Global Heart Pump Device Market 2023-2030

Global Heart Pump Device Market 2023-2030

Global Heart Pump Device Market Size, Share & Trends Analysis Report by Type (Implanted Heart Pump Devices and Extracorporeal Heart Pump Devices), by Product (Ventricular Assist Devices, Total Artificial Hearts (TAHs), and Extracorporeal Membrane Oxygenation (ECMO)), and by End-User (Hospital and Cardiac Centers) Forecast Period (2023-2030)

The global heart pump device market is anticipated to grow at a CAGR of 21.4% during the forecast period (2023-2030). Pivotal factors including the increasing number of individuals suffering from cardiovascular diseases (CVD), rising incidences of heart failure are driving the market growth. According to the World Health Organization, Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Further, the increasing investment in R&D for heart pump products is projected to drive market growth by promoting increased acceptance and usage of these devices. In October 2022, BiVACOR®, a preclinical medical device company developing a Total Artificial Heart, received a $750k grant from the Australian Government through its medical research future fund (MRFF) and targeted translation research accelerator (TTRA) program.

Segmental Outlook

The global heart pump device market is segmented on the type, and end user. Based on the type, the market is sub-segmented into implanted heart pump devices and extracorporeal heart pump devices. Based on the product, the market is sub-segmented into ventricular assist devices, intra-aortic balloon pumps (IABPs) and extracorporeal membrane oxygenation (ECMO). Further, on the basis of end user, the market is sub-segmented into hospital and cardiac centers. Among the end user, the hospitals sub-segment is anticipated to hold a considerable share of the market, owing to the well-equipped settings, easily accessible, trust and reliability.

The Ventricular Assist Devices Sub-Segment is Anticipated to Hold a Considerable Share of the Global Heart Pump Device Market

Among the product, the ventricular assist devices sub-segment is expected to hold a considerable share of the global heart pump device market. The segmental growth is attributed to the rising incidences of temporary heart failure, temporarily used of LVAD while waiting for a donor heart to become available, increasing use of LVAD who can't have a heart transplant because of age or other factors. Additionally, the rising number of FDA approvals of the products are also contributing to the increasing adoption for LVAD. In October 2019, Medtronic plc, the pioneer in medical technology, received breakthrough device designation from the US Food and Drug Administration (FDA) for the Medtronic Fully Implantable LVAD for patients with advanced heart failure, currently in development.

Regional Outlook

The global heart pump device market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia pacific is anticipated to hold a prominent share of the market across the globe, owing to the increasing prevalence of heart failure, and the and changes in lifestyles owing to rising disposable income in emerging economies are driving the heart pump device market in the Asia Pacific.

The North America Region is Expected to Grow at a Significant CAGR in the Global Heart Pump Device Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. The major factors driving the North America market includes the increasing demand for heart transplantation owing to the Cardiovascular diseases’ (CVDs) and heart failure. According to the Heart Disease and Stroke Statistics 2022, in 2019, CVD listed as the underlying cause of death, accounted for 874,613 mortalities in the US. In 2019, approximately every 40 seconds, one person in the US suffered with a myocardial infarction and on average people died of stroke every 3 minutes 30 seconds in the country. Though, the unavailability of adequate hearts for transplantation to meet the existing demand resulted in shortage crisis. Furtermore, according to the Health Resources and Services Administration (HRSA) US, as of September 2023, there were 3,292 candidates on heart transplant waiting list. Thus, the heart pump device is expected to witness a huge utilization and demand in the coming years.

Market Players Outlook

The major companies serving the global heart pump device market include Abbott Laboratories, Berlin Heart GmbH, Boston Scientific Corp., Medtronic plc, Terumo Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2022, Johnson & Johnson Inc. and Abiomed, a global provider in breakthrough heart, lung, and kidney support technologies, entered into a definitive agreement under which Johnson & Johnson acquired through a tender offer all outstanding shares of Abiomed, for an upfront payment of $380.0 per share in cash, corresponding to an enterprise value of approximately $16.6 billion which includes cash acquired. The acquisition added heart recovery solutions to complement its Biosense Webster electrophysiology business, allowing the company expand in high-growth markets.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global heart pump device market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.