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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
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.
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.
Global heart pump device market report is segmented on the basis of product type, device type, therapy, end-user and region & country level. Based upon product type, global heart pump device market is classified into ventricular assist devices, total artificial heart and intra-aortic balloon pumps. Based upon device type, global heart pump device market is classified into implantable heart pump devices and extracorporeal heart pump devices. Based upon therapy, global Heart Pump Device market is divided into bridge-to-candidancy (BTC), bridge-to-transplant (BTT), destination therapy (DT) and others. Based on end-user, the heart pump device market is classified into hospitals & clinics, research institutes, ambulatory surgical centers and others.
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.
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.
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.
North America is Expected to Dominate the Global Heart Pump Device Market
The global heart pump device Market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is expected to dominate the global heart pump device market within the forecast period attributed to the highly developed healthcare infrastructure, rising geriatric population and increasing prevalence of cardiovascular diseases in this region. For example; by 2030, every Baby Boomer will be age 65 or older, which means that 1 out of every 5 U.S. citizens, will be of retirement age. By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million (previously 76.4 million) under the age of 18. According to Census Bureau projections; as the population ages, the old-age dependency ratio (the ratio of older adults to working-age adults) will also shift. The aging and elderly population is particularly susceptible to cardiovascular disease. Adults over the age of 65 years are more likely than younger people to have heart disease because the heart changes with age. Thus, the increasing geriatric population coupled with the growing prevalence of cardiovascular diseases is the major factor expected to drive the market growth in this region.
Europe is projected to capture the second largest share of global heart pump device market owing to the increasing obesity rate and technological advancements in the healthcare industry in this region. Asia Pacific is anticipated to witness a significant growth in global heart pump device market owing to the increasing research and development for new and more effective devices, large patient pool and improving healthcare infrastructure in this region.
Key Benefits ofMarket Report–
- Global Heart Pump Device Market report covers in-depth historical and forecast analysis.
- Global Heart Pump Device Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Heart Pump Device Market report helps to identify opportunities in marketplace.
- Global Heart Pump Device Market report covers extensive analysis of emerging trends and competitive landscape.
By Product Type:
- Ventricular Assist Devices
- Total Artificial Heart
- Intra-Aortic Balloon Pumps
By Device Type:
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
- Destination Therapy
- Hospitals & Clinics
- Research Institutes
- Ambulatory Surgical Centers
By Regional & Country Level:
- North America
- U. K.
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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