Global Heart Pump Device Market is valued at USD 1696.5 Million in 2018 and expected to reach USD 5031.1 Million by 2025 with a CAGR of 16.8% over the forecast period. - Increasing geriatric population and growing prevalence of cardiovascular diseases across the globe is anticipated to drive growth of Global Heart Pump Device Market.
Some major key players for Global Heart Pump Device Market are Terumo Europe NV, Abbott Laboratories, Medtronic, CardiacAssist, Inc., SynCardia Systems, LLC, Berlin Heart Gmbh, HeartWare, Jarvik Heart, Inc., Thoratec Corporation, Abiomed, Inc., Teleflex Incorporated, Reliant Heart, Inc. and others.
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Market Analysis of Heart Pump Device-
Heart failure is a chronic, progressive condition in which the heart muscle is unable to pump enough blood to meet the body’s needs for blood and oxygen. It is caused by many conditions that damage the heart muscle such as; coronary artery disease, heart attack, high blood pressure, congested lungs and others. In this condition, a transplant is one option, but there aren't nearly enough donor hearts to meet the need. For example; As of April 17, 2018, according to OPTN data; nearly 4,000 people across the U.S. are on the waiting list for donor hearts, including 400 Texans. Unfortunately, a significant number of patients die before suitable donor hearts become available for transplantation.
The heart pump devices can be the most promising therapy to potentially ease the shortage of donor hearts in the coming few years. These devices can be used for temporarily assisting the functions of heart in people with weak heart or irregular blood flow. There are various kinds of heart pump devices available in the market. For example; left ventricular assist device, is a mechanical pump which supports functionality in the left side of the failing heart by being surgically implanted just below the heart with a driveline that goes through the skin and connects to its external power source and controller. Many patients achieve a substantially improved quality of life with this therapy. Nowadays, heart surgeons implant LVADs in patients with heart failure who are awaiting a donor heart or who have severe heart failure but are not candidates for transplantation. This is one of the major factors driving the demand for heart pump devices.
The regions covered in this Heart Pump Device Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Heart Pump Device is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
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By Product Type:
Ventricular Assist Devices, Total Artificial Heart, Intra-Aortic Balloon Pumps
By Device Type:
Implantable Heart Pump Devices, Extracorporeal Heart Pump Devices
Bridge-To-Candidancy, Bridge-To-Transplant, Destination Therapy, Others
Hospitals & Clinics, Research Institutes, Ambulatory Surgical Centers, Others
Increasing Geriatric Population and Growing Prevalence of Cardiovascular Diseases Worldwide Drive the Growth of Global Heart Pump Device Market
The major factors driving the growth of global heart pump device market are increasing geriatric population and the increasing prevalence of cardiovascular diseases globally. For example; According to United Nations’ Department of Economic and Social Affairs; There were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. That proportion is projected to rise further to 16% by 2050, so that one in six people in the world will be aged 65 years or over.
In addition, increasing prevalence of cardiovascular diseases globally is also anticipated to drive the demand for heart pump device. For example; as per the American Heart Association; cardiovascular disease is the leading global cause of death, accounting for more than 17.6 million deaths per year in 2016, a number that is expected to grow to more than 23.6 million by 2030, according to a 2014 study. Furthermore, improving healthcare spending especially in emerging economies and growing adoption of technological advanced medical devices in healthcare industry are also supplementing the market growth. However, high cost of heart pump devices may hamper the market growth. In spite of that, increasing technological advancements to develop more innovative heart pump devices can provide various opportunities for the further growth of the market.
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