Global Heart Pump Device Market was valued at USD 2.5 billion in 2021, and it is anticipated to reach up to USD 14.4 billion by 2031, at a CAGR of 19.1% during the forecast period.
The global heart pump device market report from Global Insight Services is the single authoritative source of intelligence on Heart Pump Device Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Millions of individuals around the world suffer from heart failure, which kills more people annually than all forms of cancer combined. Since there aren’t enough donors for heart transplants, using a reliable mechanical circulatory support system could lengthen patients’ lives and ease their pain. This device can be inserted into either the left or right ventricle of your heart, although the left ventricle is where it is most usually utilized. If a patient suffers heart failure and is not a suitable candidate for a heart transplant, the doctor may recommend having a VAD implanted as a long-term treatment.
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Market Trends and Drivers
Due to the rising prevalence of CVDs and heart failure over the past several years, there has been a major increase in the demand for heart transplants. However, a global shortage issue has emerged due to the lack of sufficient hearts for transplantation to fulfill the current demand. There were roughly 3,980 candidates on the heart transplant waiting list as of March 2018, according to the national database maintained by the Health Resources and Services Administration (US).
Significant variations in the number of donors and patients on waiting lists have been seen, even at the national level. For instance, in Australia, there were around 1,650 people on the waiting list for a heart transplant in 2020, but there were only 463 donors available (Source: Transplant Australia Ltd). According to the Transplant Activity Report 2018/19, since 2010, there have been 134 percent more people active on waiting lists for heart transplants.
Global Heart Pump Device Market Segmental Overview
The report analyses the global heart pump device market based on product, type, therapy, and region.
Global Heart Pump Device Market by Product
Based on the product, it is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial hearts. The largest and fastest-growing market category in this space is ventricular assist devices. The manufacturers’ technological breakthroughs, the lack of organ donors, and the sharp increase in heart failure prevalence worldwide are the main drivers of this segment’s growth.
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Global Heart Pump Device Market by Type
Based on the therapy, it is segmented into implanted heart pump devices and extracorporeal heart pump devices. Due to the introduction of cutting-edge technologies by major players and the demand for an effective way to manage heart failure, implanted heart pump devices held the greatest share of this market.
Global Heart Pump Device Market by Therapy
Based on the therapy, it is segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapy. The BTT segment took up the largest portion of this market. This market’s growth has been propelled by elements including the increased public knowledge of transplantation and the accessibility of VADs for BTT.
Major Players in the Global Heart Pump Device Market
The key players studied in the report are Abbott Laboratories, Abiomed, Medtronic, Teleflex Incorporated, SynCardia Systems, Fresenius Medical Care AG & Co. KGaA, Getinge, CardiacAssist, Inc., Berlin Heart, Jarvik Heart, Inc., CARMAT, SENKO MEDICAL INSTRUMENT Mfg. CO., LTD., Angiodroid, and CardioDyme among others.
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