Heart Pump Device Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Heart Pump Device Market by region.
The global heart pump device market was US$ 2.35 billion in 2020. The global heart pump device market is forecast to reach US$ 14.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 19.6% during the forecast period from 2021-2030.
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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Heart Pump Device Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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The heart pump device is a device that is surgically implanted to maintain the functioning of the device. This mechanical pump is used to pump blood to the body from the lower chamber of the patient’s heart.
Factors Influencing
The growing cases of cardiovascular diseases are the primary factor fueling the demand for the heart pump devices market.
Increasing regulatory consent for innovative devices may propel market growth in the coming years. Medtronic Plc obtained approval from Food and Drug Administration (FDA) regarding a less invasive heart pump implant procedure. The company received approval in 2018 for its HVAD System that can be helpful in advanced heart failure cases.
The unavailability of donors is another factor accelerating market growth. The Centers for Disease Control and Prevention (CDC) estimates that around 370,000 people sufferingfrom heart disease die in the United Statesevery year.
High expenses associated with the healthcare facilities in emerging nations may become another reason for the growth in the demand for heart pump devices. Apart from that, the growing rate of expanding geriatric population, which are more prone to getting affected by heart diseases, may propel the market growth during the analysis period.
The excessive cost associated with the heart pump device can negatively impact the market growth during the forecast period.
Geographic Analysis
Geographically, North America would become the largest shareholder in the global heart pump device market during the forecast period. The region is registering a growing number of patients with cardiovascular diseases. Around 610,000 people die every year in the United States because of severe cardiovascular diseases. Apart from that, the increasing percentage of the geriatric population is also upscaling the demand for heart pump devices. The U.S. Census Bureau estimates that the population of age 65 years or more was recorded around 43.1 million in 2012. Moreover, this data is forecast to reach 83.7 million in 2050.
The market is forecast to witness traction in the Asia-Pacific because of the growing cases of cardiovascular diseases. Apart from that, growing healthcare expenditure and government support would create beneficial opportunities for the market players.
COVID-19 Impact Analysis
The COVID-19 outbreak had a positive impact on the global heart pump device market. The approvals from FDA emergency increased due to worldwide emergency. COVID patients suffering from heart failure fueled the demand for heart pump devices. In August 2020, Abiomed was authorized with EUA from the FDA for the left-sided Impella heart pumps to help out those undergoing Extracorporeal Membrane Oxygenation (ECMO) treatment.
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Competitors in the Market
Medtronic plc
Abbott Laboratories
Abiomed
Teleflex Incorporated
Getinge AB
SynCardia Systems, LLC
Terumo Corporation
ReliantHeart Inc.
CardiacAssist, Inc
Berlin Heart GmbH
Jarvik Heart, Inc.
Other prominent players
Market Segmentation
Heart Pump Device Market by Product
Ventricular Assist Devices
Left Ventricular Assist Devices
Percutaneous Ventricular Assist Devices
Biventricular Ventricular Assist Devices
Right Ventricular Assist Devices
Intra aortic Balloon Pumps
Total Artificial Hearts
Heart Pump Device Market by Type
Implanted Heart Pump Device
Extracorporeal Heart Pump Device
Heart Pump Device Market by Therapy
Bridge-to-Transplant (BTT)
Bridge-to-Candidacy (BTC)
Destination Therapy (DT)
Other Therapies
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Heart Pump Device Market by Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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