Heart Pump Devices Market Size, Growth and Application By Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps), Type (Implantable Heart Pump Devices), Therapy (Bridge-To-Candidacy, Destination Therapy), End-User, Global Forecast to 2023
The global Heart Pump Devices Market size is anticipated to grow at a 12.5% CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. Heart pump devices help in cardiac circulation. They work by completely or partially replacing the working of the heart. Mostly used by those recovering from cardiac surgery or heart attack, such devices offer support for a brief time span. These devices receive blood from the heart’s lower chamber and pump it to the vital organs and the body.
Various factors are propelling the heart pump devices market growth. Some of these factors, according to the Market Research Future report, include the growing demand for surgical methods in cardiology that are minimally invasive, refining healthcare infrastructure especially in developing countries, regulatory approvals for advanced and new heart pump devices, growing elderly population, and an acute shortage of donor hearts. Additional factors pushing market growth include advancements in technology in heart pump devices, increasing utilization of ventricular assist devices for supporting blood flow and heart function in those with a weak heart, new product approvals, rising affordability, and increasing incidence of cardiovascular diseases.
On the flip side, the inclination of alternative means of drug delivery, poor reimbursement scenario, and the high price of devices are factors that may impede the heart pump devices market size and growth over the forecast period.
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Heart Pump Devices Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the heart pump devices market based on end user, therapy, product, and type.
Based on type, the heart pump devices market is segmented into extracorporeal heart pump devices and implantable heart pump devices. Of these, the implantable heart pump devices will lead the market over the forecast period on account of advancements in technology in these heart pump devices which have improved their efficiency and also made them more safe and reliable, thus enabling their long-term use as survival options for those that cannot undergo heart transplants.
Based on the product, the heart pump devices market is segmented into total artificial heart, ventricular assist devices, and intra-aortic balloon pumps. The ventricular assist devices are again segmented into transcutaneous ventricular assist devices, percutaneous ventricular assist devices, bi-ventricular assist devices, left ventricular assist devices, and right ventricular assist devices. Of these, the ventricular assist devices will dominate the market over the forecast period on account of increased dependency on this device to treat heart failure coupled with advancements in technology to enhance the safety of ventricular assist devices.
Based on therapy, the heart pump devices market is segmented into destination therapy, bridge-to-transplant, bridge-to-candidacy, and others. Of these, the destination therapy will have the largest share in the market over the forecast period on account of the advancements in technology in heart pump technology for improving their efficacy and safety as well as patients’ quality of life.
Based on the end user, the heart pump devices market is segmented into research institutes, ambulatory surgical centers, hospitals and clinics, and others.
Heart Pump Devices Market Regional Analysis
By region, the heart pump devices market report covers the latest trends, share and growth opportunities across the Americas, Europe, North America, and the Middle East and Africa. Of these, the Americas will remain the driving force over the forecast period on account of increasing patient population, increasing aging population, rising cardiovascular disorder, and increasing initiatives undertaken by the government for R&D of advanced and innovative products.
The heart pump devices market in Europe is anticipated to have the second-largest share in the market during the forecast period chiefly on account of increasing obesity rates, increasing prevalence of cardiovascular disorders, rising older population, burgeoning demand for minimally invasive treatments, increasing healthcare infrastructure, and growing government support.
The heart pump devices market size in the APAC region is predicted to grow at the highest CAGR during the forecast period chiefly on account of improved living standards, rising population, demand for innovative and new treatment options, increasing healthcare spending, growing demand for diagnostic services, and rapid development of healthcare infrastructure.
The heart pump devices market in the MEA is predicted to experience slow growth over the forecast period on account of affordability issues and restricted access to healthcare facilities.
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Heart Pump Devices Market Key Players
Notable players profiled in the heart pump devices market report include Thoratec Corporation, Cardiacassist, Berlin Heart, Terumo, Reliantheart, Teleflex, Syncardia Systems, Getinge, Abiomed, Abbott, and Medtronic.
Heart Pump Devices Industry News
October 2019: Medtronic has received FDA’s breakthrough support for its latest implantable heart pump that will treat people with advanced heart failure. The LVAD (left ventricular assist device) in development can be implanted completely sans any cable line that will extend to the power source outside the human body. It can be utilized as destination therapy or bridge to heart transplants for those who are not candidates for heart transplants.
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