Heart pump device market accounted for approximately US$ 2.1 Billion in 2019. It is anticipated to grow at a CAGR of ~ 17% from 2020 to 2030.
The continual growth of the heart pump device market can be attributed to several factors, which have led to the wide-scale adoption of these products for the treatment of cardiovascular disorders. Moreover increasing medical tourism, safe procedures, and long-term survival are contributing to the substantial growth of the global heart pump device market between 2020 and 2030. To gain better insights, prominent players in the market are focusing on new product launches along with technological advancements. For Instance, in February 2020, Abbott received U.S. FDA’s breakthrough device designation for the development of a Fully Implantable Left Ventricular Assist System (FILVAS).
Major Key Players of the Heart Pump Device Market are:
Abbott Laboratories, Abiomed, Terumo Europe NV, Medtronic PLC, SynCardia Systems LLC. Teleflex Incorporated, Berlin Heart Gmbh, Jervik Heart Inc., Reliant Heart Inc., and Cardiac Assist Inc., among others.
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Over the years, medical tourism is growing into a popular and profitable industry, playing a vital role in contributing to growth of the global heart pump device market. Several countries, including India, Japan, China, Thailand, and Colombia, among other developing countries, are encouraging global medical tourism, resulting in growth of the heart pump device market. The main reasons for international medical tourism include the availability of better facilities, cost-effectiveness, new & technologically advanced medical procedure, highly skilled cardiac surgeons, and advancements in medical infrastructure. Cardiac surgery prices are 30% to 70% lower in developing countries as compared to developed countries. Asian countries showed a 25% growth rate in medical tourism during recent years. Low costs along with advanced medical treatment are major drivers of the global heart pump device market, which will further propel market growth in the coming years.
The Heart Pump Device Market is segmented on the basis of Product, Types, Therapy and region.
Major Product of Heart Pump Device Market covered are:
- Ventricular Assist Devices (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Bi-Ventricular Assist Devices (BiVADs), and Percutaneous Ventricular Assist Devices (pVADs))
- Intra-Aortic Balloon Pumps (IABPs)
- Total Artificial Heart (TAH)
Major Types of Heart Pump Device Market covered are:
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
Major Therapy of Heart Pump Device Market covered are:
- Bridge To Transplant (BTT)
- Bridge To Candidacy (BTC)
- Destination Therapy (DT)
Another major factor contributing to growth of the heart pump device market is the increasing prevalence of cardiovascular disorders. About 30% of patients with heart failure have problems related to heart functionality, usually low supply of blood to organs of the body. A ventricular assist device is attached to a weak part of the heart by the Bridge To Transplant therapy method, facilitating better functionality of the heart. This is considered to be a better option for heart transplant surgery. In 2019, it was estimated that 250,000 patients in the U.S. required heart transplant surgeries or Ventricular Assist Devices for their survival.
Research objectives:-
– To study and analyze the global Heart Pump Device consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Heart Pump Device market by identifying its various sub-segments.
– Focuses on the key global Heart Pump Device manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Heart Pump Device with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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Table of Contents
- INTRODUCTION
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecast Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
- Overview
- Drivers
- Barriers/Challenges
- Opportunities
- GLOBAL HEART PUMP DEVICE MARKET- ANALYSIS & FORECAST, BY PRODUCT TYPE
- Ventricular Assist Device
- Left Ventricular Assist Device
- Right Ventricular Assist Device
- Bi-Ventricular Assist Device
- Percutaneous Ventricular Assist Device
- Intra-Aortic Balloon Pumps
- Total Artificial Heart
- Ventricular Assist Device
- GLOBAL HEART PUMP DEVICE MARKET- ANALYSIS & FORECAST, BY TYPE
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
- GLOBAL HEART PUMP DEVICE MARKET- ANALYSIS & FORECAST, BY THERAPY
- Bridge-to-Transplant (BTT)
- Bridge-to-Candidacy (BTC)
- Destination Therapy (DT)
- Other Therapies
- GLOBAL HEART PUMP DEVICE MARKET – ANALYSIS & FORECAST, BY REGION
- North America Heart Pump Device Market
- Europe Heart Pump Device Market
- Asia Pacific Heart Pump Device Market
- Rest of the World (ROW) Heart Pump Device Market
- COMPANY PROFILES (Business Overview, Products Offered, Financial Performance*, Recent Developments)
- Abbott Laboratories
- Abiomed
- Terumo Europe NV
- Medtronic PLC
- SynCardia Systems LLC
- Teleflex Incorporate
- Berlin Heart Gmbh
- Jervik Heart Inc.
- Reliant Heart Inc.
- Cardiac Assist Inc. *Financial details might not be captured in case of privately-held companies or for companies that do not report this information in public domain
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