Heart Pump Device Market - Global Industry Analysis

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Heart pumps are implantable medical devices that are electromechanical in nature, which are used in cases of treating a dysfunctioning heart or heart failures. These pumps help to improve heart functioning and blood circulation. They are implanted in either one of the ventricles of the heart or in both the ventricles. This increases myocardial oxygen perfusion and cardiac output simultaneously. Increasing prevalence of cardiovascular diseases is one of the major factors fuelling the expansion of the heart pump device market. Cardiovascular diseases (CVDs) are among the leading causes of death worldwide. According to the WHO, in 2015, about 17.7 million population died due to cardiovascular diseases globally. Among them, 6.7 million people died because of stroke and 7.4 million people died because of coronary heart disease. Thus, the rising number of heart diseases and cases of heart failures is expected to further drive the heart pump device market growth in the forecast timeframe. 

The global heart pump device market is divided based on product, therapy, type, and geography. On the basis of product, the heart pump device market is divided into the total artificial heart,intra-aortic balloon pumps, and ventricular assist devices. Ventricular assist devices segment is further sub-segmented into bi-ventricular assist devices, percutaneous ventricular assist devices, right ventricular assist devices, and left ventricular assist devices. Considering the product segment, ventricular assist devices accounted for a major share in the heart pump device market, owing to a high number of device implantations in the left ventricle of the heart as it is the major pumping point. By type, the market for heart pump device is categorized into extracorporeal heart pump devices and implantable heart pump devices. The therapy segment is bifurcated into Bridge-To-Candidacy (BTC), Bridge-To-Transplant (BTT), Destination Therapy (DT), and other therapies.

Based on region, North America held a dominant share of the global market for heart pump device in 2017 and is anticipated to continue its dominance over the forthcoming years as well. High incidences of cardiovascular diseases, advanced healthcare facilities, currently available treatment options, and the favorable regulatory scenario will drive the heart pump device market in the forecast timeframe in this region. Europe is estimated to hold the second largest share in the global heart pump device market. The Asia Pacific heart pump device market is expected to record the highest CAGR in the forecast timeframe, owing to increasing heart surgeries, rising disposable income, changing lifestyles, and increasing awareness about CVD among the population of the region. Moreover, increasing research and development expenditure and rising number of population with high obesity and high blood pressure are expected to propel the development of the heart pump device market in the Asia Pacific region. 

Some key players of the heart pump device market are Abbott Laboratories, SynCardia Systems, Abiomed, Fresenius Medical Care Medtronic, Jarvik Heart, Getinge, Teleflex, Reliantheart, CardiacAssist, Terumo, and Berlin Heart. Currently, the market growth rate is very high, which has encouraged the leading players to focus on consolidation through product licensing and long-term partnerships in order to gain maximum share in the heart pump device market.