Artificial Hearts and Circulatory Assist Market size was valued at USD 3.5 Billion in 2024 and is forecasted to grow at a CAGR of 9.5% from 2026 to 2033, reaching USD 7.8 Billion by 2033.
The South Korean artificial hearts and circulatory assist market is experiencing significant growth, driven by technological advancements and a rising demand for cardiovascular treatments. As of 2023, the market generated a revenue of USD 28.3 million and is projected to reach USD 43.3 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2030. citeturn0search0
**Market Segmentation and Growth Drivers**
The market is primarily segmented into Left Ventricular Assist Devices (LVADs) and heart-lung machines. In 2023, heart-lung machines accounted for the largest revenue share, while LVADs are anticipated to exhibit the fastest growth during the forecast period. citeturn0search0
Several factors contribute to this market expansion:
- **Aging Population**: South Korea's rapidly aging demographic leads to a higher incidence of cardiovascular diseases, increasing the demand for circulatory assist devices. citeturn0search9
- **Technological Advancements**: Innovations in device design and functionality enhance patient outcomes, driving adoption rates among healthcare providers. - **Government Initiatives**: Substantial investments in healthcare infrastructure and research support the development and distribution of advanced cardiovascular devices.
**Key Industry Players**
The competitive landscape features both global and local manufacturers. Leading companies include:
- **Abiomed Inc.** - **Abbott Laboratories** - **Getinge AB** - **LivaNova PLC** - **Teleflex Inc.**
Abiomed Inc., headquartered in Danvers, Massachusetts, significantly contributes to the market with its circulatory support devices, including Impella heart pumps and the Breethe system. citeturn0search8
**Regulatory Landscape and Challenges**
South Korea's Ministry of Food and Drug Safety (MFDS) enforces stringent regulatory requirements for medical devices, ensuring safety and efficacy but potentially delaying product approvals. citeturn0search11 Additionally, the high cost of advanced devices may limit accessibility for some patients, posing a challenge to market growth.
**Future Outlook**
The market is expected to continue its growth trajectory, propelled by technological innovations, supportive government policies, and an increasing patient population requiring circulatory support. However, addressing challenges such as device affordability and navigating regulatory processes will be crucial for stakeholders aiming to capitalize on the market's potential.
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Medtronic PLC
Abbott Laboratories
ABIOMED
LivaNova PLC
Berlin Heart
BiVACOR
CARMAT
Jarvik Heart Inc SynCardia Systems
Yongrenxin Medical
Medtronic PLC
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Artificial Hearts and Circulatory Assist Market
Mechanical Hearts
Ventricular Assist Devices (VADs)
Total Artificial Hearts (TAHs)
Circulatory Support Devices
Heart Failure Treatment
Cardiac Surgery Support
Bridge to Transplantation
Destination Therapy
Hospitals
Cardiac Surgery Clinics
Ambulatory Surgical Centers
Home Healthcare Settings
Pulsatile Flow Technology
Continuous Flow Technology
Hybrid Technology
Bioengineered Materials
Direct Sales
Online Sales
Distributors
Healthcare Institutions
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
For More Information or Query, Visit @ South Korea Artificial Hearts and Circulatory Assist Market Research Analysis
1. Introduction of the South Korea Artificial Hearts and Circulatory Assist Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Artificial Hearts and Circulatory Assist Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Artificial Hearts and Circulatory Assist Market, By Type
6. South Korea Artificial Hearts and Circulatory Assist Market, By Application
7. South Korea Artificial Hearts and Circulatory Assist Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Artificial Hearts and Circulatory Assist Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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