Market Analysis

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. The Heart Pump Devices market is anticipated to reach USD 2.52 Billion by 2030 at 21.50% CAGR during the forecast period 2022-2030.

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 growth over the forecast period. Prevalence of cardiovascular diseases can be considered the prime driver for the heart pump devices market. At the same time, weak immunity is triggering several diseases which end up affecting the heart in a significant way. The Heart Pump Devices Market Trends is enjoying the most the tussle going on between existing major players and new entrants. New players, with their product in an affordable range and innovation, are substantially challenging the market titans which is drawing in strategical changes. These tactical moves are clearing the path for further market expansion. In addition, new products are getting approval which can widen up the horizon for the heart pump devices market. However, the high cost of the devices can pull back the leash of the expected growth considerably.  

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Heart Pump Devices Market Segmentation

The MRFR report provides an all-inclusive segmental analysis of the heart pump devices market on the basis of 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.

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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. 

Heart Pump Devices Market Regional Analysis 

By region, the heart pump devices market report covers the latest trends 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 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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