Heart Pump Device Market is projected to grow at a CAGR of 21.2% from 2022 to 2030 to Reach USD 17.2 Billion
Acumen Research and Consulting recently published report titled “Heart Pump Device Market Forecast, 2023 – 2032”
NEWYORK, July 21, 2023 (GLOBE NEWSWIRE) — The Global Heart Pump Device Market Size accounted for USD 2.6 Billion in 2022 and is projected to achieve a market size of USD 17.2 Billion by 2032 growing at a CAGR of 21.2% from 2023 to 2032.
Heart Pump Device Market Statistics and Highlights:
- The Global Heart Pump Device Market was valued at USD 2.6 billion in 2022. It is expected to reach USD 17.2 billion by 2032, registering a CAGR of 21.2% during the forecast period.
- North America held the largest revenue share exceeding 40% in 2022.
- According to a survey conducted by Tandem Diabetes Care, more than 90% of insulin pump users reported that insulin pump therapy had a positive impact on their daily life and quality of life
- Increasing prevalence of diabetes, drives the insulin pump market value
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Heart Pump Device Market Report Coverage:
| Market | Heart Pump Device Market | |
| Heart Pump Device Market Size 2022 | USD 2.6 Billion | |
| Heart Pump Device Market Forecast 2032 | USD 17.2 Billion | |
| Heart Pump Device Market CAGR During 2023 – 2032 | 21.2% | |
| Heart Pump Device Market Analysis Period | 2020 – 2032 | |
| Heart Pump Device Market Base Year | 2022 | |
| Heart Pump Device Market Forecast Data | 2023 – 2032 | |
| Segments Covered | By Product, By Type, By Therapy, And By Geography | |
| Heart Pump Device Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Berlin Heart GmbH, SynCardia Systems, LLC, Abiomed, Inc., LivaNova PLC, Getinge AB, Jarvik Heart, Inc., Terumo Corporation, ReliantHeart Inc., and CardiacAssist, Inc. (TandemLife) | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Heart Pump Device Market Analysis:
The heart pump device market continues to show a positive outlook, primarily propelled by the increasing burden of heart failure and coronary artery diseases, necessitating global mechanical circulatory support. The market has experienced significant growth due to continuous technological advancements, enabling the development of compact and durable ventricular assist devices, fostering market expansion. Moreover, the adoption of heart pump devices, such as LVADs, has been accelerated by favorable reimbursement policies in healthcare settings. However, the high upfront costs of these advanced devices remain a major challenge, limiting accessibility at present.
Heart Pump Device Market Trends and Innovations:
- Development of NextGen compact and minimally invasive LVADs with broader indications, leading to improved patient outcomes and enhanced convenience.
- Growing adoption of third-generation, smaller centrifugal-flow pumps, offering greater mobility and survivability.
- Increasing utilization of BiVADs, providing support for both the right and left heart in patients with end-stage heart failure.
- A gradual shift towards more outpatient VAD implantation procedures to reduce healthcare costs and enable faster recovery.
- An increasing number of regulatory approvals for technologically advanced heart pump devices with enhanced safety profiles.
Heart Pump Device Market Major Growth Drivers:
- The rising global prevalence of cardiovascular diseases, such as ischemic heart failure, dilated cardiomyopathy, and myocardial infarction, necessitating mechanical support.
- A growing shortage of donor hearts for transplant surgeries, leading to an increased adoption of heart pump devices as a bridge or destination therapy.
- Favorable reimbursement policies, particularly in developed regions, making heart pumps more affordable for patients.
- Significant improvements in survival rates and reduced risks of complications with advanced third-generation heart pump devices.
- Continuous technological advancements in mechanical circulatory support systems, improving device effectiveness, durability, battery life, and sizes.
- An expanding geriatric population that is more susceptible to various heart diseases and heart failures.
Key Challenges Hindering Growth:
- Very high upfront costs of advanced ventricular assist devices, limiting adoption and access among lower-income groups and regions.
- Occurrence of complications like bleeding, thromboembolism, stroke, and arrhythmias in patients implanted with heart pump devices.
- The requirement for expert cardiovascular surgical teams to provide specialized medical care during and after device implantation.
- Lack of favorable reimbursement coverage and limited healthcare budgets in many emerging countries, constraining uptake.
- Stringent regulatory approval norms leading to delays in the launch of new heart pump products.
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Heart Pump Device Market Segmentation Analysis:
The Heart Pump Device Market can be analyzed based on product, type, and therapy. Major heart pump products include ventricular assist devices (VADs), total artificial hearts (TAHs), and intra-aortic balloon pumps (IABPs). Device types comprise extracorporeal pumps and implantable pumps. Major therapies using these devices include bridge-to-transplant, destination therapy, bridge-to-candidacy, and other treatments.
Heart Pump Device Market Regional Analysis:
North America emerged as the Heart Pump Device Market, accounting for over 40% market share in 2022, driven by advanced healthcare infrastructure and favorable usage policies. Europe represents the second largest market, while Asia Pacific and Latin America markets are anticipated to exhibit robust growth due to their large underdiagnosed patient pool and improving access to healthcare services.
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Leading Companies:
CARMAT, LivaNova PLC, Optum, Calon Cardio, Reliantheart, Inc, Terumo Corporation, Jarvik Heart, Inc, Berlin Heart GmbH, CardiacAssist, Inc, Getinge AB, Fresenius Medical Care AG & Co. KGaA, SynCardia Systems, LLC, Teleflex Incorporated, Medtronic, Abbott Laboratories.
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