Trends and Insights in the Asia Pacific Artificial Heart Market: A Comprehensive Market Report
anujmyorbisAccording to a recent report by TechSci Research titled "Asia Pacific Artificial Heart Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028," the Asia Pacific Artificial Heart Market is projected to experience a significant growth rate during the forecast period. This growth can be attributed to the increase in grants provided by the governing bodies of individual countries, leading to a rise in artificial heart transplantations.
Growing Demand for Artificial Hearts
The Asia Pacific region is witnessing a shortage of heart donors, resulting in an increasing demand for artificial hearts in the market. Numerous deaths have been reported in the region due to a lack of available donor organs and prolonged waiting times for transplantations. Unhealthy habits, including the consumption of fried and processed food, alcohol, and smoking, have contributed to the development of various diseases such as high blood pressure, high cholesterol, type-2 diabetes, and cardiac diseases among the population. Consequently, the poor health conditions of individuals hinder their ability to donate organs to heart patients. Artificial hearts, being the safest and most reliable devices recommended by doctors, serve as suitable replacements for natural hearts, functioning exactly like a normal heart and saving lives. Moreover, the increased government grants for the establishment of heart care hospitals and medical institutions have led to a rise in artificial heart implantations in the region, thereby fueling the growth of the Asia Pacific Artificial Heart Market.
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Challenges and Market Segmentation
However, the high cost of medical procedures associated with artificial heart implantations and the prevailing health issues among the population are expected to impede the market's growth in the forthcoming years.
The Asia Pacific Artificial Heart Market is segmented based on type, power source, end use, country, and company. The market is further divided into ventricular assist devices, total artificial hearts, and others. Among these segments, the Ventricular Assist Device segment is projected to dominate the market during the forecast period. This dominance can be attributed to its lifesaving treatment for heart failures and the improved survival rate of patients.
The Asia Pacific Artificial Heart Market is poised for substantial growth due to the rise in artificial heart transplantations facilitated by government grants. However, challenges such as the high cost of medical procedures and prevailing health issues among the population may hinder the market's growth in the coming years. The market segmentation based on type highlights the dominance of ventricular assist devices, owing to their effectiveness in treating heart failures and increasing patient survival rates.
Some of the major companies operating in the Asia Pacific Artificial Heart Market include:
- BiVACOR, Pty. Ltd.
- Nikkiso Co., Ltd.
- SynCardia Systems LLC
- Abbott Laboratories, Inc.
- Rocor Medical Technology Co, Ltd.
- CryoLife, Inc.
- Medtronic Plc.
- Sun Medical Technology Research Corp
- Abiomed, Inc.
- Terumo Corporation
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“Increase in cardiac disorders among people due to their consumption of unhealthy diet and other harmful habits is increasing the need of heart transplantations in the country, thereby giving rise to the Artificial Heart Market, aiming to increase commercialization activities in all the countries to grow the market of artificial heart. Additionally, the growing demand of artificial heart due to rise in road accidents can further boost the rise of market in the upcoming years." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Asia Pacific Artificial Heart Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Ventricular Assist Device, Total Artificial Heart, Others), By Power Source (Internal Battery, External Battery), By End-Use (Hospitals & Specialty Clinics, Ambulatory Care Centers, Others), By Region and Competition”, has evaluated the future growth potential of Asia Pacific Artificial Heart Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia Pacific Artificial Heart Market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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