Global Heart Pump Device Market Size, Trends & Growth Opportunity, By Product (Ventricular Assist Devices (VADs), Intra-Aortic Balloon Pumps (IABPs), and Total Artificial Heart (TAH)), By Type (Implantable Heart Pump Devices, and Extracorporeal Heart Pump

Global Heart Pump Device Market Size, Trends & Growth Opportunity, By Product (Ventricular Assist Devices (VADs), Intra-Aortic Balloon Pumps (IABPs), and Total Artificial Heart (TAH)), By Type (Implantable Heart Pump Devices, and Extracorporeal Heart Pump Devices), By Therapy (Bridge-To-Transplant (BTT), Bridge-To-Candidancy (BTC), Destination Therapy (DT), and Other Therapies), By Region and Forecast 2022-2027.

Global Heart Pump Device Market

Global Heart Pump Device Market was valued at USD 3.2 billion in 2021 which expected to reach at USD 10.2 billion by 2027, at a CAGR 14.19%

Heart failure is characterised as a state in which the heart cannot pump enough blood to meet the needs of the body. Pre-myocardial infarction, excessive blood pressure, atrial fibrillation, cardiac disease, and other conditions can all contribute to this illness.

The mechanical equipment used to support heart function and blood flow in persons with weak hearts is referred to as a heart pump device. These devices let persons with uneven blood flow or weak heart muscles work normally for short or long periods of time.

Market Drivers

Over the course of the forecast period, the global market for heart pump devices is anticipated to grow as a result of the rise in the prevalence of cardiovascular illnesses. For instance, according to the Lancet study Global Burden of Disease, around 26 million people worldwide suffered from heart failure in 2017. Additionally, the growing elderly population will have a beneficial impact on the expansion of the global market for heart pump devices during this projection period.

Furthermore, new product launches by key competitors projected to boost the global heart pump device market expansion. Moreover, the increase in new product approvals by regulatory bodies would help the growth of worldwide heart pump device market. For instance, Abbott's surgical approach using the HeartMate 3 heart pump was approved by the USFDA (Food and Drug Administration) in January 2020. In order to prevent open heart surgery, these devices are utilized to treat individuals with heart failure. In the past, open heart surgery has been used to implant heart pumps. Now that a different surgical approach has been approved, the HeartMate 3 heart pump can be placed by lateral thoracotomy. (is a surgical technique where a patient's ribs are cut to provide access to the heart).

Market Restraints

The primary restraint that is anticipated to impede the expansion of the global market for heart pump devices is product recall. For instance, due to patient fatalities, Medtronic removed its HeartWare HVAD pump system from the market in March 2021. Additionally, during the course of the projection period, a shortage of qualified specialists and high costs could impede the expansion of the global market for heart pump devices.

Market Segmentation

The Global Heart Pump Device Market is segmented into product such as Ventricular Assist Devices (VADs), Intra-Aortic Balloon Pumps (IABPs), and Total Artificial Heart (TAH). The Ventricular Assist Devices (VADs) are expected to hold largest share of the heart pump device market over the forecast period. Further, market is segmented into type such as Implantable Heart Pump Devices, and Extracorporeal Heart Pump Devices. The implantable heart pump devices registered for the largest market share of the market, owing to the introduction of innovative products by leading players and the rise in need for an efficient solution to manage heart failure.

Also, the Global Heart Pump Device Market is segmented into therapy such as Bridge-To-Transplant (BTT), Bridge-To-Candidancy (BTC), Destination Therapy (DT), and Other Therapies.

Regional Analysis

The Global Heart Pump Device Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The heart pump device market is anticipated to generate the most revenue in Europe. Since more people are using heart pump devices, CVDs are becoming more common, and more research is being done to advance current technologies. Additionally, the Asia Pacific area is anticipated to offer tremendous prospects for market expansion in the near term due to the region's rising CVD mortality rate. For instance, the World Health Organization reports that more than 75% of deaths take place in middle-low income countries in 2016 (WHO factsheet).

Key players

Key players operating in the Global Heart Pump Device Market include, Abbott Laboratories, Teleflex Incorporated, Medtronic, Abiomed, SynCardia Systems, Fresenius Medical Care AG & Co. KGaA, CardiacAssist, Inc., Getinge, CARMAT, SENKO MEDICAL INSTRUMENT Mfg. CO., LTD, etc.

Market Taxonomy

By Product

• Ventricular Assist Devices (VADs)
• Intra-Aortic Balloon Pumps (IABPs)
• Total Artificial Heart (TAH)