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.
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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