The Global Heart Pump Devices Market had a revenue valuation of USD 1000 million at the beginning of the forecast period and is anticipated to expand at a 12.5% CAGR by 2023, as per the latest Market Research Future (MRFR) report. Several factors contributing to the ascension of the global heart pump devices market are studied in the report.
Some of these factors include the increasing prevalence of cardiovascular diseases and the rising geriatric population. Further, a rising patient population which is affected by heart-related disorders and a mounting penetration of numerous market players are promoting sizeable growth in the global heart pump devices market over the forecast period of 2018-2023.
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The report by the American Heart Association for 2014 suggested that one in three deaths in the U.S. occurred due to cardiovascular diseases. On a similar note, cardiovascular disorders claimed around 81,000 deaths in the US alone, in 2014. Also, there is an elevation in demand for heart pumps owing to the shortage of heart donors, which allows heart pumps to work as temporary substitutes. All these factors are expected to promote sizeable growh in the global heart pump devices market over the assessment period. However high cost of heart pumps is expected to pose as a market restraint, hindering growth.
Heart Pump Devices Market – Key Players
The Global Heart Pump Devices Market is highly influenced by various strategies adopted by the major vendors in the Heart Pump Devices Market. These prominent players include
- Medtronic
- Abbott
- Abiomed
- Getinge
- Syncardia Systems
- Teleflex
- Reliantheart
- Terumo
- Berlin Heart
- Cardiacassist
- Thoratec Corporation
Industry Update
July 2019
MedUni Vienna conducted a study where a new device was successfully used to strengthen a weak heart muscle in cardiomyopathy patients. This device was implanted to stimulate cell regeneration in these patients.
Heart Pump Devices Market – Segmentation
The Global Heart Pump Devices Market is studied for different device types, products, therapies linked with the usage of heart pumps, and end-users of the heart pump devices. Different device types studied in the MRFR report include extracorporeal heart pump devices and implantable heart pump devices. Different product types of heart pump devices include intra-aortic balloon pumps, ventricular assist devices, and the total artificial heart. There are different types of ventricular assist devices such as left ventricular assist devices, right ventricular assist devices, bi-ventricular assist devices, percutaneous ventricular assist devices, and transcutaneous ventricular assist devices. Different types of reference therapy included in heart pump devices market report are bridge-to-transplant, destination therapy, and bridge-to-candidacy.
Heart Pump Devices Market – Detailed Regional Analysis
The Global Heart Pump Devices Market is studied for various regions such as North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). The Americas held the largest share in the global heart pump devices market in the base year and is likely to expand at a substantial rate through the forecast period. Increasing prevalence of cardiovascular diseases and mounting geriatric population is likely to fuel the growth in the regional heart pump devices market. Additionally, supportive government initiatives and increasing funding for research and development in advanced medical treatment options are expected to push sizeable growth in the region’s heart pump devices market. A rising healthcare expenditure in the region, coupled with a growth in the prevalence of cardiovascular disorders are anticipated to push the regional heart pump devices market through the forecast period.
Europe, on the other hand, is estimated to trail behind the Americas and capture the second-largest share in the heart pump devices market. This can be owed to the availability of advanced treatment facilities and magnified healthcare expenditure. Furthermore, increasing prevalence of cardiovascular disorders in the region, along with mounting elderly population, is anticipated to drive the regional heart pump devices market.
Asia Pacific is projected to ascend at the fastest rate during the assessment period of 2018-2023. This can be owed to the growing prevalence of chronic cardiovascular disorders in the region. China is anticipated to witness the fastest growth rate in Asia Pacific owing to the increasing elderly population and the availability of new treatment methods. Further, a boost in the healthcare expenditure and a rise in the standard of the living in the region are driving growth in the regional Heart Pump Devices Market.
The Middle East and Africa are likely to showcase sluggish growth in the Heart Pump Devices Market owing to the lack of awareness and limited access and availability of treatment facilities. Within the Middle East, the UAE is the largest market due to the development of the healthcare sector in the country and the rising availability of specialty care centers.
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