Press release
Heart Pump Devices Market Share, Size, Drivers, Barriers, Landscape | Key Companies- Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, and Others
Heart Pump Devices Market
Global Heart Pump Devices Market was valued at USD 2.37 billion in 2020, growing at a CAGR of 15.24% during the forecast period from 2021 to 2026, to reach USD 6.36 billion by 2026. 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 in COVID-19 which further pushed 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.
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Heart Pump Devices: An Overview
Heart pump devices are utilized in patients that are suffering from heart issues such as a recent cardiac arrest. They carry out the normal functions of the heart by maintaining regular cardiac circulation and replacing the heart partially or completely. After receiving the blood from the lower chambers of the heart, it helps in transferring the blood to all the vital organs in the body.
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Recent Developmental Activities in The Heart Pump Devices Market:
In August 2021, the United States Food and Drug Administration (FDA) has granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous Heart Pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes including design iterations, clinical study protocols, and pre-market approval (PMA) application.
In February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
In December 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure.
Key Takes Away from the Heart Pump Devices Market Report Study
Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Heart Pump Devices market.
Top key product/services/technology developments, mergers, acquisitions, partnership, 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 2020? How these segments will perform in 2026.
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?
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Heart Pump Devices Market Dynamics
As per the Centres for Disease Control and Prevention (CDC), in 2020, certain risk factors like coronary artery disease (CAD), heart attacks, diabetes, high blood pressure, and obesity increases the risk for heart failure. According to a report from the American Heart Association, 2020, the prevalence of heart failure continues to increase over time, with the aging of the population. An estimated 6.2 million American adults ≥20 years of age had heart failure between 2013 and 2016, compared with an estimated 5.7 million between 2009 and 2012
Heart Pump Devices Market Segment Analysis
Heart Pump Devices by Product (Ventricular Assist Devices- Left Ventricular Assist Devices (LVAD), Percutaneous Ventricular Assist Devices (PVAD), Biventricular Ventricular Assist Devices (BIVAD), Right Ventricular Assist Devices (RVAD), and Intra-Aortic Balloon Pumps, Total Artificial Hearts), Heart Pump Devices market by Type (Implanted Heart Pump Device, Extracorporeal Heart Pump Device), Heart Pump Devices market by Therapy (Bridge-To-Transplant (BTT), Bridge-To-Candidacy (BTC), Destination Therapy (DT)), Heart Pump Devices market by End-User (Hospitals, Cardiac Centres, Ambulatory Surgical Centres), and Heart Pump Devices market by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
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Heart Pump Devices Market By Product Segment
Ventricular Assist Devices is expected to hold the largest share and it is one of the fastest-growing segments in this market. It is primarily attributed to technological advancements, the scarcity of organ donors, and the increasing prevalence of heart failure globally. The technologically advanced features like the smaller pump size enable it to be implanted with minimal invasion to provide complete ventricular circulation assistance and reduced hemolysis by providing ample path for circulation, thus accounting for the largest shareholder in the market. There are various types of Ventricular Assist Devices available in the market, such as Left Ventricular Assist Devices, Percutaneous Ventricular Assist Devices, Biventricular Ventricular Assist Devices, and Right Ventricular Assist Devices. Additionally, assistance from government bodies, and favorable reimbursement scenarios, is expected to enhance the market potential in several countries. Hence, all the above-mentioned factors are expected to drive the segment growth of the Heart Pump Devices market
Heart Pump Device Market Companies
Abbott Laboratories
Abiomed, Inc.
Teleflex Incorporated
SynCardia Systems, LLC
St. Jude Medical Inc
CARMAT
CorWave SA
Medtronic Inc.
Terumo Heart, Inc.
Calon Cardio-Technology Ltd
NovaPump GmbH
Fresenius Medical Care AG & Co. KGaA
Angiodroid srl
Getinge AB, and Others
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Table of content
1. Report Introduction
2. Executive summary
3. Regulatory and Patent Analysis
4. Key factors analysis
5. Porter's Five Forces Analysis
6. COVID-19 Impact Analysis
7. Market layout
8. Global Company Share Analysis - Key 3-5 Companies
9. Company and Product Profiles
10. Project Approach
11. KOL Views
12. DelveInsight Capabilities
13. Disclaimer
14. About DelveInsight
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About Us
DelveInsight is a leading Life Science market research and business consulting company recognized for its off-the-shelf syndicated market research reports and customized solutions to firms in the healthcare sector.
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DelveInsight is a leading Life Science market research and business consulting company recognised for its off-the-shelf syndicated market research reports as well as customised solutions to firms in the healthcare sector.
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