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Global Heart Transplant Market Growth Information: By Surgery Type (Ventricular Assist Devices, Total Artificial Hearts, and others), By End User (Hospital, Cardiac Institutes and others) - Forecast till 2023
The Global Heart Transplant Market Growth is expected to grow at a CAGR of 11.2% during the forecast period of 2017-2023.
Organ transplant industry is flourishing owing to the increasing prevalence of chronic diseases. According to the information published by the U.S. government in organdonor.gov, there were over 113,000 patients in the waiting list for organ donation in January 2019. Market Research Future (MRFR)’ latest analysis asserts that the global heart transplant market is poised to expand at 11.2% CAGR over the review period 2017 to 2023.
The changes in food habits and lifestyle has led to an exponential increase in the number of people having cardiovascular diseases. The mortality rate of people succumbing to heart failure is rising which has led to an increase in demand for heart transplant globally. In addition, increasing awareness about the adverse effects of chronic heart diseases is anticipated to have a favorable influence on the proliferation of the heart transplant market in the forthcoming years.
Increasing healthcare expenditure, in conjunction with technological developments, has led to the growth of the heart transplant market. It is forecasted to exhibit similar growth pattern in the years to come. However, the high cost of the treatment remains an impediment to market growth.
The crucial players in the global heart transplant market studied in this report are HeartWare International Inc., Apaxis Medical, Inc., SynCardia Systems, LLC (U.S.), Calon Cardio, Optum Inc. (U.S.), CardiacAssist Inc. (U.S.), CARMAT (France), and Thoratec Corporation (U.S.).
On the basis of type, the global heart transplant market has been segmented into total artificial hearts, ventricular assist devices, and others.
On the basis of end-user, the heart transplant market has been segmented into cardiac institute, hospital, and others.
The geographical assessment of the global heart transplant market covers four major regions - Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA). Americas dominates the global market at present and is projected to retain its forefront position through the assessment period. The rising burden of cardiovascular diseases in the region is likely to fuel demand for heart transplants in the region. In addition, the increasing prevalence of obesity is likely to favor the growth of patient population in the forthcoming years. According to the International Society for Heart and Lung Transplantation, 444 patients belonging to the age group of under 17 years underwent heart transplant in the U.S. alone. The region is also poised to benefit from the research & development projects by the global leaders based out of the region. Other factors expected to aid the proliferation of the heart transplant market in the region include increasing healthcare expenditure, technological advancements, etc.
Europe is the second leading regional segment in the global marketplace. The primary factor supporting the expansion of the heart transplant in the region is the support extended by the government to the healthcare sector. In addition, the healthcare sector of the region is likely to exhibit inflow of investments. This, in turn, is projected to boost the growth of the regional market over the next few years.
Asia Pacific is projected to strike the highest CAGR during the review period. The healthcare sector of the region is developing rapidly. Technological advancements are expected to dominate the growth of the regional heart transplant market over the next couple of years. In addition, the low cost of the treatment compared to developed economies is likely to boost medical tourism and attract a larger patient population. However, the Middle East & Africa (MEA) is expected to account for the least share of the market in the nearby future owing to poor economic conditions in certain regions.
Michael Owens serves as the marketing advisor of Head45 in Cardiff Bay. He is a specialist in customer experience and an expert brand strategist who is keen to take on challenges that will help the business expand. Michael puts his creative energy into penning posts that are both interesting and useful for the most popular blogging sites.