The Heart Pump Device Market is projected to reach USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026. Promising product pipeline, increasing number of product approvals and emerging markets are expected to offer growth opportunities in the market during the forecast period.
Download PDF Brochure:
Market Dynamics
Driver: Long waiting periods for heart transplant procedures
In the last few years, the demand for heart transplantation has increased significantly due to the rising incidence of CVDs and heart failure. However, the unavailability of adequate hearts for transplantation to meet the existing demand has globally resulted in a shortage crisis. According to the national database maintained by the Health Resources and Services Administration (US), as of March 2018, there are about 3,980 candidates on the heart transplant waiting list.
Restraint: Complications associated with LVAD implantations
Ventricular assist devices specifically left ventricular assist devices (LVADs), are used widely for bridge-to-heart transplantation. Although LVADs are considered life-saving devices, they come along with various associated complications.
LVAD-related complications usually occur in up to 60% of patients by six months post-implantation. By two years, nearly 80% of patients experience at least one adverse event. Unplanned hospital readmissions are common. It has been witnessed that patients are readmitted, on average, 2.2 times during their 11-month median follow-up time.
Opportunity: Promising Product Pipeline
The heart pump device market consists of various companies with products in the developmental phase. Companies with products in the pipeline focus on developing innovative solutions, which can accelerate the growth of the market.
For instance, the TAH industry is a dynamic area of device innovation and is anticipated to witness a surge in the number of launches and approvals in the coming years. The below table lists the TAHs in the pipeline and their respective stages.
Request Sample Pages:
Ventricular assist devices are expected to hold the largest share of the heart pump device market, by product in 2021.
Based on products, the market is segmented into ventricular assist devices, intra- aortic balloon pumps, and total artificial hearts. Ventricular assist devices are the largest and fastest-growing segment in this market. Growth in this segment can primarily be attributed to the technological advancements made by the manufacturers, the scarcity of organ donors, and the significant rise in the prevalence of heart failure across the globe.
Implantable heart pump devices are expected to hold the largest share of the heart pump device market, by type in 2021.
Based on type, the market is segmented into implantable heart pump devices and extracorporeal heart pump devices. In 2020, implantable heart pump devices accounted for the largest share of this market, due to the launch of technologically advanced products by leading players and the need for an efficient solution to manage heart failure.
Bridge-to-transplant is expected to hold the largest share of the heart pump device market, by therapy in 2021.
Based on therapy, the market is segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. In 2020, the BTT segment accounted for the largest share of this market. Factors such as rising awareness regarding transplantation and the availability of VADs for BTT have accelerated growth of this segment.
Europe commanded the largest share of the heart pump device industry in 2021.
On the basis of region, the heart pump device market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the heart pump device market. The large share of this region can be attributed to the increasing use of heart pump devices, rising prevalence of CVDs, and the rise in the number of research activities to improve current technologies.
Recent Developments:
In 2021, CARMAT Received FDA approval to conduct an Early Feasibility Study (EFS) of its TAH in the US
In 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure
In 2020, Abiomed received approval from the Ministry of Health, Labour and Welfare (MHLW) for the Impella CP Heart Pumps in Japan
In 2020, SynCardia Systems received FDA approval for the 50cc temporary Total Artificial Heart (TAH-t)
In 2020, CARMAT received the CE Mark for its total artificial heart.
In 2019, Medtronic received FDA’s “Breakthrough Device Designation” for its fully implantable left ventricular assist device (LVAD)
In 2018, Angiodroid Received the CE Mark for ANGIOPULSE, the company’s IABP device.
Key Market Players
The major players operating in heart pump device market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), SynCardia Systems (US), Fresenius Medical Care AG & Co. KGaA (Germany), Getinge (Sweden), CardiacAssist, Inc. (US), Berlin Heart (Germany), Jarvik Heart, Inc. (US), CARMAT (France), SENKO MEDICAL INSTRUMENT Mfg. CO., LTD. (Japan), Angiodroid (Italy), CardioDyme (US), and World Heart Corporation (US).
Speak to Analyst:
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com
Commenti