The key factors driving the growth of this market include the rising prevalence of cardiovascular diseases, increasing number of regulatory approvals, and a huge gap between supply and demand of donor hearts is driving the demand for heart pump devices.
According to MarketsandMarkets Research “Heart Pump Device Market by Product (Ventricular Assist Device (LVAD, RVAD, BiVAD, and pVAD), Intra Aortic Balloon Pump, TAH), Type (Extracorporeal and Implantable Pump), Therapy (Bridge-to-transplant, Destination Therapy) – Global Forecast”, is projected to reach USD 3.98 Billion, at a CAGR of 19.4% during the forecast period.
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Market Segmentation in Depth:
On the basis of product, the heart pump devices market is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. The ventricular assist devices segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to the high prevalence of heart failure across the globe.
On the basis of therapy, the heart pump devices market is segmented into bridge-to-transplant, bridge-to-candidacy, destination therapy, and other therapies (bridge-to-recovery and rescue therapy). The bridge-to-candidacy segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to the effective treatment decisions and patient outcomes associated with bridge-to-candidacy.
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Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the heart pump devices market. The large share of this region can primarily be attributed to the rising prevalence of cardiovascular diseases, favorable reimbursement scenario, and the increasing number of regulatory approvals. The high cost of devices and implantation procedures and poor reimbursement scenario in developing countries is expected to restrain the growth of this market during the forecast period. For instance, in emerging countries such as China and India, no coverage is provided for heart pump devices, thus increasing the out-of-pocket expenditure by patients.
The key players in the global heart pump devices market are St. Jude Medical (a subsidiary of Abbott Laboratories) (US), Abiomed (US), Medtronic (Ireland), Getinge (Sweden), Teleflex (US), ReliantHeart (US), BerlinHeart (Germany), Terumo (Japan), SynCardia Systems (US), TandemLife (CardiacAssist) (US), Jarvik Heart (US), and Fresenius Medical Care (Germany).