Wilmington, Delaware, United States, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global heart pumps market was projected to attain US$ 2.7 billion in 2022. It is anticipated to garner an 18.3% CAGR from 2023 to 2031 and by 2032, the market is likely to attain US$ 12.3 billion by 2031.
Heart pumps are mechanical medical devices intended to supplement or replace a failing heart's functions. Patients with failing hearts who are unable to pump enough blood to fulfill their bodies' demands are the main ones who utilize them.
These devices assist patients live a better overall quality of life by promoting better circulation and reducing heart failure symptoms. Heart pumps can be worn externally or installed inside. They are intended for use as a stopgap while the heart heals, or for people who are not candidates for transplants.
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Latest market research on heart pumps shows a tendency toward the creation of more compact, robust devices with longer battery lives and the capacity to remotely monitor users in real time. Integration of innovations, such as using flow pumps to lower the chance of complications, is becoming more popular.
Benefits include a reduction in symptoms like exhaustion and shortness of breath, a longer life expectancy, and a real end-stage heart failure therapy option are driving the heart pump market.
Key Findings of the Market Report
- Increased environmental pollution, a growing number of people adopting sedentary lifestyles, an increase in the number of elderly people worldwide, and genetic predispositions are all important factors contributing to the increased prevalence of cardiovascular illnesses.
- Stress at work and bad lifestyle choices like drinking and smoking raise the risk of high blood pressure, diabetes, and cholesterol, all of which are important initiators of heart-related disorders.
- Compared to the previous ten years, improvements in healthcare and diagnostic technology have led to a better detection of cardiovascular diseases.
Market Trends for Heart Pumps
- There are a number of reasons for the increase in public awareness of the value of cardiac care, including the focused and coordinated efforts of advocacy groups, healthcare organizations, and governments.
- To encourage healthy lifestyles and enhance patient care, the governments of many nations frequently launch public awareness campaigns, provide financial incentives, and provide substantial money for research in these areas.
- These initiatives raise public and healthcare professional knowledge of the effectiveness of heart pumps and their advantages for patients' general health.
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Global Market for Heart Pumps: Regional Outlook
- In 2022, North America had the most share of the industry. The regional heart pump industry statistics are enhanced by the presence of a well-developed healthcare sector, a growth in awareness of innovative cardiovascular care technology, and an increase in research and development expenses.
- According to the CDC Foundation, cardiovascular health problems account for an estimated one in six American healthcare spending dollars. It is estimated that the yearly cost of heart-related disorders in the United States would approach US$ 818.0 billion by 2030.
- As per the most recent heart pumps market prediction, Asia Pacific's business is expected to rise steadily between 2023 and 2031. The region's market dynamics are being driven by a rise in heart attacks, strokes, and other cardiovascular disorders.
Global Heart Pumps Market: Key Players
The top manufacturers of heart pumps are heavily investing in the creation of implantable and artificial heart pumps in order to provide patients with the best possible cardiac care and enhance their quality of life.
The top companies in the heart pump market frequently work together on research projects as a means of diversifying their product offerings. The following companies are well-known participants in the global heart pumps market:
- SynCardia Systems LLC
- Berlin Heart GmbH
- Jarvik Heart Inc.
- Calon Cardio-Technology Ltd.
- Teleflex Incorporated
- Abbott Laboratories
- Medtronic plc
Key developments by the players in this market are:
- Israel-based Magenta Medical, a manufacturer of medical devices, declared in June 2023 that it was conducting an early-stage feasibility study to create and deploy the smallest heart pump ever.
- The Australian Government awarded a grant of AUD$750,000 to the medical device business BiVACOR in October 2022. With the help of this finance, the business hopes to decrease the dimensions and weight of the external controller for its Total Artificial Heart (TAH), which will enhance the patient experience.
Global Heart Pumps Market Segmentation
Product
- Intra-aortic Balloon Pumps
- Ventricular Assist Devices
- Left Ventricle Assist Devices (LVAD)
- Right Ventricle Assist Devices (RVAD)
- Biventricular Assist Devices (BVAD)
- Others
- Total Artificial Heart
Flow Regime
- Centrifugal Flow Pump (CFP)
- Axial Flow Pump (AFP)
- Mixed Flow Pump (MFP)
Therapy
- Bridge-to-Candidacy (BTC)
- Bridge-to-Transplant (BTT)
Location
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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