According to a new report by Future Market Insights, the global cardiac assist devices market is expected to reach a market value of more than $2.2 billion by the end of 2027, growing at a compound annual growth rate (CAGR) of 5.7%. Still, the global cardiac assist devices market is said to be highly competitive due to the presence of well-established top players in the global market. To gain maximum market share, companies are now focusing on new product launches and developing smart cardiac assist devices.
Based on region, North America holds the largest market share, with an expected market size of more than $1.1 billion the end of 2027. Trailing North America is Western Europe—the second largest region in the global cardiac assist devices market.
On the basis of product type, however, the ventricular assist device segment is predicted to stay ahead with the maximum market share and fastest growth. This segment is expected to reach a market value of more than $1.6 billion by the end of 2027, growing at a CAGR of 6.1% during the forecast period.
In terms of modality, the implantable application segment is expected to lead with the highest market share and fastest growth, leaving the transcutaneous segment lagging in terms of market size. Further, based on end user, hospitals are expected to hold the highest market share, with an estimated valuation of more than $1.7 million by the end of 2027.
Despite this valuation, ambulatory surgical centers are expected to witness the fastest growth during the forecast period, growing at a rate of 6.7%.