Global Heart Pump Device Market Is Likely To Grow At A CAGR Value Of Around 20.80% By 2028

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.

When the heart is unable to pump enough blood to meet the body's needs, heart failure occurs. Coronary artery disease, such as a recent myocardial infarction (heart attack), high blood pressure, atrial fibrillation, valvular heart disease, and other conditions, could all contribute to this syndrome. Depending on the kind of cardiovascular disease, a variety of heart pump devices are available on the market to support cardiac circulation. They're surgically implanted and utilised to maintain cardiac function in those who have a weak heart or unpredictable blood flow for a short or extended time. A variety of people may benefit from heart pump devices as a therapeutic option for mechanical circulatory support.

The global heart pump device market is being propelled ahead by an increase in the prevalence of cardiovascular diseases, an increase in the elderly population, and an increase in new product innovations by industry participants. Heart pump devices offer as a feasible alternative due to a lack of heart donors, supporting the global market's rise. However, market growth is expected to be limited during the forecast period due to factors such as the high cost of heart pump devices and the poor reimbursement scenario in underdeveloped nations. Turbulence and high shear stresses associated with mechanical heart valves (MHVs), as well as the need for patients to take ongoing anti-coagulation medication, are hampering the market's growth.

The global market for heart pump devices is segmented by product, type, therapy, and region. Ventricular assist devices, intra-aortic balloon pumps, and entire artificial hearts are the three product categories that make up the heart pump devices industry. Ventricular assist devices are the market's largest and fastest-growing sector. The expansion of this category is fueled by technological advancements, a scarcity of organ donors, and an increase in the global prevalence of heart failure.

 On the basis of type, the market is split into implanted heart pump devices and extracorporeal heart pump devices.Implantable heart pump devices will account for the largest proportion of this market by 2020, thanks to the development of innovative products by major companies and the rising need for an efficient treatment to manage heart failure.

Depending on the therapy, the market is split into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination treatment (DT), and other therapies. In 2020, the BTT category accounted for the largest share of the market. The availability of VADs for BTT and growing knowledge of transplantation are both contributing to the segment's growth.

Due to an increase in the prevalence of cardiovascular illnesses and an ageing population, the Americas dominate the market for heart pump devices. Furthermore, the government's increasing initiatives, as well as financing for research and development in breakthrough medical treatment alternatives, will propel the heart pump devices market in the region to new heights over the forecast period. Asia-Pacific is predicted to witness significant growth in the heart pump devices market due to an increase in the prevalence of chronic cardiovascular disorders and growing healthcare costs. Furthermore, the rising standard of living in the region is likely to boost the market for heart pump devices in the coming years.

Key players functioning in the global Heart Pump Device market include 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), and World Heart Corporation (US).

Recent developments:

• In February 2021, The FDA has granted CARMAT authorization to conduct an Early Feasibility Study (EFS) in the United States for its TAH.
• In December 2020- The FDA has authorised the updated labelling for Abbott's Heart Mate 3 Heart Pump for use in juveniles with advanced refractory left ventricular heart failure.

Browse the full “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.” Report at https://www.zionmarketresearch.com/report/heart-pump-device-market

Global Heart Pump Device market is segmented as follows:

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

By Region

• 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

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