New York, NY, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Heart Pump Device Market by Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps, and Total Artificial Heart),by Type (Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices), and by Therapy (Bridge-To-Candidacy (BTC), Bridge-To-Transplant (BTT), Destination Therapy (DT), and Other Therapies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2024”. According to the report, the global heart pump device market was valued at approximately USD 1,648 million in 2017 and is forecast to generate revenue of around USD 5,497 million by the end of 2024, growing at a CAGR of around 18.8% between 2018 and 2024.
Heart pump devices are used to support heart functioning and blood flow, particularly for those who are suffering from heart-related issues. They are electromechanical devices assisting cardiac circulations and are partially or completely used for replacing the function of a failing heart. Increasing incidences of cardiovascular diseases are triggering the expansion of the heart pump device market worldwide. Cardiovascular diseases are among the top causes of death worldwide, according to the World Health Organization.
Browse through 72 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Heart Pump Device Market: By Product Type, Size, Share, Industry Segments, Analysis and Forecast, 2018 - 2024”.
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The global market for heart pump device is classified in terms of product, therapy, type, and geography. By product, the heart pump device market is divided into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. Ventricular assist devices segment is further sub-segmented into bi-ventricular assist devices, right ventricular assist devices, left ventricular assist devices, and percutaneous ventricular assist devices. Ventricular assist devices segment contributed substantial revenue to the global heart pump device market in the year 2017 and is expected to record significant growth over the coming years. This is due to the increasing prevalence of heart failure. The left ventricular assist devices sub-segment is expected to account for the highest share in heart pump devices market in the upcoming years.
By type, the market for heart pump device is bifurcated into extracorporeal heart pump devices and implantable heart pump devices. Implantable heart pump devices segment contributed substantial market share in the year 2017 and is slated to record a remarkable growth in the forecast span. This market is driven by the higher success rate of products, enhanced technology, and improved efficiency. Increasing safety in the implantation process of implantable heart pump devices is anticipated to fuel the market growth and will contribute significantly toward this segment share in the global heart pump device market.
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By therapy, the heart pump device market is divided into Bridge-To-Candidacy (BTC), Bridge-To-Transplant (BTT), Destination Therapy (DT), and other therapies. The Bridge-To-Candidacy (BTC)is likely to contribute a significant share in the global heart pump device market. This segment is anticipated to record the highest CAGR in the forecast span, owing to effective patient outcomes and better results.
North America is anticipated to dominate the global heart pump device market in the forecast timeframe, owing to high incidences of cardiovascular diseases, adoption of advanced technologies, high disposable income, and increased awareness about heart diseases and implantation. According to the American Heart Association, on an average, 1 death occurs every 40 seconds due to cardiovascular disease, i.e., about 2,200 Americans die of cardiovascular disease daily. The U.S. is anticipated to dominate the North American market for heart pump device, owing to the high prevalence of CVDs. In the U.S., around 801,000 deaths occurred due to cardiovascular disease in 2017 that is 1 in every 3 deaths in the U.S was due to cardiovascular ailments. Moreover, high investments in research & development activities for the development of newer products and favorable reimbursement policies are anticipated to further propel this market’s growth.
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Europe is anticipated to have the second largest share in the global heart pump device market, owing to the high mortality rate as a result of heart and circulatory diseases. According to the British Heart Foundation, there are around 42,000 people under the age of 75, who are likely to die from cardiovascular diseases in the UK annually. UK and Germany are predicted to dominate the European heart pump device market, owing to the increasing cases of CVDs, sedentary lifestyle, increasing obese population, and easy availability of treatment options.
The Asia Pacific region is expected to record the highest CAGR in the forecast timeframe. Increasing incidences of heart failures, developments made in the medical tourism sector, and improving healthcare facilities and its easy availability and accessibility will prominently boost this market’s growth in the Asia Pacific region. Moreover, the increasing economic growth and rising adoption of heart pump devices in the region will significantly contribute toward the growth of heart pump device market in the region. Additionally, changing lifestyles, increasing population with high obesity rate, high blood pressure, and other heart-related disorders is also likely to fuel this market’s growth during the forecast period.
Browse the full "Heart Pump Device Market by Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps, and Total Artificial Heart),by Type (Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices), and by Therapy (Bridge-To-Candidacy (BTC), Bridge-To-Transplant (BTT), Destination Therapy (DT), and Other Therapies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2024" report at https://www.zionmarketresearch.com/report/heart-pump-device-market
The Latin America and the Middle East and Africa markets have contributed the least toward this market’s growth in comparison to other regions, due to low awareness about implantable devices, high costs of treatment, low disposable income, lack of reimbursement policies, and unaffordable conditions.
High prevalence of cardiovascular disorders, rapidly developing healthcare infrastructure, and an increase in the adoption of heart pump devices in the Asia Pacific region is likely to propel the growth of heart pump device market in the region, which is anticipated to register the highest CAGR in the forecast timeframe.
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Some key players of the heart pump device market include Abbott Laboratories, SynCardia Systems, Fresenius Medical Care, Abiomed, Medtronic, Jarvik Heart, Getinge, Teleflex, Reliantheart, Terumo, Berlin Heart, and CardiacAssist.
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This report segments the global heart pump device market as follows:
Global Heart Pump Device Market: Product Segment Analysis
- Ventricular Assist Devices
- Left Ventricular Assist Devices
- Right Ventricular Assist Devices
- Bi-Ventricular Assist Devices
- Percutaneous Ventricular Assist Devices
- Intra-Aortic Balloon Pumps
- Total Artificial Heart
Global Heart Pump Device Market: Type Segment Analysis
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
Global Heart Pump Device Market: Therapy Segment Analysis
- Bridge-To-Candidacy (BTC)
- Bridge-To-Transplant (BTT)
- Destination Therapy (DT)
- Other Therapies
Global Heart Pump Device Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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