Market Definition
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. If you have severe heart failure, the procedure to install these devices—which necessitates open-heart surgery and carries significant risks and complications—can save your life. Following the implants, the patient must visit the doctor to discuss how the device is performing and, if necessary, any issues.
Market Dynamics
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers, and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The report analyses the global heart pump device market based on product, type, therapy, and region. Based on the product, it is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial hearts. Based on the type, it is segmented into implanted heart pump devices and extracorporeal heart pump devices. Based on the therapy, it is segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World.
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Key Player
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porter 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Forecast Period – 2024-2033
- Base Year – 2023
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