Global Heart Pump Device Market size is expected to grow at a 20.6% % CAGR between 2020-2027, states the latest Qualiket Research report. Heart pump devices are used to improve cardiac circulation which are work by completely or partially replacing the working of the heart. Mostly used by those recovering from heart attack or cardiac surgery, such devices offer support for a brief time span. These devices receive blood from the heart’s lower chamber and pump it to the vital organs & the body.
The rise in investments, funds, and grants for research on heart failure treatment expected to drive the growth of global heart pump device market over the forecast period. Furthermore, the growing prevalence of cardiovascular diseases, long waiting periods for heart transplants will positively influence the global heart pump devices market throughout the forecast period. Moreover, favorable reimbursements for heart pump device and the increase in obesity are expected to offer growth opportunities in the market during the forecast timeframe.
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Impact of COVID-19 on Market
There have been significant changes in the healthcare industry post the global outbreak of COVID-19. In the cardiac care sector, several countries have decided to postpone elective surgeries to lower the risk of exposure to the coronavirus. In response to the burden of COVID-19 on healthcare systems in the United Kingdom, elective cardiac surgeries have been delayed because of the redistribution of intensive care resources & the unquantifiable risk of acquiring COVID‐19.
Key Players
Various key players are listed in this report such as Abbott Laboratories, Medtronic, Abiomed, SynCardia Systems, Teleflex Incorporated, CARMAT, Fresenius Medical Care AG & Co. KGaA, CardiacAssist, Inc., Getinge, SENKO MEDICAL INSTRUMENT Mfg. CO., LTD, etc.
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Market Segmentation
By Product
- Ventricular Assist Devices (VADs)
- Intra-Aortic Balloon Pumps (IABPs)
- Total Artificial Heart (TAH)
By Type
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
By Therapy
- Bridge-To-Transplant (BTT)
- Bridge-To-Candidancy (BTC)
- Destination Therapy (DT)
- Other Therapies
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
On the basis of region Global Heart Pump Device Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe region commanded the largest share of the heart pump device market in the 2021. The large share of this market segment can be attributed due to the increase in adoption of heart pump devices, the growing prevalence of CVDs, and the increase in number of research activities to improve current technologies as well as the limited availability of heart donors for transplants.
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