At 20.80% CAGR, Heart Pump Device Market Size is Expected to Reach USD 6162.34 Bn by 2028 - Exclusive Report by Zion Market Research
NEW YORK, May 30, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Heart Pump Device market was worth around USD 1983.10 billion in 2021 and is estimated to grow to about USD 6162.34 billion by 2028, with a compound annual growth rate (CAGR) of approximately 20.80 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Heart Pump Device Market Reports:
- As per the analysis shared by our research analyst, the Heart Pump Device Market is expected to grow annually at a CAGR of around 20.80 % (2022-2028).
- Through the primary research, it was established that the Heart Pump Device Market was valued approximately USD 1983.10 Billion in 2021 and is projected to reach to roughly USD 6162.34 Billion by 2028.
- The market for heart pump devices is dominated by the Americas, owing to an increase in the frequency of cardiovascular disorders and an ageing population.
- Due to an increase in the frequency of chronic cardiovascular illnesses and rising healthcare costs, Asia-Pacific is expected to see considerable growth in the heart pump devices market.
Zion Market Research published the latest report titled as "Heart Pump Device Market by Product( Ventricular Assist Devices, Intra aortic Balloon Pumps, Total Artificial Hearts), by Type( (Implanted Heart Pump Device, Extracorporeal Heart Pump Device), by Therapy( Bridge-to-Transplant (BTT), Bridge-to-Candidacy (BTC), Destination Therapy (DT), Other Therapies), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Heart Pump Device Market: Overview
Heart failure occurs when the heart is unable to pump enough blood to meet the body's requirements. This syndrome could be caused by coronary artery disease, such as a recent myocardial infarction (heart attack), high blood pressure, atrial fibrillation, valvular heart disease, and other factors. Many different types of heart pump devices are available on the market to assist cardiac circulation, depending on the cardiovascular disease. They are surgically implanted and used to provide temporary or long-term support for heart function in persons who have a weak heart or erratic blood flow. Several people may benefit from heart pump devices as a treatment alternative for mechanical circulatory assistance.
The rise in the prevalence of cardiovascular illnesses, the increase in the elderly population, and the increase in new product advancements by industry participants are all driving the global heart pump device market forward. Due to a scarcity of heart donors, heart pump devices serve as a viable alternative, fueling the global market's expansion. During the projection period, however, constraints such as the high cost of heart pump devices and the poor reimbursement situation in developing countries are projected to limit market growth. Furthermore, the market's growth is hampered by turbulence and high shear stresses associated with mechanical heart valves (MHVs), as well as the need for patients to take constant anti-coagulation therapy.
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Industry Dynamics:
Heart Pump Device Market: Growth Drivers
- Long waiting periods for heart transplant procedures to drive global market growth.
Due to the rising incidence of CVDs and heart failure in recent years, the demand for heart transplantation has increased dramatically. However, a global shortage of suitable hearts for transplantation has developed from the inability to meet current demand. As of March 2018, there were around 3,980 candidates on the heart transplant waiting list, according to the national database kept by the Health Resources and Services Administration (US). Significant disparities in the number of donors and patients on waiting lists have been seen even at the country level. In Australia, for example, around 1,650 people were on the waiting list for a heart transplant in 2020, but only 463 donors were available (Source: Transplant Australia Ltd).According to the Transplant Activity Report 2018/19, the number of patients on heart transplant waiting lists had climbed by 134% since 2010. In this situation, not only has the number of patients on the transplant waiting list increased, but so has the number of patients who have died while on the waiting list. As a bridge-to-transplantation (BTT) or destination therapy for advanced HF, LVADs have become crucial tools (DT). The expanding number of end-stage HF patients, combined with technological advancements in mechanical circulatory support (MCS), has raised demand for MCS devices used in these patients. Between 2009 and 2016, MCS, LVAD, RVAD, TAH, and ECMO were used to bridge 43 percent of beneficiaries. These devices give patients with the required support while they wait for a heart transplant or as a long-term option for those who are not candidates for a heart transplant. As a result of the considerable gap between demand and supply of donor hearts, the heart pump devices market is likely to rise in the future years.
Heart Pump Device Market: Restraints
- High cost of heart pump device equipment in Heart Pump Devices to hamper the market growth.
For bridge-to-heart transplantation, ventricular support devices, notably left ventricular assist devices (LVADs), are commonly employed. Although LVADs are considered life-saving devices, they do come with a number of drawbacks. By six months after implantation, up to 60% of patients have experienced LVAD-related problems. Nearly 80% of patients had at least one adverse event after two years. Readmissions to the hospital that were not scheduled are common. Patients are readmitted on average 2.2 times over the course of their 11-month median follow-up period. Device thrombosis, bleeding issues, renal impairment, ischemic and hemorrhagic strokes, multi-organ failure, and infections are all major non-surgical adverse events and consequences linked with LVAD. If left untreated, certain problems can be fatal to the victims.
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Heart Pump Device Market: Opportunities
- Development of non-invasive, portable, and advanced fetal monitors to bring growth opportunities for global market.
Various companies with items in the development phase make up the devices market. Companies with products in the pipeline concentrate on finding unique solutions that will help the market grow faster. For example, the TAH industry is a fast-paced area of device development that is expected to have a rise in launches and approvals in the future years. When compared to the SynCardia Total Heart (sole player until December 2020), these TAHs offer more sophisticated functions, making them a better alternative in the future. CARMAT's entire artificial heart, for example, got the CE Mark in December 2020. CARMAT's TAH is self-regulating, changing blood flow in response to the patient's physical activity.
Global Heart Pump Device Market: Segmentation
- The global Heart Pump Device market is segregated based on Product , Type, Therapy and Region.
The heart pump devices market is divided into three categories based on products: ventricular assist devices, intra-aortic balloon pumps, and whole artificial hearts. The largest and fastest-growing segment of this market is ventricular assist devices. Technological developments, a scarcity of organ donors, and an increase in the global prevalence of heart failure are all contributing to this segment's growth.
The market is divided into implanted heart pump devices and extracorporeal heart pump devices based on type. Due to the introduction of innovative products by major players and the increased need for an efficient solution to manage heart failure, implantable heart pump devices will account for the highest share of this market by 2020.
The market is divided into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination treatment (DT), and other therapies, depending on the therapy. The BTT segment held the greatest proportion of this market in 2020. The rise is the segment is due to the availability of VADs for BTT and increased awareness of transplantation.
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List of Key Players of Heart Pump Device Market:
- Abbott Laboratories (US)
- Abiomed (US)
- Medtronic (Ireland)
- Teleflex Incorporated (US)
- SynCardia Systems (US)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Getinge (Sweden)
- CardiacAssist Inc. (US)
- Berlin Heart (Germany)
- Jarvik Heart Inc. (US)
- CARMAT (France)
- SENKO MEDICAL INSTRUMENT Mfg. CO.LTD. (Japan)
- Angiodroid (Italy)
- CardioDyme (US)
- World Heart Corporation (US).
Key questions answered in this report:
- What are the growth rate forecast and market size for Heart Pump Device Market?
- What are the key driving factors propelling the Heart Pump Device Market forward?
- What are the most important companies in the Heart Pump Device Market Industry?
- What segments does the Heart Pump Device Market cover?
- How can I receive a free copy of the Heart Pump Device Market sample report and company profiles?
Report Scope:
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Recent Developments:
- February 2021 - The FDA has given CARMAT permission to perform an Early Feasibility Study (EFS) of its TAH in the United States.
- December 2020 - The amended labeling for Abbott's Heart Mate 3 Heart Pump has been approved by the FDA for use in juvenile patients with advanced refractory left ventricular heart failure.
Regional Dominance:
- Increase in the frequency of cardiovascular disorders and an ageing population.
The market for heart pump devices is dominated by the Americas, owing to an increase in the frequency of cardiovascular disorders and an ageing population. Moreover, the government's increased initiatives, as well as funding for research & development in innovative medical treatment alternatives, will fuel the expansion of the heart pump devices market in the region throughout the forecast period. Due to an increase in the frequency of chronic cardiovascular illnesses and rising healthcare costs, Asia-Pacific is expected to see considerable growth in the heart pump devices market. Furthermore, the region's improving standard of living is expected to fuel the expansion of the heart pump devices market in the future years.
Global Heart Pump Device Market is segmented as follows:
Heart Pump Device Market: By Product Outlook (2022-2028)
- Ventricular Assist Devices
- Intra aortic Balloon Pumps
- Total Artificial Hearts
Heart Pump Device Market: By Type Outlook (2022-2028)
- Implanted Heart Pump Device
- Extracorporeal Heart Pump Device
Heart Pump Device Market: By Therapy Outlook (2022-2028)
- Bridge-to-Transplant (BTT)
- Bridge-to-Candidacy (BTC)
- Destination Therapy (DT)
- Other Therapies
Heart Pump Device Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Heart Pump Device Market: https://www.zionmarketresearch.com/news/global-heart-pump-device-market
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