The Global Heart Pump Devices Market Size is anticipated to grow at a 12.5% CAGR during the forecast period of 2018-2023. 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.
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.
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Heart Pump Devices Market Segmentation
The heart pump devices market is segmented in terms of type, therapy, end user, and product.
By type, the global heart pump devices market is segmented into implantable heart pump devices as well as extracorporeal heart pump devices. Among these, the implantable heart pump device segment will dominate the market during the forecast period.
By product, the global heart pump devices market is segmented into ventricular assist devices, intra-aortic balloon pumps, and a total artificial heart. Among these, the ventricular assist device segment will lead the market during the forecast period. The ventricular assist devices segment is further segmented into percutaneous ventricular assist devices, right ventricular assist devices, transcutaneous ventricular assist devices, left ventricular assist devices, and biventricular assist devices.
By therapy, the global heart pump devices market is segmented into bridge-to-transplant, destination therapy, bridge-to-candidacy, and others. Among these, the destination therapy segment will have the maximum share in the market during the forecast period.
By end user, the global heart pump devices market is segmented into ambulatory surgical centers, hospitals and clinics, research institutes, and others.
Heart Pump Devices Market Regional Analysis
The global heart pump devices market is geographically distributed across the following key regions- Europe, the Middle East and Africa, the Asia Pacific, and North America. Among these, North America will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include rising government initiatives for research and development activities of innovative and latest products, increasing incidence of cardiovascular disorder, rising geriatric population, and growing patient population.
In Europe, the heart pump devices market will have the second-largest share during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include growing government support, increasing healthcare infrastructure, growing demand for treatments that are minimally invasive, rising older population, increasing incidence of cardiovascular disorders, and increasing obesity rates.
In the Asia Pacific region, the heart pump devices market will grow at the fastest pace during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include rapid growth of healthcare infrastructure, burgeoning demand for diagnostic services, increasing healthcare spending, demand for advanced and innovative treatments, rising population, and improved living standards.
In the Middle East and Africa, the heart pump devices market will have a slow growth during the forecast period for restricted access to healthcare facilities coupled with affordability issues.
Heart Pump Devices Market Key Players
The global heart pump devices industry comprises a host of key players which includes Abbott, Thoratec Corporation, Terumo, Abiomed, Berlin Heart, Teleflex, Cardiacassist, Medtronic, Syncardia Systems, Reliantheart, and Getinge.
Heart Pump Devices Industry News
FDA has recently provided breakthrough support for Medtronic’s new implantable heart pump, which will be a savior for advanced heart failure patients. It can also be used as a bridge or a destination therapy for people who are not heart transplant candidates.
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