Report Ocean recently released a research report on the Heart Pump Device Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
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.
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.
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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 suffering from heart disease die in the United States every 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
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
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- 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
Table of Content
Chapter 1: Global Heart Pump Device Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Heart Pump Device market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Heart Pump Device Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Heart Pump Device market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Heart Pump Device market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Heart Pump Device market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Heart Pump Device market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Heart Pump Device business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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