Market Definition:
The global heart pump device market was valued at USD 2.9 billion in 2022, and it is anticipated to reach up to USD 15.3 billion by 2032, at a CAGR of 20.1% during the forecast period.
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.
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Market Outlook:
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.
In this situation, there has been a rise in both the number of people waiting for transplants as well as the number of people passing away while on the list. Advanced heart failure (HF) management using LVADs as a bridge to transplantation (BTT) or destination therapy has become critical (DT). The need for mechanical circulatory support (MCS) devices used in these patients has increased as a result of organ shortages, the rise in end-stage HF patients, and technological advancements in MCS. 43 percent of recipients had some combination of MCS, LVAD, RVAD, TAH, and ECMO between 2009 and 2016. In the US, VADs were implanted in 50% of all adult heart transplant recipients between 2007 and 2017.
When a patient is not a candidate for a heart transplant, these devices also serve as a permanent solution, giving them the assistance, they need while they wait. In light of this, it is anticipated that the market for heart pump devices would expand over the next few years due to the substantial gap between the demand and availability of donor hearts.
Market Restraints and Challenges
For bridge-to-heart transplantation, ventricular support devices, notably left ventricular assist devices (LVADs), are frequently employed. LVADs are thought of as life-saving devices, however they also have a number of difficulties.
By six months after implantation, up to 60% of patients typically experience LVAD-related problems. Nearly 80% of patients had at least one unfavorable incident by two years. Unexpected readmissions to the hospital are frequent. Patients are observed to be readmitted on average 2.2 times throughout the course of their median follow-up period of 11 months.
Device thrombosis, bleeding issues, renal impairment, ischemic and hemorrhagic strokes, multi-organ failure, and infections are some of the major non-surgical adverse events and LVAD consequences. If left untreated, some issues also turn out to be fatal for the victims. About 60% of VAD patients experience an infection within 90 days, according to statistics from the University of Michigan Frankel Cardiovascular Center. Infections, thromboembolic events, and bleeding issues are just a few of the LVAD’s frequent side effects.
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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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Global Heart Pump Device Market Segmental Overview
The report analyses the global heart pump device market based on product, type, therapy, and region.
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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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, Porters 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
• Market Size in 2022 – $2.9 bn
• Market Size in 2032 – $15.3 bn
• CAGR % – 20.1%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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