NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global heart pump device market is expected to grow from US$ 4.0 billion in 2024 to US$ 25.4 billion by 2034. By 2034, the market is projected to surge at 20.4% CAGR.
The market for heart pump devices is anticipated to expand due to a rising number of people being diagnosed with cardiovascular diseases (CVDs), a growing number of product approvals, and a promising pipeline of new products. The increasing research and development efforts related to heart pump devices are set to positively impact the market's growth.
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Leading companies are considering joint ventures, partnerships, and collaborations to push the development of heart pump technologies. Heart pump devices are set to become significantly more necessary as heart attacks and other cardiac diseases become increasingly common. Due to the growing use of new medical technology, the market for heart pump devices is expected to see increased competition among the leading players.
- According to a National Library of Medicine article, by 2030, around 8 million people in the United States will have heart failure.
Due to the increasing incidence of heart failure, the market for heart pump devices is expanding significantly.
Key Takeaways from the Heart Pump Device Market Report:
- The heart pump device market is expected to reach a valuation of US$ 25.4 billion by 2034.
- The market is projected to surge at a CAGR of 20.4% by 2034.
- China's heart pump device market is expected to grow at a CAGR of 21.7% by 2034.
- The United States is projected to reach a valuation of US$ 4.5 billion in 2034.
- Based on type, the implanted heart pump devices segment is expected to surge at 20.0% CAGR by 2034.
"Several governments have been putting measures into place to promote healthcare innovation and hasten the creation & marketing of medical equipment. This includes programs to assist home-grown medical device producers, offer financial incentives for research & development, and streamline regulatory procedures." – opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Abbott, ABIOMED, CorWave SA, LivaNova PLC, and Berlin Heart are key heart pump device manufacturers listed in the report. Collaboration between medical device companies, research institutions, and healthcare providers is becoming increasingly common. These partnerships facilitate the exchange of knowledge and resources, accelerating the development and adoption of innovative heart pump devices.
Key firms are pursuing strategic initiatives to optimize their market domination, such as acquisitions, mergers, and collaborations. At the same time, they are introducing cutting-edge products at competitive rates.
For instance,
- In December 2022, Johnson & Johnson acquired Abiomed, Inc. It is expected to operate independently within Johnson & Johnson's MedTech segment.
- In 2022, Abiomed declared that the FDA had approved two clinical research projects involving Impella heart pumps in individuals suffering from acute myocardial infarction (AMI) and cardiogenic shock.
Key Companies Profiled:
- Abbott
- ABIOMED
- CorWave SA
- LivaNova PLC
- Berlin Heart
- SynCardia Systems
- LLC
- Jarvik Heart
- BiVACOR Inc.
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Heart Pump Device Market Segmentation by Category:
By Type:
- Implanted Heart Pump Devices
- Extracorporeal Heart Pump Devices
By Product:
- Ventricular Assist Devices (VADs)
- Left Ventricular Assist Devices (LVAD)
- Right Ventricular Assist Devices (RVAD)
- Bi-ventricular Assist Devices (BiVAD)
- Percutaneous Ventricular Assist Devices (PVAD)
- Total Artificial Hearts (TAHs)
- Intra-aortic Balloon Pumps (IABPs)
- Extracorporeal Membrane Oxygenation (ECMO)
By End-use:
- Hospitals
- Cardiac Centers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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