Health reform changes, aging populations and technological advancements will all drive demand for cardiac arrest devices in the next six years.
Over the next six years the cardiac assist devices market in the U.S. will grow quicker than the global market mostly because of the changes that health reform is instilling.
While the global market for cardiac assist devices is expected to grow at a compounded annual growth rate (CAGR) of 8.6% from 2010 to 2017, the market for the U.S. will grow at 10.6%, according to a new report by MarketResearch.com. The global market will exceed $1.4 billion by 2017 and growth will be primarily driven by an increase in cardiovascular disease and an aging population.
Technology will also drive demand for cardiac assist devices as they become more efficient and less invasive. The use of cardiac arrest devices will also increase with a shortage of donor hearts of transplants, according to MarketResearch.com.
In the U.S. a number of changes coming about because of health reform are contributing the higher growth rate of the cardiac arrest device market such as increased patient awareness and a larger patient population. The nation has a large number of heart care centers, which means there is a higher availability of cardiac arrest devices, and implantation procedures are covered for reimbursement.
The U.S. also has the biggest market, accounting for 55% of the global market share in 2010, which was $437.4 million. If the U.S. market grows at the predicted CAGR 10.6%, then its market value in 2017 will reach $882.3 million and more than 60% of the global market share.
Currently, there are a number of products undergoing clinical trials in the U.S. and if these technologically advanced products get approval they will further increase demand for cardiac assist devices.