The Global Heart Pump Device Market in terms of revenue was estimated to be worth $2.1 billion in 2021 and is poised to reach $5.5 billion in 2026, growing at a CAGR of 21.6% from 2021 to 2026. Promising product pipeline, increasing number of product approvals and emerging markets are expected to offer growth opportunities in the market during the forecast period.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=237125725
Market Dynamics
Driver: Long waiting periods for heart transplant procedures
In the last few years, the demand for heart transplantation has increased significantly due to the rising incidence of CVDs and heart failure. However, the unavailability of adequate hearts for transplantation to meet the existing demand has globally resulted in a shortage crisis. According to the national database maintained by the Health Resources and Services Administration (US), as of March 2018, there are about 3,980 candidates on the heart transplant waiting list.
Restraint: Complications associated with LVAD implantations
Ventricular assist devices specifically left ventricular assist devices (LVADs), are used widely for bridge-to-heart transplantation. Although LVADs are considered life-saving devices, they come along with various associated complications.
LVAD-related complications usually occur in up to 60% of patients by six months post-implantation. By two years, nearly 80% of patients experience at least one adverse event. Unplanned hospital readmissions are common. It has been witnessed that patients are readmitted, on average, 2.2 times during their 11-month median follow-up time.
Opportunity: Promising Product Pipeline
The heart pump device market consists of various companies with products in the developmental phase. Companies with products in the pipeline focus on developing innovative solutions, which can accelerate the growth of the market.
For instance, the TAH industry is a dynamic area of device innovation and is anticipated to witness a surge in the number of launches and approvals in the coming years. The below table lists the TAHs in the pipeline and their respective stages.
Request 10% Customization:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=237125725
Europe commanded the largest share of the heart pump device industry in 2021.
On the basis of region, 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 heart pump device market. The large share of this region can be attributed to the increasing use of heart pump devices, rising prevalence of CVDs, and the rise in the number of research activities to improve current technologies.
Recent Developments:
- In 2021, CARMAT Received FDA approval to conduct an Early Feasibility Study (EFS) of its TAH in the US
- In 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure
- In 2020, Abiomed received approval from the Ministry of Health, Labour and Welfare (MHLW) for the Impella CP Heart Pumps in Japan
- In 2020, SynCardia Systems received FDA approval for the 50cc temporary Total Artificial Heart (TAH-t)
- In 2020, CARMAT received the CE Mark for its total artificial heart.
- In 2019, Medtronic received FDA’s “Breakthrough Device Designation” for its fully implantable left ventricular assist device (LVAD)
- In 2018, Angiodroid Received the CE Mark for ANGIOPULSE, the company’s IABP device.
Key Market Players
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).
Report Link: ( Heart Pump Device Market )
