Heart Pump Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2771
Heart Pump Devices Market size is projected to experience significant growth from 2017 to 2024.
Increase in number of people suffering from cardiovascular disease will be one of the major reason for boosting the heart pump devices market in the near future. According to World Health Organization (WHO), cardiovascular diseases are the number one cause of deaths across the world. In the year 2015, around 18 million people died of cardiovascular diseases globally, accounting for almost 31% of total global deaths. Most cardiovascular deaths can be prevented with the help of devices such as heart pumps.
New product approvals in recent past will drive the industry growth in the upcoming years. In August 2017, Abbott received Food and Drug Administration (FDA) approval for medical device called HeartMate 3, that is pumps blood for heart failure patients. According to a recent news article, around 6 million Americans live with heart failure with different levels of severity. Hence, increase in number of new product approvals to treat heart failure will augment the market growth.
High cost of the heart pump devices and implants will restraint the industry growth rate during the forecast period. Despite several significant improvements in contemporary medical and electric therapies to treat heart failure and other cardiovascular diseases, the cost of devices and treatment remains high resulting in affordability issues to patients.
Ventricular assist devices market (VADs) is estimated to witness substantial uptick during projection timeframe. Increasing use of ventricular assist devices to support heart function and blood flow in people having weak heart will result in high product demand. Also, recent technological advancements in ventricular assist devices such as implantable VADs will impact contribute to industry expansion.
Rising demand for implantable heart pump devices to monitor proper heart functioning will be a high impact rendering factor. Wide use of implantable devices such as implantable cardiac defibrillator (ICD), left ventricular assist device (LVAD) and percutaneous heart pumps that help to improve heart’s pumping ability will increase the product demand, thus adoption rate.
Bridge-to-transplant (BTT) therapy market is anticipated to experience lucrative growth over the forecast period. Heart failure is a significant cause of morbidity and mortality that affects over 5 million patients in the United States. According to a recent study, bridge-to-transplant therapy is associated with improved survival rate after the patient suffers from left ventricular assist device infection. Hence, increase in number of people benefiting from the therapy will propel the business growth in foreseeable future.
U.S. heart pump market is estimated to hold largest share in the global heart pump devices market in future. According to American Heart Association’s 2017 Heart Disease and Stroke Statistics Update, the number of people diagnosed and suffering from heart diseases in increasing rapidly and projected to rise by around 46% by the year 2030. Rising number of patients suffering from cardiovascular diseases and enhanced healthcare infrastructure in U.S. will propel the heart pump devices market growth.
Indian heart pump devices market is estimated to witness substantial growth in the forecast period. According to The Lancet Global Health, Indians have one of the highest rate of mortality after getting diagnosed heart failure, that is more than several other developing nations. Also, a global study reveals that India leads in deaths from heart failure, accounting for about 23% of total country’s heart patients. Rising geriatric population along with increase in prevalence of heart failure in the country will result in increasing demand for heart pumps.
Some of the key industry players include St. Jude Medical, Abiomed, Medtronic, Getinge, Teleflex, ReliantHeart, BerlinHeart, Terumo, SynCardia Systems, TandemLife, Jarvik Heart and Fresenius Medical Care. The companies focus majorly on new product launches, approvals, merger and acquisition as their main market expansion strategies. In April 2018, Abiomed received FDA approval for the latest version of Abiomed’s Impella CP heart pump system.
Heart Pump Devices Market, by product, 2013-2024 (USD Million)
- Ventricular assist devices (VADs)
- Intra-aortic balloon pumps (IABPs)
- Total artificial heart (TAH)
Heart Pump Devices Market, by product type, 2013-2024 (USD Million)
- Implantable Devices
- Extracorporeal Devices
Heart Pump Devices Market, by therapy, 2013-2024 (USD Million)
- Bridge-to-transplant (BTT)
- Bridge-to-candidacy (BTC)
- Destination therapy
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- St. Jude Medical
- SynCardia Systems
- Jarvik Heart
- Fresenius Medical Care
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