Heart Pump Device Market Size, Share According to latest research on focusing on Leading Key Player

New York , United States- Report Ocean presents a new report on Heart Pump Device Market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market's future.

The global heart pump device market was US$ 2.35 billion in 2020. The global heart pump device market is forecast to reach US$ 14.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 19.6% during the forecast period from 2021-2030.

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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Heart Pump Device Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market's future growth.

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The heart pump device is a device that is surgically implanted to maintain the functioning of the device. This mechanical pump is used to pump blood to the body from the lower chamber of the patient's heart.

Factors Influencing

The growing cases of cardiovascular diseases are the primary factor fueling the demand for the heart pump devices market.

Increasing regulatory consent for innovative devices may propel market growth in the coming years. Medtronic Plc obtained approval from Food and Drug Administration (FDA) regarding a less invasive heart pump implant procedure. The company received approval in 2018 for its HVAD System that can be helpful in advanced heart failure cases.

The unavailability of donors is another factor accelerating market growth. The Centers for Disease Control and Prevention (CDC) estimates that around 370,000 people suffering from heart disease die in the United States every year.

High expenses associated with the healthcare facilities in emerging nations may become another reason for the growth in the demand for heart pump devices. Apart from that, the growing rate of expanding geriatric population, which are more prone to getting affected by heart diseases, may propel the market growth during the analysis period.

The excessive cost associated with the heart pump device can negatively impact the market growth during the forecast period.

Geographic Analysis

Geographically, North America would become the largest shareholder in the global heart pump device market during the forecast period. The region is registering a growing number of patients with cardiovascular diseases. Around 610,000 people die every year in the United States because of severe cardiovascular diseases. Apart from that, the increasing percentage of the geriatric population is also upscaling the demand for heart pump devices. The U.S. Census Bureau estimates that the population of age 65 years or more was recorded around 43.1 million in 2012. Moreover, this data is forecast to reach 83.7 million in 2050.

The market is forecast to witness traction in the Asia-Pacific because of the growing cases of cardiovascular diseases. Apart from that, growing healthcare expenditure and government support would create beneficial opportunities for the market players.

COVID-19 Impact Analysis

The COVID-19 outbreak had a positive impact on the global heart pump device market. The approvals from FDA emergency increased due to worldwide emergency. COVID patients suffering from heart failure fueled the demand for heart pump devices. In August 2020, Abiomed was authorized with EUA from the FDA for the left-sided Impella heart pumps to help out those undergoing Extracorporeal Membrane Oxygenation (ECMO) treatment.

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Competitors in the Market

Medtronic plc

Abbott Laboratories

Abiomed

Teleflex Incorporated

Getinge AB

SynCardia Systems, LLC

Terumo Corporation

ReliantHeart Inc.

CardiacAssist, Inc

Berlin Heart GmbH

Jarvik Heart, Inc.

Other prominent players

Market Segmentation

Heart Pump Device Market by Product

Ventricular Assist Devices

Left Ventricular Assist Devices

Percutaneous Ventricular Assist Devices

Biventricular Ventricular Assist Devices

Right Ventricular Assist Devices

Intra aortic Balloon Pumps

Total Artificial Hearts

Heart Pump Device Market by Type

Implanted Heart Pump Device

Extracorporeal Heart Pump Device

Heart Pump Device Market by Therapy

Bridge-to-Transplant (BTT)

Bridge-to-Candidacy (BTC)

Destination Therapy (DT)

Other Therapies

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Heart Pump Device Market by Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What are the aspects of this report that relate to regional analysis?

The report's geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.

Reports on the market include the growth rates of each region, which includes their countries, over the coming years.

How are the key players in the market assessed?

This report provides a comprehensive analysis of leading competitors in the market.

The report includes information about the key vendors in the market.

The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.

The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.

A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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