Heart Pump Devices Market to Register a High CAGR of 18.20% Between 2022 – 2030 | Growth Plus Reports
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.
- 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
|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|
|Segments covered||Product, Type, Therapy|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
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.
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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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.
- 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
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY PRODUCT
- Ventricular Assist Devices (VADs)
- Right Ventricular Assist Devices (RVADs)
- Left Ventricular Assist Devices (LVADs)
- Bi-ventricular Assist Devices (BiVADs)
- Percutaneous Ventricular Assist Devices (pVADs)
- Intra-aortic Balloon Pumps (IABPs)
- Total Artificial Heart (TAH)
- Ventricular Assist Devices (VADs)
- GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY TYPE
- Extracorporeal Heart Pump Devices
- Implantable Heart Pump Devices
- GLOBAL HEART PUMP DEVICES MARKET – ANALYSIS & FORECAST, BY THERAPY
- Bridge to Transplantation (BTT)
- Bridge to Candidacy (BTC)
- Destination Therapy (DT)
- Others (Bridge to Recovery (BTR), Etc.)
Heart Pump Devices Market TOC
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- Winning imperatives
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- Distributor Landscape Assessment
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