Report Overview

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global heart pump devices market was pegged at US$ 2.2 billion in 2021. The market is expected to witness a CAGR of 18.2% from 2022 to 2030. 

Market Fundamentals

A heart pump device is an electromechanical system for assisting cardiac circulation, which is used to either partially or completely replace the function of a failing heart. The device can be used for short-term, typically for patients recovering from myocardial infarction (heart attack); and for patients recovering from cardiac surgery or for long-term (months to years to perpetuity), typically for patients suffering from advanced heart failure and for the patients who are not yet eligible for heart transplant due to age or other medical factors.

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Market Dynamics

The global heart pump devices market is mainly driven by the rising prevalence of cardiovascular diseases (CVDs), growing geriatric population, rise in number of baby boomers, strong product pipeline, and growing public & private fundings. Furthermore, launch of technologically advanced devices is also likely to play a pivotal role in contributing to the growth of the market globally. However, increase in recall of the defective devices, risks associated with infections, blood colts & bleeding are likely to restrain the market growth to a certain extent.

Market Ecosystem

The global heart pump devices market has been analyzed from four perspectives: product, type, therapy, and region. 

Heart Pump Device Market by Product

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Based on products, the global heart pump devices market has been segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial heart (TAH). The ventricular assist devices segment dominated the market with the largest share in 2021. The ventricular assist devices segment is further categorized into right ventricular assist devices (RVADs), left ventricular assist devices (LVADs), bi-ventricular assist devices (BiVADs), and percutaneous ventricular assist devices (pVADs). The growth of the ventricular assist devices segment can be attributed to wide availability of technologically advanced devices with greater safety like the magnetic levitation (MAGLEV) allowing friction-less rotation, thus reducing the prothrombotic which increase the durability, greater adoption of ventricular assist devices for the treatment of heart failure, and strong product pipeline.

Heart Pump Devices Market by Type

Based on type, the global heart pump devices market has been segmented into extracorporeal heart pump devices and implantable heart pump devices. The implantable heart pump devices segment dominated the market with largest share in 2021. With the rise in the number of patients with heart failure and increasing challenges in managing heart failure syndrome implantable heart pumps are considered as life saving devices. Moreover, owing to the shortage of heart donors, implantable heart pump device is considered as the reliable, efficient, and safe option.

Heart Pump Devices Market by Therapy

Based on therapy, the global heart pumps device market has been segmented into bridge to transplantation (BTT), bridge to candidacy (BTC), destination therapy (DT) and others (bridge to recovery (BTR), etc.). The destination therapy (DT) segment is anticipated to be the fastest growing therapy segment during the forecast period. Rising adoption of DT because of the less risk involved and the technological advancement in DT is a key growth facilitator. In DT therapy, a ventricular assist device or mechanical circulatory support device is implanted as a permanent option to extend survival and improve quality of life in patients who are not eligible to receive a heart transplant because of age or other medical conditions. 

Heart Pump Devices Market by Region

Based on region, the global heart pump devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the heart pump device market in 2021, followed by Europe. Asia Pacific is the fastest growing regional market. The large share of North America in the global market can largely be attributed to presence developed healthcare infrastructure, rise in the research initiatives focusing on CVD treatments, high prevalence of cardiovascular diseases, high healthcare expenditure, and rapid adoption of technologically advanced products. Moreover, favorable reimbursement policies are also contributing to the dominance of North America.

Competitive Landscape

Some of the prominent players operating in the heart pump device market are:

• Medtronic plc
• Terumo Corporation
• Getinge AB
• Abiomed Inc.
• CardiacAssist Inc
• Abbott Laboratories Inc.
•  Teleflex Incorporated
• Fresenius Medical Care AG & Co.
•  KGaA SynCardia Systems LLC 
• Berlin Heart GmbH

Strategic Developments

• In July 2022, Rocor Medical Technology Co. received approval from National Medical Products Administration (China) for the first made in China artificial heart called HeartCon.
• In February 2021, Puzzle Medical Devices Inc. announced that the FDA granted a Breakthrough Device designation for the company’s transcatheter pump to address heart failure.
• In December 2020, Abbott Laboratories announced that the U.S. Food and Drug Administration (FDA) approved updated labeling for the company's HeartMate 3 heart pump to be used in pediatric patients with advanced refractory left ventricular heart failure.
• In May 2020, Abiomed acquired Breethe, a developer of a novel extracorporeal membrane oxygenation (ECMO) system. The acquisition is aimed to complement and expand Abiomed’s product portfolio. 
• In October 2019, Medtronic received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its Fully Implantable Left Ventricular Assist Device (LVAD) for patients with advanced heart failure.

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