Heart Pump Devices Market to be worth ~US$ 9.9 Billion by 2030| Growth Plus Reports

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Aug 03, 2022, 09:00 ET

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- The Global Heart Pump Devices Market is expected to clock ~US$ 9.9 billion by 2030 owing to the rising prevalence of cardiovascular diseases and availability of technologically advanced products coupled with strong product pipeline.

Market Driver

Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of heart pump devices by providing the necessary funding, grants, permissions, clearances and approvals to meet the needs of patients with sever cardiovascular diseases. In December 2020, Abbott Laboratories announced that the U.S. Food and Drug Administration (FDA) has approved updated labeling for the company's HeartMate 3 heart pump to be used in pediatric patients with advanced refractory left ventricular heart failure. The European Union is also providing funds for research and development through the Calypso Project. Increasing prevalence of cardiovascular diseases, growing risk factors such as sedentary lifestyle, over-consumption of tobacco and alcohol, and shortage of heart donors are some of the growth propelling factors in the heart pump devices market.

The global heart pump devices market has been analyzed from four different perspectives–Product, Type, Therapy, and Region.

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Excerpts from 'By Product Segmentation'

The global heart pump devices market has been segmented majorly into three products, viz:

Ventricular Assist Devices (Vads)
Intra-Aortic Balloon Pumps (Iabps)
Total Artificial Heart (TAH)

The ventricular assist devices segment dominated the market with largest share in 2021. Ventricular assist devices are further categorized into right ventricular assist devices (RVADs), left ventricular assist devices (LVADs), bi-ventricular assist devices (BiVADs), and percutaneous ventricular assist devices (pVADs). The growth of the ventricular assist devices segment can be attributed to growing availability of technologically advanced devices with greater safety, such as the the membrane pump technology developed by a French company CorWave, which can be used upto 30 days without any outer interference to reduce the problem related to (LVADs) and a strong product pipeline.

Excerts from 'By Type Segmentation'

Based on types, the global heart pump devices market has been segmented into:

Extracorporeal Heart Pump Devices
Implantable Heart Pump Devices

Between the two, implantable heart pump devices occupy the largest market share. The demand for implantable heart pumps has increased as this devices are more safe, durable and probability of infection is minimal, implantanble devices are more technologically advanced and research been carried out to improve safety of implantable devices.

To read more about the latest highlights related to heart pump devices, get a snapshot of the key highlights entailed in the global heart pump devices market

Excerpts from 'By Region Segmentation'

The global heart pump devices market has been segmented into:

North America
Europe
Asia Pacific
Rest of the World

North America is expected to command the largest share of the global heart pump devices market in 2021, followed by Europe, Asia Pacific and Rest of the World. Factors such as presence of developed healthcare infrastructure, high prevalence of cardiovascular diseases, favorable reimbursement policies, and rapid adoption of technologically advanced products, and availability of qualified and trained professionals are attributed for the large share of the North America region in the global market. Asia Pacific has the fastest growth rate in heart pump devices market. The governments in the region are intensely working towards improving the healthcare infrastructure; countries like India, China and Japan are some of the major zones in the region rapidly adopting new technologies and investing heavily to develop low cost devices.

Excerpts from 'Competitive Landscape'

Some of the prominent players operating in the global heart pump devices market are

Medtronic plc
Terumo Corporation
Getinge AB
Abiomed Inc
CardiacAssist Inc
Abbott Laboratories Inc
Teleflex Incorporated
Fresenius Medical Care AG & Co. KGaA
SynCardia Systems, LLC
Berlin Heart GmbH
Among others

Report Scope & Segmentation:

Report Coverage	Details
Market Size in 2021	USD ~ 2.2 billion
Revenue forecast in 2030	USD ~ 9.9 billion
Growth Rate	CAGR of ~ 18.2%from 2022 to 2030
Base year for estimation	2021
Forecast period	2022-2030
Segments covered	Product, Type, Therapy
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

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