Heart Pump Devices Market Overview
The global heart pump devices market is witnessing increasing demand due to various reasons such as the increasing prevalence of cardiovascular diseases, rising affordability, new product approvals, increasing use of ventricular assist devices, and technological advancements. Add to this, the shortage of donor hearts, growing elderly population, regulatory approvals for new and innovative heart pump devices, refining healthcare infrastructure particularly in developing countries, and burgeoning demand for minimally invasive surgical procedures in cardiology are also adding to the growth of the heart pump devices market. On the contrary, the high cost of heart pump devices, alternative mediums of drug delivery, and poor reimbursement scenario are factors that are likely to restrict the heart pump devices market growth during the forecast period.
The global Heart Pump Devices Market Forecast is anticipated to grow at a 12.5% CAGR during the forecast period . Heart pump devices basically are mechanical pumps that are used to support the flow of blood and heart functioning in those with unhealthy hearts. They receive blood from the heart’s lower chamber and pump the same to the vital organs and the body. The heart pump cost is quite high, but the heart pump surgery survival rate is positive. Implantable and extracorporeal are the most common types of heart devices.
Some of these factors include the increasing prevalence of cardiovascular diseases and the rising geriatric population. Further, a rising patient population which is affected by heart-related disorders and a mounting penetration of numerous market players are promoting sizeable growth in the global heart pump devices market over the forecast period. The report by the American Heart Association for 2014 suggested that one in three deaths in the U.S. occurred due to cardiovascular diseases. On a similar note, cardiovascular disorders claimed around 81,000 deaths in the US alone, in 2014. Also, there is an elevation in demand for heart pumps owing to the shortage of heart donors, which allows heart pumps to work as temporary substitutes. All these factors are expected to promote sizeable growh in the global heart pump devices market over the assessment period. However high cost of heart pumps is expected to pose as a market restraint, hindering growth.
Heart Pump Devices Market Segmentation
· MRFR report on the global heart pump devices market segments the market by device type, product, therapy, and end-user.
· Based on the device type, the heart pump devices market can be segmented into implantable heart pump devices and extracorporeal heart pump devices. Extracorporeal heart pump devices are used mostly to help patients in recovering.
· On the basis of the type of the product, the heart pump devices market includes ventricular assist devices, intra-aortic balloon pumps, and the total artificial heart. Ventricular assist devices include left ventricular assist devices, right ventricular assist devices, bi-ventricular assist devices, percutaneous ventricular assist devices, and transcutaneous ventricular assist devices. Left ventricular devices are popular for their impactful application.
· Based on the therapy, the heart pump devices market comprises bridge-to-transplant, destination therapy, bridge-to-candidacy, and others. The bridge-to-transplant segment is used in long term heart pump devices.
· Based on the end-users, the heart pump devices market is segmented into research institutes, hospitals and clinics, and ambulatory surgical centers.
Heart Pump Devices Market Regional Analysis
MRFR geographically segments the heart pump devices market into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Europe has the second largest market, and the healthy share it generates can be attributed to the infrastructural benefits the region offers. The APAC region can register the fastest CAGR during the forecast period. A huge patient pool mostly comprised mostly of the geriatric population is a major driving factor for the regional market. At the same time, cities with heavy pollution are several in number which can trigger cardiovascular diseases and then, squarely, heart pump devices market.
The Americas is leading the global market with the maximum market share of the global heart pump device market. The U.S. leads the regional market with substantial market share owing to its impacting healthcare sector infrastructure. In addition, technological advancement in the region can trigger further progress.
Heart Pump Devices Market Players
· Abbott,
· Thoratec Corporation
· Terumo
· Abiomed
· Berlin Heart
· Teleflex
· Cardiacassist
· Medtronic
· Syncardia Systems
· Reliantheart
· Getinge.
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