About Heart Pump Device
Heart failure is one of the cardiovascular diseases and is a major global health concern because of its fatality and the rapidly growing number of diagnosed patients. This condition can arise due to various factors such as coronary artery diseases, including a previous myocardial infarction (heart attack), high blood pressure, atrial fibrillation, valvular heart disease, and others. To assist cardiac circulation, various types of heart pump devices are available in the market, depending on the cardiovascular condition. They are surgically implanted and are used for temporary or extended support for the functioning of the heart in people with a weak heart or irregular blood flow. Heart pump devices serve as a potential therapeutic option for several patients to get mechanical circulatory support. The rise in heart failure morbidity and mortality, especially in developing countries, has projected the growth of the global heart pump device market in the forecast period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 19.9% |
Competition among existing players is due to the Heart Pump Device market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Heart Pump Device Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Analyst at AMA Research estimates that European and United States Players will contribute the maximum growth to Global Heart Pump Device market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Abbott Laboratories(United States), Abiomed (United States), Medtronic (Ireland), Getinge (Sweden), Teleflex (United States), ReliantHeart (United States), BerlinHeart (Germany), Terumo (Japan), SynCardia Systems (United States) and TandemLife (CardiacAssist) (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Jarvik Heart (United States) and Fresenius Medical Care (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Heart Pump Device market by Type (Ventricular Assist Devices (VADs) {Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Bi-ventricular Assist Devices (BiVADs), and Percutaneous Ventricular Assist Devices (pVADs)}, Intra-aortic Balloon Pumps (IABPs) and Total Artificial Heart (TAH)) and Region.
On the basis of geography, the market of Heart Pump Device has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Therapy, the sub-segment i.e. Bridge-to-transplant (BTT) will boost the Heart Pump Device market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Type, the sub-segment i.e. Implantable Heart Pump Devices will boost the Heart Pump Device market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
A rise in the Prevalence of Cardiovascular Diseases
Market Growth Drivers:
Increasing Prevalence of Cardiovascular Diseases, Huge Gap Between the Demand and Supply of Donor Hearts and Regulatory Approval of Several New and Advanced Heart Pump Devices
Challenges:
Limited Reimbursement for Heart Pump Devices for Destination Therapy
Restraints:
High Cost of Heart Pump Devices as Well as Implantation Procedures
Opportunities:
Increase in New Product Developments by the Market Players and Growth Potential Offered By Emerging Countries
Market Leaders and their expansionary development strategies
In December 2020, Abbott has announced the U.S. Food and Drug Administration (FDA) has approved updated labeling for the company's HeartMate 3 heart pump to be used in pediatric patients with advanced refractory left ventricular heart failure. With the updated labeling, physicians now have additional options for treating this underserved population awaiting a heart transplant or for those not eligible to receive a transplant as a result of potential complications or risk related to the procedure.
In 2021, CARMAT Gets FDA Approval to Conduct TAH Early Feasibility Study (EFS) in US. and In 2020, Abbott has received FDA approval for updated labeling of the HeartMate 3 cardiac pump for use in pediatric patients with progressive refractory left ventricular heart failure.
Key Target Audience
Heart Pump Device Manufacturers, Research Organizations and Consulting Companies, Potential Technology Investors, Medical Research Institutes, Regulatory & Government Bodies, Healthcare Service Providers, Transplant Centers, Teaching Hospitals and Academic Medical Centers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.