Heart Pump Device Market Insights, Competitive Landscape and Market Forecast–2026
HEART PUMP DEVICES MARKET BY PRODUCT (VENTRICULAR ASSIST DEVICES- LEFT VENTRICULAR ASSIST DEVICES (LVAD), PERCUTANEOUS VENTRICULAR ASSIST DEVICES (PVAD), BIVENTRICULAR VENTRICULAR ASSIST DEVICES (BIVAD), RIGHT VENTRICULAR ASSIST DEVICES (RVAD), AND INTRA-AORTIC BALLOON PUMPS, TOTAL ARTIFICIAL HEARTS), BY TYPE (IMPLANTED HEART PUMP DEVICE, EXTRACORPOREAL HEART PUMP DEVICE), BY THERAPY (BRIDGE-TO-TRANSPLANT (BTT), BRIDGE-TO-CANDIDACY (BTC), DESTINATION THERAPY (DT)), BY END-USER (HOSPITALS, CARDIAC CENTERS, AMBULATORY SURGICAL CENTERS), BY GEOGRAPHY IS EXPECTED TO GROW AT A STEADY CAGR FORECAST TILL 2026 OWING TO EXTENSIVE PRODUCTS IN PIPELINE AND CARDIOVASCULAR DISEASE (CVDS) PREVALENCE
Global Heart Pump Devices Market was valued at USD 2.37 billion in 2020, growing at a CAGR of 15.24% during the forecast period from 2021 to 2026, to reach USD 6.36 billion by 2026. The demand for Heart Pump Devices is primarily motivated by the increase in cardiovascular disease (CVDs) prevalence, rise in geriatric population, and various companies with products in their pipeline phase. Heart Pump devices were found to be extremely beneficial in heart failure cases in COVID-19 which further pushed for the demand for these devices in the pandemic situation. Due to a scarcity of heart suppliers, cardiac pumps are an optimal solution that encourages Global market expansion. Factors such as the high cost of the pump and a low repayment scenario in developing countries are nevertheless projected to inhibit the growth of the market.
HEART PUMP DEVICES MARKET DYNAMICS:
As per the Centres for Disease Control and Prevention (CDC), in 2020, certain risk factors like coronary artery disease (CAD), heart attacks, diabetes, high blood pressure, and obesity increases the risk for heart failure. According to a report from the American Heart Association, 2020, the prevalence of heart failure continues to increase over time, with the aging of the population. An estimated 6.2 million American adults ≥20 years of age had heart failure between 2013 and 2016, compared with an estimated 5.7 million between 2009 and 2012.
Moreover, the companies are increasing their manufacturing of essential medical devices products. For instance, In 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US. Therefore, such initiatives from companies are expected to help the market and the patients in their treatment which will drive the Global Heart Pump Devices market growth also.
However, the non-availability of the required healthy heart donor on time, high treatment cost, and limitations regarding the safety of implantable devices may prove to be certain restraints to the Heart Pump Devices market growth.
HEART PUMP DEVICES MARKET SEGMENT ANALYSIS:
Heart Pump Devices by Product (Ventricular Assist Devices- Left Ventricular Assist Devices (LVAD), Percutaneous Ventricular Assist Devices (PVAD), Biventricular Ventricular Assist Devices (BIVAD), Right Ventricular Assist Devices (RVAD), and Intra-Aortic Balloon Pumps, Total Artificial Hearts), Heart Pump Devices market by Type (Implanted Heart Pump Device, Extracorporeal Heart Pump Device), Heart Pump Devices market by Therapy (Bridge-To-Transplant (BTT), Bridge-To-Candidacy (BTC), Destination Therapy (DT)), Heart Pump Devices market by End-User (Hospitals, Cardiac Centres, Ambulatory Surgical Centres), and Heart Pump Devices market by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
Heart Pump Devices market product segment, Ventricular Assist Devices is expected to hold the largest share and it is one of the fastest-growing segments in this market. It is primarily attributed to technological advancements, the scarcity of organ donors, and the increasing prevalence of heart failure globally. The technologically advanced features like the smaller pump size enable it to be implanted with minimal invasion to provide complete ventricular circulation assistance and reduced hemolysis by providing ample path for circulation, thus accounting for the largest shareholder in the market. There are various types of Ventricular Assist Devices available in the market, such as Left Ventricular Assist Devices, Percutaneous Ventricular Assist Devices, Biventricular Ventricular Assist Devices, and Right Ventricular Assist Devices.
Additionally, assistance from government bodies, favorable reimbursement scenarios, is expected to enhance the market potential in several countries. Hence, all the above-mentioned factors are expected to drive the segment growth of the Heart Pump Devices market.
NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL HEART PUMP DEVICES MARKET:
North America is expected to dominate the overall Heart Pump Devices market during the forecast period. This domination is due to the growing demand for advanced technologies in Heart Pump Devices, the increasing chronic disease in the region is driving the regional growth.
According to the Centers for Disease Control and Prevention (CDC), in 2020, about 6.2 million adults in the United States have heart failure. Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. About 655,000 Americans die from heart disease each year—that’s 1 in every 4 deaths.
Further, in the United States, the rising adoption of these devices, the high prevalence of CVDs, the growing number of research and development activities to improve current technologies, and the limited availability of donor hearts for transplants. This situation is giving rise to a critical need for Heart Pump Devices for the treatment of the disease.
HEART PUMP DEVICES MARKET KEY PLAYERS:
Some of the key market players operating in the Heart Pump Devices market include Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc. CARMAT, CorWave SA, Medtronic Inc., Terumo Heart, Inc., Calon Cardio-Technology Ltd., NovaPump GmbH, Fresenius Medical Care AG & Co. KGaA, Angiodroid srl, Getinge AB and others.
RECENT DEVELOPMENTAL ACTIVITIES IN THE HEART PUMP DEVICES MARKET:
● In August 2021, the United States Food and Drug Administration (FDA) has granted breakthrough device designation to Abiomed’s Impella ECP expandable percutaneous Heart Pump. The designation means the FDA will prioritize Impella ECP’s regulatory review processes including design iterations, clinical study protocols, and pre-market approval (PMA) application.
● In February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
● In December 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure.
KEY TAKES AWAY FROM THE HEART PUMP DEVICES MARKET REPORT STUDY
● Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
● The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Heart Pump Devices market.
● Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
● Key companies dominating the Global Heart Pump Devices Market.
● Various opportunities are available for the other competitor in the Heart Pump Devices Market space.
● What are the top-performing segments in 2020? How these segments will perform in 2026.
● Which are the top-performing regions and countries in the current market scenario?
● Which are the regions and countries where companies should have concentrated on opportunities for Heart Pump Devices market growth in the coming future?
TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS HEART PUMP DEVICES MARKET KET REPORT STUDY
● Heart Pump Devices providers
● Research organizations and consulting companies
● Heart Pump Devices related organization, association, forum, and other alliances
● Government and corporate offices
● Start-up companies, venture capitalists, and private equity firms
● Distributors and Traders in Heart Pump Devices
● Various End-users want to know more about the Heart Pump Devices Market and the latest technological developments in the Heart Pump Devices market.
FREQUENTLY ASKED QUESTIONS FOR HEART PUMP DEVICES MARKET:
What are Heart Pump Devices?
Heart pump devices are utilized in patients that are suffering from heart issues such as a recent cardiac arrest. They carry out the normal functions of the heart by maintaining regular cardiac circulation and replace the heart partially or completely. After receiving the blood from the lower chambers of the heart, it helps in transferring the blood to all the vital organs in the body.
What is the market for Global Heart Pump Devices?
Global Heart Pump Devices Market was valued at USD 2.37 billion in 2020, growing at a CAGR of 15.24% during the forecast period from 2021 to 2026, to reach USD 6.36 billion by 2026.
What are the drivers for Global Heart Pump Devices?
The major drivers driving the demand for Heart Pump Devices are the increasing prevalence of cardiovascular diseases, the rising geriatric population, new product development by the market players.
What are the key players operating in Global Heart Pump Devices?
Some of the key market players operating in the Heart Pump Devices market include Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc. CARMAT, CorWave SA, Medtronic Inc., Terumo Heart, Inc., Calon Cardio-Technology Ltd., NovaPump GmbH, Fresenius Medical Care AG & Co. KGaA, Angiodroid srl, Getinge AB and others.
What regions have the highest share in the Heart Pump Devices market?
North America is expected to dominate the overall Heart Pump Devices market during the forecast period, 2021 to 2026. This domination is due to the growing demand for advanced technologies in Heart Pump Devices, the increasing chronic disease in the region is driving the regional growth.
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