Heart Pump Device Market Growing at a CAGR of 21.6% – Industry-Specific Opportunities and Trends Affecting the Growth

Europe commanded the largest share of the heart pump device market.

Northbrook, IL 60062 — (SBWIRE) — 04/26/2022 — MarketsandMarkets™ Research Report’s View on Revenue Impact?

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

Factors Responsible for Growth and In-Depth Analysis?

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.

Even at a country level, significant differences in the number of donors and patients on waiting lists have been observed. For instance, in Australia, during 2020, around 1,650 individuals were on the waiting list for a heart transplant, whereas only 463 donors were available (Source: Transplant Australia Ltd). As per the Transplant Activity Report 2018/19, the number of patients active on heart transplant lists by year-end 2018/19 increased by 134% since 2010.

In this scenario, there has not only been an increase in the number of patients on the transplant waiting list but also in the number of patients dying while on the waiting list. LVADs have become important tools for managing advanced HF as bridge-to-transplantation (BTT) or destination therapy (DT). Organ shortages, together with the rising number of end-stage HF patients and technological advances in mechanical circulatory support (MCS), have increased demand for MCS devices used in these patients. Between 2009 and 2016, 43% of recipients were bridged with some type of MCS, LVAD, RVAD, TAH, and ECMO. Between 2007 and 2017, 50% of all adult heart transplant recipients were implanted with VAD in the US.

These devices provide the necessary support to patients while they wait for a heart transplant or also act as a permanent solution for patients who are not candidates for heart transplants. Thus, the significant gap between the demand and supply of donor hearts is expected to support the growth of the heart pump devices market in the coming years.

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Leading Key Players and Analysis:

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).

Geographical Analysis in Detailed?

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 market. The large share of this market segment can be attributed to the rising adoption of heart pump devices, the high prevalence of CVDs, the growing number of research activities to improve current technologies, and the limited availability of donor hearts for transplants.

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Industry Segmentation:

Ventricular assist devices are expected to hold the largest share of the heart pump device market.

Based on products, the heart pump devices 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 technological advancements, the shortage of organ donors, and the increasing prevalence of heart failure globally.

Implantable heart pump devices are expected to hold the largest share of the heart pump device market.

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 introduction of innovative products by leading players and the rising 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.

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. Growing awareness about transplantation and the availability of VADs for BTT have propelled the growth of this segment.

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