The global heart pump device industry is projected to expand significantly from USD 4.0 billion in 2024 to a remarkable USD 25.4 billion by 2034. The market is anticipated to grow at an impressive compound annual growth rate (CAGR) of 20.4% during the forecast period.
Key Growth Drivers:
- Rising Prevalence of Cardiovascular Diseases (CVDs): The increasing global burden of heart failure and other cardiovascular conditions is driving demand for advanced heart pump devices.
- Technological Advancements: Continuous innovations, such as the development of miniaturized, implantable, and durable pump systems, are significantly boosting market growth.
- Aging Population: The growing geriatric population, which is more prone to heart conditions, is a major contributor to the expanding market.
- Improved Patient Outcomes: Heart pump devices, including ventricular assist devices (VADs) and total artificial hearts (TAHs), have shown significant efficacy in improving survival and quality of life for patients awaiting transplants or ineligible for them.
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Market Opportunities:
- Emerging Economies: Increasing healthcare investments in developing countries are creating new opportunities for market players.
- Expansion of Indications: Broadening the use of heart pump devices beyond advanced heart failure to include moderate cases may further propel growth.
Challenges:
- High Costs: The expensive nature of heart pump devices and associated care remains a barrier, especially in low-income regions.
- Regulatory Hurdles: Stringent approval processes may slow the introduction of new devices in certain markets.
With significant advancements and a growing focus on patient-centric healthcare, the heart pump device market is positioned to play a critical role in addressing global cardiovascular health challenges over the next decade.
Market Drivers
- Rising Prevalence of Cardiovascular Diseases: The increasing incidence of cardiovascular diseases, including heart failure and coronary artery disease, is driving demand for heart pump devices as effective treatment options.
- Technological Advancements: Innovations in heart pump technologies, such as the development of more durable and efficient ventricular assist devices (VADs), are enhancing patient outcomes and expanding the applications of these devices.
- Growing Geriatric Population: An aging population that is more susceptible to heart diseases necessitates the use of advanced heart pump solutions, contributing to market growth.
- Increased Research and Development: Ongoing R&D efforts aimed at improving heart pump technologies and developing new products are expected to positively impact market dynamics.
- Rising Awareness and Acceptance of Minimally Invasive Procedures: There is a growing acceptance of minimally invasive surgical techniques, which often involve the use of heart pump devices, leading to increased adoption in clinical settings.
- Regulatory Approvals and Support: A favorable regulatory environment with expedited approvals for innovative heart pump devices is encouraging manufacturers to invest in new product development.
Regional Insights
- The United States is projected to remain the largest market for heart pump devices, with a valuation expected to reach approximately USD 4.5 billion by 2034.
- Other regions such as China, with a projected CAGR of 21.7%, and South Korea, with a CAGR of 22.2%, are also expected to witness significant growth due to increasing healthcare investments and rising patient populations requiring cardiac care.
Heart Pump Device Market Overview
- The rising prevalence of cardiovascular illnesses and the aging population are two key factors that are anticipated to fuel growth of the heart pump device market during the forecast period.
- The growing market penetration of industry participants is predicted to slow down the market expansion for heart pump devices.
- Post pandemic, patients with pre-existing cardiac diseases who contracted COVID-19 are more likely to suffer from a severe sickness, which led to a rising demand for heart pump devices.
Competitive Landscape
Collaborations between medical device companies, research institutions, and healthcare providers are 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. 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 approved two clinical research projects involving Impella heart pumps in individuals suffering from acute myocardial infarction (AMI) and cardiogenic shock.
- In 2022, the School of Medical Research and Technology (SMRT) at IIT Kanpur announced the opening of Hridyantra, a challenge-based initiative to create a cutting-edge artificial heart.
Key Companies Profiled
- Abbott
- ABIOMED
- CorWave SA
- LivaNova PLC
- Berlin Heart
- SynCardia Systems
- LLC
- Jarvik Heart
- BiVACOR Inc.
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
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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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