Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Heart Pump Device - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The heart pump devices market was valued at USD 2.73 billion in 2023, growing at a CAGR of 15.16% during the forecast period from 2024 to 2030, to reach USD 6.35 billion by 2030
The demand for heart pump devices is primarily motivated by the increase in cardiovascular disease (CVDs) prevalence, the rise in the geriatric population, and various companies with products in their pipeline phase. Heart Pump devices were found to be extremely beneficial in heart failure cases which further pushed for the demand for these devices during the pandemic situation.
Due to a scarcity of heart suppliers, cardiac pumps are an optimal solution that encourages Global market expansion. Factors such as the high cost of the pump and a low repayment scenario in developing countries are nevertheless projected to inhibit the growth of the market.
Heart Pump Devices Market Dynamics:
According to the American Heart Association 2022, about 244.1 million people were globally living with coronary (ischemic) heart disease in 2020. As per the data provided by British Heart Foundation 2022, worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men. The source mentioned above further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the commonest and prevalent cardiovascular conditions worldwide in 2019.
According to Pan American Health Organization (PAHO) 2022, cardiovascular diseases cause more deaths yearly than any other disease. Heart disease and stroke-related fatalities account for more than three-quarters of all deaths in low- and middle-income nations in 2021.
The increasing number of research and development activities pertaining to heart pump devices is further going to assist in the growth of the heart pump devices market. For example, in August 2022, Abbott based upon data obtained from the MOMENTUM 3 trial announced that its HeartMate 3 heart pump extends the survival of heart failure patients by at least five years.
Therefore, the afore-said factor will propel the overall market of heart pump devices in the upcoming years. However, the high cost of the pump and low repayment scenario in developing countries may act as a restraint in the growth of the heart pump devices market.
Heart Pump Devices Market Segment Analysis:
In the product segment of the heart pump devices market, left ventricular assist devices (LVAD) under the ventricular assist devices category are expected to hold the largest share and are one of the fastest-growing segments in this market. It is primarily attributed to the advantages and applications associated with LVAD coupled with increasing technological advancements, the scarcity of organ donors, and the increasing prevalence of heart failure globally.
North America is expected to dominate the overall Heart Pump Devices Market:
North America is expected to dominate the overall Heart Pump Devices market during the forecast period. This can be ascribed to the presence of a large patient pool suffering from cardiovascular diseases (CVDs), the highly potent market in terms of product development and launches, high consumer awareness, and the presence of local key market players among other factors in the country, driving the market growth.
The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020.
Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent - the damage is done, but the person is not aware of it.
The increasing number of product development activities in the region is further going to accelerate the growth of the heart pump devices market. For example, in August 2021, the US Food and Drug Administration granted a breakthrough device designation to Abiomed's Impella ECP expandable percutaneous heart pump.
Thus, due to the increase in demand for heart pump devices in the region, there will be a subsequent rise in the growth of heart pump devices regional market during the forecast period.
Key Takeaways from the Heart Pump Devices Market Report Study
- Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the Global Heart Pump Devices Market.
- Various opportunities are available for the other competitor in the Heart Pump Devices Market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Heart Pump Devices market growth in the coming future?
Heart Pump Devices Market Key Factors Analysis
Heart Pump Devices Market Drivers
- Rise in cardiovascular diseases (CVDs)
- The rise in the geriatric population
- Various companies with products in their pipeline phase
Heart Pump Devices Market Restraints and Challenges
- High cost of the pump
- Low repayment scenario in developing countries
Heart Pump Devices Market Opportunities
- Preference for self-regulated pumps
- Development of non-invasive, compact, and advanced devices
Company Profiles
- Abbott Laboratories
- Abiomed, Inc.
- Teleflex Incorporated
- SynCardia Systems, LLC
- St. Jude Medical Inc.
- Berlin Heart
- CARMAT
- CorWave SA
- Medtronic Inc.
- Terumo Heart, Inc.
- Calon Cardio-Technology Ltd.
- NovaPump GmbH
- Fresenius Medical Care AG & Co. KGaA
- Angiodroid srl
- Getinge AB
For more information about this report visit https://www.researchandmarkets.com/r/i03oze
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