Heart pump devices are used to improve the circulation of blood in the body. These are used for several conditions, such as, when a patient is not eligible for a heart transplant, during or after surgery, until a patient’s heart recovers, or while waiting for a heart transplant. Ventricular assist device is a commonly used heart pump. Several types of heart pumps are available, such as, right ventricle assist device (RVAD), left ventricular assist device (LVAD), and biventricular assist device (BiVAD). The left ventricular assist device is a commonly used device and helps the left ventricle pump blood to the aorta. The right ventricle assist device is used only for short-term support and helps the right ventricle pump blood to the pulmonary artery.
Factors such as rising incidence of cardiovascular diseases, growing geriatric population with weak disease resistance, decreasing number of donor heart, and high prevalence of unhealthy lifestyle are the key drivers of the global heart pump devices market. According to HeartWare International Inc., there are fewer than 4,000 donor hearts available worldwide each year. Other factors such as regulatory approval of several new and advanced heart pump devices, rising health care expenditure are propelling the growth of the market. For instance, in April 2018, Abiomed, Inc. received US FDA’s approval for Impella CP heart pump. On the other hand, high product prices are likely to hamper the global heart pump devices market during the forecast period.
The heart pump devices market can be segmented based on product type, application, end-user, and geography. In terms of product type, the heart pump devices market can be classified into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. Ventricular assist devices can be further classified into right ventricle (RVAD), left ventricle (LVAD), and biventricular assist device (BiVAD). Based on application, the heart pump devices market can be divided into bridge-to-transplantation, destination therapy, and other therapies. In terms of end-user, the heart pump devices market can be categorized into hospitals, clinics, cardiac centers, and ambulatory surgery centers. In terms of geography, the global heart pump devices market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America dominates the global heart pump devices market. Factors such as technological advancements, increased number of cardiovascular diseases, and rise in demand for artificial heart are anticipated to boost the heart pump devices in the region during the forecast period. According to a health care practitioner from California, there is an increasing occurrence of several cardiovascular diseases among the adult population. According to the Centers for Disease Control and Prevention, heart diseases account for approximately 610,000 deaths in the U.S. each year. Europe is the second-leading market for heart pump devices. The heart pump devices market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to growth of elderly population in the country like Japan, prevalence of unhealthy lifestyle among people, growing burden of cardiovascular diseases, developing health care infrastructure in the region. According to OECD estimation, cardiovascular diseases are the leading cause of deaths in Asia Pacific, with over 9.3 million deaths caused due to such diseases in the region in 2012. Cardiovascular diseases accounted for about 33% of the total number of deaths in Asia Pacific in 2012.
Major players operating in the heart pump devices market include Medtronic plc, Abbott Laboratories, Thoratec Corporation, Jarvik Heart, Inc., HeartWare International Inc., Terumo Europe NV, Berlin Heart GmbH, and Getinge AB.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.