Global Artificial Heart Market: Overview
An artificial heart (or more specifically total artificial heart) can be considered as a prosthetic device implanted into the body to replace the organic mammalian heart. The synthetic replacement in humans acts as a type of mechanical circulatory support system wherein the patient’s native valves as well as ventricles are explanted. The device is usually powered pneumatically. Artificial heart is considered in many ways a technology marvel in clinical history, notwithstanding the many limitations pertaining to functionalities, and is usually used in case of patients suffering end-stage biventricular heart failure awaiting transplantation. In addition, artificial heart is also in demand for patients for whom heart transplantation surgery may not be appropriate. However, they are still to garner noticeable traction in the medical sector, with the implantation done only in a small subset of patients requiring transplantation.
The market for artificial heart is gathering momentum in various parts of the globe, especially in developing and developed nations. With technology advances, artificial heart implantation is increasingly being recommended as a potential treatment in biventricular heart failure.
The report offers evidence-backed insights about the prevailing market dynamics and emerging trends that help assess the potential of the market over the forecast period of 2018–2026. The quantitative and qualitative analyses offered in the study helps in ascertaining the various trajectories of key market segments and assists companies in strategy formulation.
Global Artificial Heart Market: Trends and Opportunities
The rise in global burden of cardiovascular diseases, together with its growing mortality in an aging population, is a key factor underpinning the swift expansion of the artificial heart market. The rising volume of global patient population with end-stage heart failure, including congestive heart failure, coupled with the paucity of transplants available is a crucial factor bolstering the demand for artificial heart. Together with various cardiac-assist devices, artificial heart plays a vital clinical role in managing end-stage heart failure in worldwide patient population. Furthermore, artificial heart is also emerging as a viable option for patients with acute biventricular dysfunction.
Relentless efforts made by researchers and substantial development activities by device makers are focused on increasing the durability of mechanical circulatory support. This has a direct bearing on improving the functionality of these synthetic heart replacement. The lack of timely availability of heart donors is also a key aspect catalyzing the demand for artificial heart implantation.
Several concerns inhibit the commercialization of artificial hearts. The key factor is limited durability and longevity marred by faults, either in membrane or power source. Nevertheless, constant advances being made in design and functionality will expand the therapeutic potential of artificial hearts. Growing number of clinical trials to evaluate the role of total artificial heart as destination therapy in patients who have life-threatening biventricular heart failure is likely to augur well for the expansion of the market.
Global Artificial Heart Market: Regional Outlook
The study presents a comprehensive assessment of regional market dynamics and highlights emerging opportunities and lucrative avenues into which market players can tap into. Some of the key regional markets could be North America, Europe, and Asia Pacific. Developed nations with vast appetite for technology marvels in the medical sector are expected to pose as attractive avenues over the assessment period. Several of them are anticipated to witness rise in government funding to support technology development for artificial hearts
Global Artificial Heart Market: Competitive Landscape
The report offers a granular assessment of the prevailing competitive landscape and emerging dynamics over the forecast period. To this effect, it takes a closer look at various strategies adopted by top players to consolidate their positions. The study also offers a critical evaluation of the intensity of the competition and the factors shaping the landscape. Numerous makers of artificial hearts in developed nations are also getting substantial backing by venture capital firms to accelerate the launch of their products. Such collaborations are likely to influence the overall strategic dynamics of the market in the coming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.