The Heart Pump Device Market Size was valued at USD 2.30 billion in 2022 and is projected to reach a value of USD 12.98 billion by 2031, registering a CAGR of 21.2% during the forecast period 2023-2031.
Mechanical pumps serve as ventricular support devices, which is what heart pump devices do. These surgically implanted devices temporarily support the heart's functioning in those with weak hearts or irregular blood flow. These devices serve as a bridge to cardiac transplantation for patients with advanced heart failure.
Heart failure is a common issue across the globe. According to the World Health Organization (WHO), half of the people who develop heart failure die within five years. A heart pump is temporarily used in heart failure until a donor's heart is available. Heart pump devices keep the blood pumping and are removed when the heart is available for an implant. Thus, increasing incidences of heart failure are increasing the demand for heart pump devices to maintain the heart pumping.
The increasing prevalence of coronary artery diseases and hypertension are other factors affecting the heart's functioning. Apart from this, increasing risk for heart failure, especially for people consuming food high in fat, cholesterol, and sodium. Therefore, the increasing adoption of unhealthy lifestyles is supporting the growth of the heart pump devices market.
Cardiac pumps are an ideal solution that promotes global market expansion due to a lack of heart suppliers. Nevertheless, it is anticipated that factors like the high cost of the pump and the poor repayment scenario in emerging nations will restrain the market's expansion.
The main market factors for heart pump devices are the expanding elderly population and the prevalence of cardiovascular infections. Many heat pumps are available to support your cardiovascular system depending on the type of cardiovascular disease you have. They are carefully implanted and designed to give people with weak hearts or irregular blood flow short- or long-term cardiac support—a potential therapy option to support mechanical circulation and heart pump devices. Due to the rising prevalence of CVDs and heart failure, there is a massive growth in the demand for heart transplants. However, there is a global scarcity because there aren't enough hearts for transplants to fulfill the current demand. According to the Health Resources and Services Administration's national database, about 3,980 candidates were waiting for heart transplants as of March 2018.
Corporations are producing more of the necessary medical equipment products. For instance, in 2021, the FDA granted CARMAT permission to study its total artificial heart in the U.S. in an Early Feasibility Study (EFS). Therefore, the market and patients are anticipated to benefit from such corporate initiatives, which will fuel the global heart pump devices market expansion.
Ventricular support devices mainly left ventricular assist devices (LVADs), are frequently used for bridge-to-heart transplantation. Although LVADs are thought to be life-saving equipment, they have several disadvantages. Up to 60% of patients have had LVAD-related issues six months following implantation. After two years, at least one adverse event occurred in nearly 80% of patients. Unscheduled readmissions to the hospital are frequent. Throughout their 11-month median follow-up period, patients are readmitted on average 2.2 times. Major LVAD non-surgical adverse events and consequences include device thrombosis, bleeding problems, renal impairment, ischemic and hemorrhagic strokes, multi-organ failure, and infections. Specific issues can be fatal to the victims if not treated.
The device market is made up of numerous businesses with products in development—companies with products in development focus on identifying distinctive solutions that will hasten the market's expansion. For instance, the fast-paced area of device development known as the TAH industry is predicted to increase in launches and approvals in the coming years. These tags provide more sophisticated functions compared to the SynCardia Total Heart (the only competitor until December 2020), making them a superior option. For instance, in December 2020, CARMAT's entire artificial heart received the CE Mark. The self-regulating TAH of the CARMAT adjusts blood flow in response to the patient's physical activity.
The global heart pump device market is segmented by product, type, therapy, and region.
Based on the product, the heart pump device market is segmented into intra-aortic balloon pumps, ventricular assist devices, and the total artificial heart. The ventricular assist devices segment is expected to dominate the market.
The dominance of this device is due to the dependency on ventricular assist devices in case of heart failure. An electromechanical device known as a ventricular assist device (VAD) supports cardiac circulation and can either partially or fully replace the function of a failing heart. A VAD pumps blood, whereas a pacemaker sends electrical impulses to the heart muscle, so their respective roles in the body differ.
The therapeutic device known as an intra-aortic balloon pump (IABP) is one of these. Your heart can pump more blood thanks to it. If your heart cannot pump enough blood to your body, you might require it. A catheter is a small, flexible tube that makes up the IABP.
The heart pump device market is segmented by type into implantable and extracorporeal heart pump devices. The implantable heart pump devices segment is expected to achieve significant market growth.
The implantable heart pump devices segment is expected to grow significantly due to its long-term survival for heart transplant procedures. Implantable heart pumps are highly advanced modern devices that positively affect patients, including improved quality of life and increased survival. Pacemakers, implantable cardioverter defibrillators, and cardiac resynchronization treatment (CRT) devices are three standard cardiac implantable electrical devices (CIEDs) categories.
The heart-lung bypass device used during open cardiac surgery is comparable to the ECMO device. It relieves the strain on the heart and lungs by pumping and oxygenating a patient's blood outside the body.
Based on therapy, the heart pump device market is segmented into bridge-to-candidacy, bridge-to-transplant, and destination therapy. The destination therapy segment is growing at a significant rate due to technological advancements.
Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.
North America is expected to dominate the global heart pump device market in the forecast period. The United States, Canada, and Mexico are the North American nations mentioned in the market study on heart pump devices. The increased healthcare spending for cardiovascular illnesses is predicted to cause the U.S. to grow significantly between 2021 and 2028. The prevalence of heart failure is widespread in the United States compared to other countries. According to the Centers for Diseases Control and Prevention, in 2016, approximately 5.7 million people had heart failure in the U.S. Heart failure is majorly associated with older people. Thus, the increasing geriatric population is expected to propel the market growth of heart pump devices. W. L. Gore & Associates, Inc., Medtronic, Abbott, Boston Scientific Corporation, Edwards Lifesciences Corporation, Johnson & Johnson Services, Inc., and others are among the prominent companies profiled in the North American heart pump devices market research.
Europe is projected to be the second leading region in the global heart pump device market. Germany, the United Kingdom, France, Italy, Spain, the Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, and the rest of Europe are the nations covered in the report on the market for heart pump devices in Europe. Due to the region's technological breakthroughs, Germany controls the market for heart pump devices in Europe. An increasing number of cases of diabetes lead to heart-related diseases. Similarly, not getting enough physical activity and unhealthy eating habits influence obesity. Thus, increasing cholesterol levels in the body result in heart failure. Therefore, blockage of the artery is increasing the demand for the heart pump device market. According to British Heart Foundation, during 2014-2016, over 66,000 people died from coronary heart disease in the U.K.
Asia Pacific (APAC) is expected to be the fastest-growing region during the forecast period. China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, the Philippines, and the rest of Asia-Pacific are the nations covered in the heart pump devices market. Heart failure is associated with an increasing number of obese populations. Moreover, increasing penetration of technology advancement and overall economic growth of the region is expected to witness a growing number of heart pump surgery.
LAMEA is expecting steady growth owing to undeveloped healthcare infrastructure. Additionally, a lack of health awareness is slowing the region's growth.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
"Find new revenue generation opportunities"