Heart Pump Device Market
Heart Pump Device Market
Heart Pump Device Market to Reach USD 14.4 Billion by 2032, driven by the growth in investment in healthcare infrastructure across the globe: Global Insight Services
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global heart pump device market is expected to grow rapidly over the next 10 years to reach a value of more than USD 14.4 billion by 2031.
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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Heart Pump Device Market: Key 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.
Heart Pump Device 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.
Heart Pump Device Market Report Findings
The largest and fastest-growing market category in this space is ventricular assist devices
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.
Implanted heart pump devices held the greatest share of this market
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.
The BTT segment took up the largest portion of this market
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.
The market for heart pump devices was dominated by Europe
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The market for heart pump devices was dominated by Europe. The substantial representation of this region can be due to the increased prevalence of CVDs, the growing use of heart pump devices, and the increase in research activities to advance current technologies.
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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.
- February 2021, Carmat received FDA approval to use the new version of its artificial heart in the US early feasibility study.
- December 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure.
- December 2020, Carmat received the CE mark for its total artificial heart.
- March 2020, SynCardia Systems received FDA approval for the 50cc temporary total artificial heart.
- In December 2022, Abbott has launched new minimally invasive device for treating heart valve diseases in India. The newly launched Navitor TAVI system is the latest addition to the company’s heart trans-catheter portfolio, which offers less invasive options for treating heart diseases.
- In March 2020, Abbott received breakthrough device designation from the FDA (Food and Drug Administration) for its Fully Implantable Left Ventricular Assist System (FILVAS).
- In February 2017, Boston Scientific launched its new “RESONATE” cardiac resynchronization therapy defibrillator (CRT-D) system in Europe. A newly launched device with SmartCRT technology has received the CE mark and is now available in Europe for heart failure patients.
Heart Pump Device Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Heart Pump Device market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Heart Pump Device market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Heart Pump Device market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Heart Pump Device industry.
Global Heart Pump Device Market Segmentation
- Ventricular Assist Devices
- Intra-Aortic Balloon Pumps
- Total Artificial Hearts
- Implanted Heart Pump Device
- Extracorporeal Heart Pump Device
- Bridge-to-Transplant (BTT)
- Bridge-to-Candidacy (BTC)
- Destination Therapy (DT)
- Other Therapies
- North America
- The U.S.
- The UK
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East