Press release
Heart Pumps Market is Set to Garner Staggering Revenues by 2027
Heart Pumps Market: IntroductionTransparency Market Research has published a new report titled 'Global Heart Pumps Market'. According to the report, the global heart pumps market was valued at approximately US$ 1.8 Bn in 2018. The global heart pumps market is expected to expand at a CAGR of ~10% during the forecast period from 2019 to 2027.
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Heart pumps are mechanical devices that help the weakened heart to pump blood for circulation to other body organs. These devices relieve symptoms of heart failure such as fatigue or shortness of breath. They also allow the heart to rest for recovering its normal function. Cardiovascular diseases can sometimes lead to severe heart failure. In such cases, it becomes mandatory for people to undergo heart transplantation. However, it is difficult to obtain heart transplants due to the shortage of heart donors. The number of people worldwide who require heart transplants is rising each year, but only some donors are available. This leads to a rise in the average waiting time for heart transplantation. In the U.S., the average waiting time for a donor heart is 9 to 11 months, while in most cases it is two years. In Japan, the average waiting time is about two years.
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Ventricular Assist Devices (VADs) to Dominate Heart Pumps Market
In terms of product, the heart pumps market has been segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. The ventricular assist devices segment is anticipated to hold major share of the heart pumps market during the forecast period. The use of VADs is rising due to better efficacy and higher survival rates of people with advanced heart failure than other cardiac support devices. However, the presence of alternative treatment options such as heart transplantation, drug therapy, and availability of total artificial hearts (TAHs) to reduce acute heart failure and improve cardiac output hinder the sales of VAD and thus hamper the growth of heart pumps market. The VADs segment held a significant share of the heart pumps market and it is likely to expand at a moderate CAGR between 2019 and 2027.
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Simplistic & Effective Centrifugal Flow Pumps to Witness High Demand
In term of flow regime, the market has been segmented into centrifugal flow pump (CFP), axial flow pump (AFP), and mixed flow pump (MFP). The centrifugal flow pump (CFP) segment is expected to dominate the market during the forecast period. Better safety profile, beneficial cardiovascular physiological impact, and relative simplicity of centrifugal flow pump (CFP) compared to axial flow pump (AFP) is expected to drive this segment.
Bridge-to-Transplant is Most Widely Adopted Therapy
In terms of therapy, the market has been categorized into bridge-to-candidacy (BTC), bridge-to-transplant (BTT), destination therapy (DT), and other therapies. The bridge-to-transplant (BTT) segment is expected to drive the market. With the advent of reliable and durable mechanical circulatory support, bridge to transplant (BTT) therapy is considered the standard of care for any patient awaiting transplant who develop end-stage organ dysfunction or a life threatening exacerbation of their existing heart failure.
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Heart Pumps Market: Prominent Regions
North America held a major share of the global heart pumps market in 2018. The high market share of the region in heart pumps market can be attributed to the factors, such as presence of key market players, highly structured health care industry in the region, and key developments by market players, including product launch approvals, key mergers, and acquisitions. Moreover, awareness about various chronic diseases among people is leading to adoption of various ventricular assist devices, which is anticipated to drive the heart pumps market in the region.
Europe held the second largest share of the global heart pumps market in 2018. Growth of the heart pumps market in the region can be attributed to increase in prevalence of heart failure in Europe and rise in geriatric population. Asia Pacific accounted for a significant share of the global heart pumps market in 2018 and the market in the region is expected to grow at a rapid pace during the forecast period. Increase in number of people with chronic diseases, product approvals, and rise in awareness about various assistive techniques are factors anticipated to fuel the growth of the heart pumps market in the region.
According to an article published in a leading Indian newspaper, Indian Express, with over three million deaths owing to cardiovascular diseases every year, India is set to be the 'heart disease capital of the world in forthcoming years'. China ranks number one, with the highest number of people with diabetes. People suffering from diabetes are very prone to develop cardiac disorders. This is anticipated to drive the heart pumps market in the region.
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Heart Pumps Market: Key Players
Key players are expanding their footprints to strengthen their position in the global heart pumps market. Increase in number of patient population and development of new effective assistive heart devices offer lucrative opportunities to key players to increase their share in the heart pumps market. Manufacturers are engaging in strategic acquisitions, collaborations, and distribution to expand their market share in the heart pumps market. For instance, in November 2019, Novoheart entered into collaboration with Astra Zeneca to develop the world's first human-specific in vitro, functional model of heart failure with preserved ejection fraction (HFpEF). The project aims to develop a new model that would leverage Novoheart's proprietary 3-D human ventricular cardiac organoid chamber (hvCOC) technology that reproduces key phenotypic characteristics of HFpEF.
Prominent players operating in the global heart pumps market include Calon Cardio, Jarvik Heart, Inc., Berlin Heart, Abiomed, SynCardia Systems, LLC, Abbott Laboratories, Teleflex Incorporated, Getinge AB, and Medtronic plc.
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