The global Heart
Pump Devices Market is anticipated to grow at a 12.5% CAGR during the
forecast period of 2018-2023. Heart pump devices basically are mechanical pumps
that are used to support the flow of blood and heart functioning in those with
unhealthy hearts. They receive blood from the heart’s lower chamber and pump
the same to the vital organs and the body. The heart pump cost is quite high,
but the heart pump surgery survival rate is positive. Implantable and
extracorporeal are the most common types of heart devices.
The global heart pump devices market is witnessing increasing
demand due to various reasons such as the increasing prevalence of
cardiovascular diseases, rising affordability, new product approvals,
increasing use of ventricular assist devices, and technological advancements.
Add to this, the shortage of donor hearts, growing elderly population,
regulatory approvals for new and innovative heart pump devices, refining
healthcare infrastructure particularly in developing countries, and burgeoning
demand for minimally invasive surgical procedures in cardiology are also adding
to the growth of the heart pump devices market.
On the contrary, the high cost of heart pump devices,
alternative mediums of drug delivery, and poor reimbursement scenario are
factors that are likely to restrict the heart pump devices market growth during
the forecast period.
Market Segmentation
The heart pump devices market is segmented in terms of type,
therapy, end user, and product.
By type, the global heart pump devices market is segmented into
implantable heart pump devices as well as extracorporeal heart pump devices.
Among these, the implantable heart pump device segment will dominate the market
during the forecast period.
By product, the global heart pump devices market is segmented
into ventricular assist devices, intra-aortic balloon pumps, and a total
artificial heart. Among these, the ventricular assist device segment will lead
the market during the forecast period. The ventricular assist devices segment
is further segmented into percutaneous ventricular assist devices, right
ventricular assist devices, transcutaneous ventricular assist devices, left
ventricular assist devices, and biventricular assist devices.
By therapy, the global heart pump devices market is segmented
into bridge-to-transplant, destination therapy, bridge-to-candidacy, and
others. Among these, the destination therapy segment will have the maximum
share in the market during the forecast period.
By end user, the global heart pump devices market is segmented
into ambulatory surgical centers, hospitals and clinics, research institutes,
and others.
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Regional Analysis
The global heart pump devices market is geographically
distributed across the following key regions- Europe, the Middle East and
Africa, the Asia Pacific, and North America. Among these, North America will
have the lion’s share in the market during the forecast period. Various factors
propelling the growth of the heart pump devices market in the region include
rising government initiatives for research and development activities of
innovative and latest products, increasing incidence of cardiovascular
disorder, rising geriatric population, and growing patient population.
In Europe, the heart pump devices market will have the
second-largest share during the forecast period. Various factors propelling the
growth of the heart pump devices market in the region include growing
government support, increasing healthcare infrastructure, growing demand for
treatments that are minimally invasive, rising older population, increasing
incidence of cardiovascular disorders, and increasing obesity rates.
In the Asia Pacific region, the heart pump devices market will
grow at the fastest pace during the forecast period. Various factors propelling
the growth of the heart pump devices market in the region include rapid growth
of healthcare infrastructure, burgeoning demand for diagnostic services,
increasing healthcare spending, demand for advanced and innovative treatments,
rising population, and improved living standards.
In the Middle East and Africa, the heart pump devices market
will have a slow growth during the forecast period for restricted access to
healthcare facilities coupled with affordability issues.
Key Players
The global heart pump devices market comprises a host of key
players which includes Abbott, Thoratec Corporation, Terumo, Abiomed, Berlin
Heart, Teleflex, Cardiacassist, Medtronic, Syncardia Systems, Reliantheart, and
Getinge.
Industry News
October 2019: FDA has recently provided breakthrough support for
Medtronic’s new implantable heart pump, which will be a savior for advanced
heart failure patients. It can also be used as a bridge or a destination
therapy for people who are not heart transplant candidates.
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