Number of pages: 100 | Report Format: PDF | Published date: 26 July, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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.
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.
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.
The global heart pump devices market has been analyzed from four perspectives: Product, Type, Therapy, and Region.
Heart Pump Device Market by Product
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.
Some of the prominent players operating in the heart pump device market are: