Heart Pump Devices Market Size, Growth, Trends and Share Analysis By Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps), Type (Implantable Heart Pump Devices), Therapy (Bridge-To-Candidacy, Destination Therapy), End-User and Key Players, Forecast To 2023
The Global Heart Pump Devices Market size worth USD 1000 million at a CAGR of 12.5% by 2023, says Market Research Future (MRFR). Heart pump market is expected to propel growth based on rising geriatric population and increasing prevalence of cardiovascular diseases. 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 growth 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.
The Global Heart Pump Devices Market is segmented by device types, products, therapies, and end-users.
By device types Heart Pump Market has been segmented into extracorporeal heart pump devices and implantable heart pump devices.
By product types, the global heart pump devices market has been segmented into intra-aortic balloon pumps, ventricular assist devices, and the total artificial heart. The ventricular assist further segmented into left ventricular assist devices, right ventricular assist devices, bi-ventricular assist devices, percutaneous ventricular assist devices, and transcutaneous ventricular assist devices.
By therapy the global heart pump market has been segmented into bridge-to-transplant, destination therapy, and bridge-to-candidacy.
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Detailed Regional Analysis
The Global Heart Pump Market regionally segmented into
Asia Pacific (APAC)
Middle East & Africa (MEA)
The Americas held the largest share in the global heart pump market in the base year and is likely to expand at a substantial rate through the forecast period. Increasing prevalence of cardiovascular diseases and mounting geriatric population is likely to fuel the growth in the regional heart pump devices market. Additionally, supportive government initiatives and increasing funding for research and development in advanced medical treatment options are expected to push sizeable growth in the region’s heart pump devices market. A rising healthcare expenditure in the region, coupled with a growth in the prevalence of cardiovascular disorders are anticipated to push the regional heart pump devices market through the forecast period.
Europe, on the other hand, is estimated to trail behind the Americas and capture the second-largest share in the heart pump devices market. This can be owed to the availability of advanced treatment facilities and magnified healthcare expenditure. Furthermore, increasing prevalence of cardiovascular disorders in the region, along with mounting elderly population, is anticipated to drive the regional heart pump devices market.
Asia Pacific is projected to ascend at the fastest rate during the assessment period of 2018-2023. This can be owed to the growing prevalence of chronic cardiovascular disorders in the region. China is anticipated to witness the fastest growth rate in Asia Pacific owing to the increasing elderly population and the availability of new treatment methods. Further, a boost in the healthcare expenditure and a rise in the standard of the living in the region are driving growth in the regional heart pump devices market.
The Middle East and Africa are likely to showcase sluggish growth in the heart pump devices market owing to the lack of awareness and limited access and availability of treatment facilities. Within the Middle East, the UAE is the largest market due to the development of the healthcare sector in the country and the rising availability of specialty care centers.
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The Global vendors in the heart pump devices market include
Abbott, Medtronic, Abiomed, Getinge, Terumo, Berlin Heart, Syncardia Systems, Teleflex, Reliantheart, Cardiacassist, Thoratec Corporation
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