Global Statistics Representing Heart Pump Device Market Scenario
Heart failure is a common issue across the globe. According to the World Health Organization (WHO), half of the people who developed heart failure die within 5 years. Heart pump is temporarily used in heart failure until donor heart is available. Heart pump devices keep the blood pumping and are removed when heart available for implant. Thus, increasing incidences of heart failure is increasing the demand of heart pump devices to maintain the pumping of the heart.
Increasing prevalence of coronary artery diseases and hypertension are some other factors which affects functioning of heart. Apart from this, increasing risk for heart failure, especially for people consuming food high in fat, cholesterol, and sodium. Therefore, increasing adoption of unhealthy life is supporting the growth of the heart pump devices market.
The global heart pump device market was valued around USD 1,620 Million in 2017 and expected to register CAGR of 21.4% in the forecast period.
The global heart pump device market is segmented into product, type, therapy and region.
On the basis of product, the heart pump device market is segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. ventricular assist devices segment is expected to dominate due to dependency on ventricular assist devices in case of heart failure.
Based on type, the heart pump device market is segmented into implantable heart pump devices and extracorporeal heart pump devices. implantable heart pump devices segment is expected to achieve significant growth owing to its long-term survival for heart transplant procedures.
Based on therapy, the heart pump device market is segmented into bridge-to-candidacy, bridge-to-transplant, and destination therapy. Destination therapy segment is growing at the significant rate due to technological advancements.
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 expected to dominate the global heart pump device market in the forecast period 2019—2026. Prevalence of heart failure is very common in United States comparative to other countries. According to Centers for Diseases Control and Prevention, in 2016, approximately 5.7 million people had heart failure in U.S. Heart failure is majorly associated with older people, thus, increasing geriatric population is expected to propel the market growth of the heart pump devices.
Europe is projected to be the second leading region in the global heart pump device market. Increasing number of cases of diabetes lead to heart related diseases. Similarly, not getting enough physical activity, unhealthy eating habits are influence obesity. Thus, increasing cholesterol level in the body resulting in heart failure. Therefore, blockage of the artery is increasing demand of heart pump device market. According to British Heart Foundation, during 2014-2016, over 66,000 people died due to coronary heart disease in the U.K.
Asia Pacific (APAC) is expected to be the fastest growing region during the forecast period 2019–2026. Heart failure is associated with increasing number of obese populations. Moreover, increasing penetration of technology advancement and overall economically growth of the region is expected to witness growing number of heart pump surgery.
LAMEA is expecting a steady growth owing to undeveloped healthcare infrastructure. Additionally, lack of awareness about the health is slowing the growth in the region.
Prominent players of global heart pump devices market are Terumo (Japan), Fresenius Medical Care (Germany), Abiomed (US), Getinge (Sweden), Teleflex (US), ReliantHeart (US), TandemLife (CardiacAssist) (US), BerlinHeart (Germany), SynCardia Systems (US), Medtronic (Ireland), Jarvik Heart (US), and, St. Jude Medical (US).
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Our report covers heart pump device market insights, focusing on recent development in the market in different region and development strategies of the companies. Moreover, following sections are specifically covered in the report.
• Definitive Market Data
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• Competitive Analysis
• Recent Opportunities in the Market
• 6-7 year performance forecasts: major segments covering top product type, end-user application, and geographies
• Market Share Analysis
• Potential Venture Avenues