Heart Pump Devices: The increasing prevalence of cardiovascular disorders is likely to drive the growth of the global market at a CAGR of 21.50%

Pune, India, May 2023 /MRFR Press Release/- Market Research Future (MRFR) announces the publication of its research report – Global Heart Pump Devices Market, 2022–2030

Market Highlights

The heart pump devices market is expected to register a CAGR of 21.50% during the forecast period (2022-2030) and is anticipated to reach USD 2.52 Billion by 2030.

Heart pump devices are mechanical pumps that are used to support the function of the heart and blood flow in individuals with unhealthy hearts. Heart pump devices receive blood from the lower chamber of the heart and pump it to the body and vital organs.

Regional Analysis

The Americas dominates the global heart pump devices market owing to the increasing aging population, which eventually leads to the increasing patient population. Additionally, the increasing cardiovascular disorder rate along with rising government initiatives for the research and development of innovative and advanced products are likely to enhance the growth of heart pump devices in the North American region. The American Heart Association estimated that 31% of the deaths in the U.S. were due to cardiovascular disorders in 2015. Similarly, the American Heart Association, funded over USD 163 million for the research and development of 980 research projects related to cardiovascular disorders. Additionally, the firm stated that cardiovascular disorders claim more deaths than cancer and chronic lower respiratory diseases. These factors are likely to drive the growth of the American heart pump devices market.

Europe accounts for the second largest market due to the increasing rates of cardiovascular disorders and obesity. Additionally, the increasing government support and increasing healthcare infrastructure along with the increasing demand for minimally invasive treatments are driving the growth of the heart pump devices market in Europe. For instance, Eurostat estimated that over 19.2% of the population in Europe was aged 65 and above. This increasing older population is likely to lead to the rising patient population. These factors are likely to drive the growth of the heart pump devices market.

Asia Pacific is the fastest growing market for heart pump devices whose growth is attributed to the rising population and improved standard of living. Additionally, the increasing healthcare spending and demand for new and innovative treatment options are likely to drive the growth of the market. India and China are the major contributors to the market growth due to the rapid development of healthcare infrastructure in these regions and increasing demand for diagnostic services.

On the other hand, the Middle East and Africa is expected to witness slow growth due to limited access to healthcare facilities and affordability issues among the population. In the Middle East, the growth of the market is driven by the increasing availability of new and advanced diagnostic and treatment methods for various chronic diseases.

Explore In-depth Details: Heart Pump Devices market Research Report

Segmentation

The global heart pump devices market is segmented by type, product, therapy, and end-user.

Considering type, the market is segmented into implantable heart pump devices and extracorporeal heart pump devices.

By product, the market is segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. Based on ventricular assist devices, the market is again segmented into right ventricular assist devices, left ventricular assist devices, bi-ventricular assist devices, percutaneous ventricular assist devices, and transcutaneous ventricular assist devices.

With reference to therapy, the market is segmented into bridge-to-candidacy, bridge-to-transplant, destination therapy, and others.

On account of end-user, the market is segmented into hospitals and clinics, research institutes, and ambulatory surgical centers.

Key Players

Some of the key players in the heart pump devices market are Medtronic, Abbott, Abiomed, Getinge, Syncardia Systems, Teleflex, Reliantheart, Terumo, Berlin Heart, Cardiacassist, and Thoratec Corporation, among others.