HEART PUMP DEVICE MARKET TO REACH USD 5.8 BILLION BY 2027 | CAGR 11.6% — FORENCIS RESEARCH
Global Heart Pump Device Market: Key Highlights
- According to the new market research report “Heart Pump Device Market by Product (Ventricular Assist Devices (VADs), Intra-aortic Balloon Pumps (IABPs), Total Artificial Heart (TAH).), by Type (Implantable Heart Pump Devices, Extracorporeal Heart Pump Devices), by Therapy (Bridge-to-transplant (BTT), Bridge-to-candidacy (BTC), Destination Therapy (DT), Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global heart pump device market is estimated to reach USD 5.8 billion by 2027 at a CAGR of around 11.6% during the review period.
- Heart Pump is a medical device that supports the heart function and blood flow among the people with a weak heart
- This device serves as a potential therapeutic option for several patients to get mechanical circulatory support
- Heart pump device improves the blood flow and circulation thereby promoting the functioning of the kidneys, liver, brain and other vital organs, enhancing the patient’s strength to involve in cardiac rehabilitation and also enabling the patient’s discharge as early as possible from the hospital
Global Heart Pump Device Market: Key Market Dynamics
- Rising prevalence of cardiovascular diseases has expected to boost the demand for heart pump device during the forecasted period
- The huge gap between the demand and supply of donors heart may boost the demand for heart pump device
- The high cost of the device coupled with high-cost implantation procedure is expected to hamper the market growth up to some extent
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Global Heart Pump Device Market: Regional Overview
- North America
North America is anticipated to be the largets-growing heart pump device market during the forecasted period. This has attributed to the rising prevalence of cardiovascular diseases and rising elderly population. According to the Center for Disease Control and Prevention (CDC), 30.3 million adults were diagnosed with heart disease in 2019. Additionally, factors such as increasing government initiatives, funding for research and development in advanced medical treatment options, and rising demand for technologically advanced treatments are likely to enhance the growth of heart pump device market in the region.
Europe is anticipated to witness the fastest growth in the heat pump device market during the forecasted period due to the availability of advanced treatment facilities and healthcare expenditure. According to the European Heart Network, cardiovascular disease accounted for 45% of all deaths in Europe in 2017. Furthermore, the increasing prevalence of cardiovascular disorders, along with the rising elder population eventually increasing the patient population is supporting the growth of the heart pump devices market
Global Heart Pump Device Market: Key Players Overview
Medtronic is an Irish-based company engaged in manufacturing of medical devices. The company operates through four business segments including the Cardiac and Vascular Group (CVG), the Restorative Therapies Group (RTG), the Diabetes Group and the Minimally Invasive Therapies Group (MITG). Medtronic has 76 manufacturing sites and has its presence in more than 150 countries. The company has more than 47,000 patents registered in its portfolio. In October 2019, Medtronic received FDA’s approval for a new implantable heart pump.
Abbott is a US-based company engaged in manufacturing a multifunctional medical device. The company operates through nutrition, medical device, diagnosis, and pharmaceutical business segments. Abbott offered more than 600 products such as cardiovascular, diabetes, diagnosis, neuromodulation, nutrition, and pharmaceuticals across the globe. The company has a strong sales and distribution network and geographical presence in more than 150 countries.
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