The global heart pump device market is projected to USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026. The growth of this market is driven owing to increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity. Also, promising product pipeline, increasing number of product approvals and emerging markets are anticipated to offer an opportunity for the growth of the market during the forecast period.
“Ventricular assist devices are expected to hold the largest share of the heart pump device market, by product in 2021.”
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, 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 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, 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. Growing awareness about transplantation and the availability of VADs for BTT have propelled the growth of this segment.
“Europe commanded the largest share of the heart pump device market 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 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.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (20%) , Tier 2 (45%), and Tier 3 (35%)
- By Designation: C-level (30%), Director-level (20%), and Others (50%)
- By Region: North America (33%), Europe (24%), AsiaPacific (27%), and Rest of the World (16%)
Some of the major players operating in this market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), and Fresenius Medical Care AG & Co. KGaA (Germany)
This report studies the heart pump device market based on product, type, therapy, and region. The report also analyzes factors (such as drivers, restraints, challenges, and opportunities) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total heart pump device market. The report forecasts the revenue of the market segments with respect to four major regions.
Reasons to Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on heart pump device offered by the top 15 players in the heart pump device market. The report analyzes the heart pump device market product, type, therapy, and region.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various securement devices across key geographic regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the heart pump device market
- Competitive Assessment: In-depth assessment of market shares and strategies of the leading players in the heart pump device market
Frequently asked questions
- What are the growth opportunities in the heart pump device market across major regions in the future?
- Which product is expected to hold the largest share in the heart pump device market?
- Which region is anticipated to witness considerable growth in the heart pump device market?
- Which are the driving factors of the heart pump device market?
- What is the impact of COVID-19 on the heart pump device market?