Heart pump devices are mechanical pumps that are used to support the function of the heart and blood flow in individuals with unhealthy hearts. Heart pump devices receive blood from the lower chamber of the heart and pump it to the body and vital organs.
Prevalence of cardiovascular diseases can be considered the prime driver for the heart pump devices market. At the same time, weak immunity is triggering several diseases which end up affecting the heart in a significant way. The market is enjoying the most the tussle going on between existing major players and new entrants. New players, with their product in an affordable range and innovation, are substantially challenging the market titans which is drawing in strategical changes. These tactical moves are clearing the path for further market expansion. In addition, new products are getting approval which can widen up the horizon for the heart pump devices market. However, the high cost of the devices can pull back the leash of the expected growth considerably.
The Heart Pump Devices Market is expected to register a CAGR of 12.5% during the forecast period.
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Heart Pump Devices Market – Players Covered
Some of the key players in the Heart Pump Devices Market are
- Medtronic
- Abbott
- Abiomed
- Getinge
- Syncardia Systems
- Teleflex
- Reliantheart
- Terumo
- Berlin Heart
- Cardiacassist
- Thoratec Corporation
Heart Pump Devices Market – Segmentation
The Global Heart Pump Devices Market is segmented by type, product, therapy, and end-user.
Considering type, the market is segmented into implantable heart pump devices and extracorporeal heart pump devices.
By product, the market is segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. Based on ventricular assist devices, the market is again segmented into right ventricular assist devices, left ventricular assist devices, bi-ventricular assist devices, percutaneous ventricular assist devices, and transcutaneous ventricular assist devices.
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With reference to therapy, the market is segmented into bridge-to-candidacy, bridge-to-transplant, destination therapy, and others.
On account of end-user, the market is segmented into hospitals and clinics, research institutes, and ambulatory surgical centers.
Heart Pump Devices Market – Regional Analysis
The Americas dominates the Global Heart Pump Devices Market owing to the increasing aging population, which eventually leads to the increasing patient population. Additionally, the increasing cardiovascular disorder rate along with rising government initiatives for the research and development of innovative and advanced products are likely to enhance the growth of heart pump devices in the North American region. The American Heart Association estimated that 31% of the deaths in the U.S. were due to cardiovascular disorders in 2015. Similarly, the American Heart Association, funded over USD 163 million during 2015 to 2016 for the research and development of 980 research projects related to cardiovascular disorders. Additionally, the firm stated that cardiovascular disorders claim more deaths than cancer and chronic lower respiratory diseases. These factors are likely to drive the growth of the American heart pump devices market.
Europe accounts for the second largest market due to the increasing rates of cardiovascular disorders and obesity. Additionally, the increasing government support and increasing healthcare infrastructure along with the increasing demand for minimally invasive treatments are driving the growth of the heart pump devices market in Europe. For instance, Eurostat estimated that over 19.2% of the population in Europe was aged 65 and above. This increasing older population is likely to lead to the rising patient population. These factors are likely to drive the growth of the heart pump devices market.
Asia Pacific is the fastest growing market for heart pump devices whose growth is attributed to the rising population and improved standard of living. Additionally, the increasing healthcare spending and demand for new and innovative treatment options are likely to drive the growth of the market. India and China are the major contributors to the market growth due to the rapid development of healthcare infrastructure in these regions and increasing demand for diagnostic services.
On the other hand, the Middle East and Africa is expected to witness slow growth due to limited access to healthcare facilities and affordability issues among the population. In the Middle East, the growth of the Heart Pump Devices Market is driven by the increasing availability of new and advanced diagnostic and treatment methods for various chronic diseases.
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