Cardiomyopathy is characterized by abnormal thickening of heart muscle. Increasing prevalence of cardiomyopathy is driving the growth of the heart pump devices. According to World Health Organization (WHO) estimation, 1 in 500 young adults suffer from sudden cardiac deaths in the U.S. Furthermore, increasing prevalence of cardiac arrest is supporting the growth of the market. In addition, increasing prevalence of heart diseases such as ischemic heart diseases, heart failure is boosting the market growth.
Furthermore, changing lifestyle, growing obsess population are some other factors leading to various chronic diseases increasing the demand of heart pump devices.
The global heart pump device market is segmented into product, type, and therapy.
On the basis of product, the heart pump device market is segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. The ventricular assist devices segment is projected to lead in the forecast year 2019-2026. Prevalence of cardiomyopathy is driving the demand of ventricular assist devices.
Based on type, the heart pump device market is segmented into implantable heart pump devices and extracorporeal heart pump devices. Heart pump devices is expected to grow at significant growth in the forecast period.
On the basis of therapy, the heart pump device market is segmented into bridge-to-candidacy, bridge-to-transplant, and destination therapy.
The global heart pump device market is divided into four major regions such as North America, Europe, Asia Pacific (APAC), and Latin America and Middle East & Africa (LAMEA).
North America is likely to hold the largest share in the global heart pump device market during the forecast period. According to CDC, approximately 735,000 Americans have a heart attack every year. Increasing cases of heart diseases is driving demand.
Europe is expected to be the second leading region in the global heart pump market. Cardiovascular disease is leading cause of deaths in U.K. Furthermore, ischaemic heart disease account for a large part of the disease burden. Advance health care sector and favorable reimbursement policies are propelling the growth of the market.
Asia Pacific (APAC) is expected to be the fastest growing region during the forecast period 2019–2026. India is witnessing increasing cases of heart disease, stroke, diabetes, and cancers. Apart from this, unhealthy lifestyle, increasing prevalence of smoking are favoring the growth of the market.
LAMEA is expected to witness sluggish growth in the global market. This is attributed to the poor healthcare infrastructure in Africa and slow growing economies. However, improving healthcare infrastructure, and high disposable income in the Middle East countries are expected to increase the demand of heart pump devices.
The prominent players in the market are St. Jude Medical (US), Jarvik Heart (US), Abiomed (US), BerlinHeart (Germany), Medtronic (Ireland), Fresenius Medical Care (Germany), Terumo (Japan), Getinge (Sweden), Teleflex (US), ReliantHeart (US), TandemLife (CardiacAssist) (US), and SynCardia Systems (US).