtec, Livanova among others.

Key Developments

 In February 2024, S-based BiVACOR was awarded $13m from the Australian Government’s Medical Research Future Fund (MRFF) to advance its total artificial heart programme. With a presence in Australia, BiVACOR was chosen as part of an A$50m ($33m) grant by the government through the Artificial Heart Frontiers Programme (AHFP). Along with the medtech company, five universities and three clinical groups formed the Australia-based consortium to develop and commercialize artificial hearts.

 In March 2023, LivaNova PLC received US-FDA approval for its Essenz Heart-Lung Machine (HLM), including the Essenz Perfusion System, which enables a patient-tailored perfusion approach that improves both clinical workflows and the quality of patient care during cardiopulmonary bypass (CPB) procedures.

Why Purchase the Report??
• To visualize the global artificial heart market segmentation based on product type, application, end user and region as well as understand key commercial assets and players.
• identify commercial opportunities by analyzing trends and co-development.
• excel data sheet with numerous data points of the artificial heart market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global artificial heart market report would provide approximately 64 tables, 61 figures and 186 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies