Heart Pump Devices Market to Register a High CAGR of 18.20% Between 2022 – 2030 | Growth Plus Reports

By GlobeNewswire On Mar 29, 2023

Newark, New Castle, USA, March 29, 2023 (GLOBE NEWSWIRE) — The global heart pump devices market, estimated at US$ 2.20 billion in 2021, is projected to surpass US$ 9.90 billion by 2030, at a revenue CAGR of 18.20%, according to the latest report by Growth Plus Reports. The report analyzes the best strategies, macroeconomic conditions, trends, prospects, competition, market dynamics, market size, data and projections, and key investment areas.

Key Takeaways:

The growth in the prevalence of cardiovascular diseases will drive the demand for heart pump devices during the forecast period.

Increasing public & private funding will encourage market revenue growth.

North America will dominate the global market.

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Heart Pump Devices Market Scope

Report Attribute	Details
Market size value in 2021	USD 2.2 billion
Revenue forecast in 2030	USD 9.9 billion
Growth Rate	CAGR of 18.2% from 2022 to 2030
Base year for estimation	2021
Forecast period	2022-2030
Segments covered	Product, Type, Therapy
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

Market Drivers
The growth in the prevalence of cardiovascular diseases, an aging population, and an increase in baby boomers are the primary factors driving the revenue growth of the global heart pump devices market. Additionally, the launch of technologically advanced devices contributes to market revenue growth. Furthermore, a strong product pipeline and growing public & private funding support the market’s revenue growth.

Market Segmentation
Growth Plus Reports has analyzed the global heart pump devices market from three perspectives: Product, Type, Therapy, and Region.

Product Segmentation: Based on the product, the heart pump devices market is segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial heart (TAH). The ventricular assist devices (VADs) segment dominates the market with the largest revenue share because of high adoption in the treatment of heart failure.

Type Segmentation: Based on the type, the heart pump devices market is segmented into extracorporeal heart pump devices and implantable heart pump devices. The implantable heart pump devices segment dominates the market because of the number of patients with heart failure and increasing challenges in managing heart failure syndrome.

Therapy Segmentation: Based on the therapy, the global heart pump devices market is segmented into the bridge to transplantation (BTT), bridge to candidacy (BTC), destination therapy (DT), and others (bridge to recovery (BTR). The destination therapy (DT) segment dominates the market because of its high adoption due to the less risk involved and the technological advancements.

Regional Growth Dynamics
Based on the region, the global heart pump devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global heart pump devices market with the largest revenue share. The considerable revenue share of North America in the global heart pump devices market can be attributed to the advanced healthcare infrastructure, favorable reimbursement policies, growth in the research concentrating on CVD therapies, high prevalence of cardiovascular diseases, high healthcare spending, and quick adoption of technologically advanced products.

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Competitive Landscape

The following are the top companies in the heart pump devices market:

Medtronic plc
Terumo Corporation
Getinge AB
Abiomed Inc.
CardiacAssist Inc
Abbott Laboratories Inc.
Teleflex Incorporated
Fresenius Medical Care AG & Co.
KGaA SynCardia Systems LLC
Berlin Heart GmbH

The market for heart pump devices is extremely competitive and complex. Market leaders are introducing new products and forming strategic partnerships to meet global demand and maintain a strong market position.

Recent developments:

Rocor Medical Technology Co. received approval from the National Medical Products Administration (China) in July 2022 for the first made-in-China artificial heart, HeartCon.

Puzzle Medical Devices Inc. announced in February 2021 that the FDA had granted a Breakthrough Device designation to the company’s transcatheter pump to address heart failure.

Abbott Laboratories announced in December 2020 that the U.S. FDA has authorized updated labeling for the HeartMate 3 heart pump for pediatric patients with advanced refractory left ventricular heart failure.

Table of Content

INTRODUCTION
1. Market Ecosystem
2. Timeline Under Consideration
  1. Historical Years – 2020
  2. Base Year – 2021
  3. Forecasted Years – 2022 to 2030
3. Currency Used in the Report
RESEARCH METHODOLOGY
1. Research Approach
2. Data Collection Methodology
3. Data Sources
  1. Secondary Sources
  2. Primary Sources
4. Market Estimation Approach
  1. Bottom Up
  2. Top Down
5. Market Forecasting Model
6. Limitations and Assumptions
PREMIUM INSIGHTS
1. Current Market Trend (COVID-19 Perspective)
2. Key Players & Competitive Positioning (2021)
MARKET DYNAMICS
1. Drivers
2. Restraints/Challenges
3. Opportunities
GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY PRODUCT
1. Ventricular Assist Devices (VADs)
  1. Right Ventricular Assist Devices (RVADs)
  2. Left Ventricular Assist Devices (LVADs)
  3. Bi-ventricular Assist Devices (BiVADs)
  4. Percutaneous Ventricular Assist Devices (pVADs)
2. Intra-aortic Balloon Pumps (IABPs)
3. Total Artificial Heart (TAH)
GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY TYPE
1. Extracorporeal Heart Pump Devices
2. Implantable Heart Pump Devices
GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY THERAPY
1. Bridge to Transplantation (BTT)
2. Bridge to Candidacy (BTC)
3. Destination Therapy (DT)
4. Others (Bridge to Recovery (BTR), Etc.)

Heart Pump Devices Market TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

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Covid 19 impact trends and perspective
Granular insights at global/regional/country level
Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
Blanket coverage on competitive landscape
Winning imperatives
Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

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Distributor Landscape Assessment
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Customer Base Assessment
Investment & Initiatives Analysis
‘Business Profile’ of Key Players

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