(PharmaNewsWire.Com, November 26, 2021 ) MarketsandMarkets Research Reportís View on Revenue Impact?
The Heart Pump Device Market is projected to reach USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026.
Factors Responsible for Growth and In-Depth Analysis?
The Heart pump devices are used by patients suffering from cardiac diseases and patients waiting for a heart transplant. These devices are also used to provide the necessary support to patients recovering from a major surgical procedure. Factors such as increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity are expected to drive the growth of the market. The Asia Pacific market is estimated to be the fastest-growing regional market, mainly due to the growing target population, active product launches & approvals by players in the region, and healthcare infrastructure improvements in several APAC countries such as China, Japan, and India.
The major players operating in Heart Pump Device Market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), SynCardia Systems (US), Fresenius Medical Care AG & Co. KGaA (Germany), Getinge (Sweden), CardiacAssist, Inc. (US), Berlin Heart (Germany), Jarvik Heart, Inc. (US), CARMAT (France), SENKO MEDICAL INSTRUMENT Mfg. CO., LTD. (Japan), Angiodroid (Italy), CardioDyme (US), and World Heart Corporation (US).
Abbott Laboratories occupied the leading position in the heart pump devices market, with a share of 30.6% in 2020. In the heart pump devices market, the company offers VADs to treat heart failure in patients. The company has consistently adopted strategic initiatives over the years, helping it gain a competitive edge in the market. In 2020, the FDA approved the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure. The company is also extremely innovation-centric and invests heavily in R&D to maintain its market share. It has a strong presence in the US; in 2020, it registered ~37.6% of its total revenue from the US.
Geographical Analysis in Detailed?
The heart pump device market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the market. The large share of this market segment can be attributed to the rising adoption of heart pump devices, the high prevalence of CVDs, the growing number of research activities to improve current technologies, and the limited availability of donor hearts for transplants.
Ventricular assist devices are expected to hold the largest share of the heart pump device market.
Based on products, segmented into ventricular assist devices, intra- aortic balloon pumps, and total artificial hearts. Ventricular assist devices are the largest and fastest-growing segment in this market. Growth in this segment can primarily be attributed to technological advancements, the shortage of organ donors, and the increasing prevalence of heart failure globally.
Implantable heart pump devices are expected to hold the largest share of the heart pump device market.
Based on type, segmented into implantable heart pump devices and extracorporeal heart pump devices. In 2020, implantable heart pump devices accounted for the largest share of this market, due to the introduction of innovative products by leading players and the rising need for an efficient solution to manage heart failure.
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