Heart Pump Device Market Size to be Worth USD 2,602.3 Million in 2030 - Emergen Research

The heart pump device market is rapidly growing as the demand for these devices increases due to the rising prevalence of heart diseases worldwide. Heart pumps are mechanical devices that assist the heart in pumping blood and are used as a temporary or permanent solution for patients with heart failure. The global heart pump device market size was USD 450.0 Million in 2021 and is expected to register a steady revenue CAGR of 21.5% during the forecast period, according to latest analysis by Emergen Research.

One of the primary drivers of the heart pump device market is the increasing prevalence of heart failure. According to the World Health Organization (WHO), heart failure affects approximately 26 million people worldwide, and the number is expected to increase by 50% by 2030. This rise in heart failure cases has created a significant demand for heart pump devices, which provide effective treatment for patients with advanced heart failure.

Another factor driving the growth of the heart pump device market is the technological advancements in the design and development of these devices. The latest heart pump devices are compact, energy-efficient, and provide better clinical outcomes, making them an attractive option for both patients and healthcare providers. The growing adoption of minimally invasive heart surgery techniques has also led to the development of smaller and more efficient heart pump devices.

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However, the high cost of heart pump devices is a significant restraint for the market's growth. The cost of heart pump devices can range from USD 50,000 to USD 150,000, making them unaffordable for many patients. In addition, the lack of reimbursement policies for heart pump devices in developing countries is also limiting the market's growth.

Despite the restraints, several factors are driving the growth of the heart pump device market. The increasing adoption of destination therapy, which involves the use of heart pump devices as a permanent solution for patients with end-stage heart failure, is a major growth factor for the market. The growing geriatric population and the rise in lifestyle-related diseases, such as obesity and diabetes, are also driving the demand for heart pump devices.

According to the U.S. Department of Health and Human Services, heart disease is the leading cause of death in the United States, accounting for approximately 1 in every 4 deaths. The high prevalence of heart disease in the country has created a significant demand for heart pump devices, making North America the largest market for heart pump devices. Europe is also a significant market for heart pump devices due to the increasing aging population and the rising prevalence of heart disease.

Major Companies and Competitive Landscape:

The heart pump device market is highly competitive, with several established players and new entrants vying for a larger market share. The key players in the heart pump device market include Medtronic, Becton and Dickinson Company (BD), Abbott, Terumo Medical Corporation, W. L. Gore & Associates, Inc., Getinge AB., MERA, Fresenius Medical Care AG & Co. KGaA, Jarvik Heart, Inc., and Teleflex Incorporated.

Medtronic plc is one of the leading players in the heart pump device market. The company offers a range of heart pump devices, including the HeartWare® HVAD® System and the Medtronic HeartAssist 5® Left Ventricular Assist Device. Medtronic's heart pump devices have received regulatory approval in several countries, including the United States, Europe, and Japan.

Abbott Laboratories is another major player in the heart pump device market. The company's heart pump devices, including the HeartMate® 3 Left Ventricular Assist System and the HeartMate II® Left Ventricular Assist System, have been approved for use in several countries. Abbott Laboratories has also been investing in the development of next-generation heart pump devices, which are expected to further drive the company's growth in the heart pump device market.

Abiomed, Inc. is a leading player in the heart pump device market, with its flagship product, the Impella® heart pump device. The company's heart pump devices are designed to support the heart's function during high-risk procedures or in patients with acute heart failure. Abiomed's heart pump devices have received regulatory approval in several countries, including the United States and Europe.

Berlin Heart GmbH is a Germany-based company that specializes in the development of pediatric heart pump devices. The company's EXCOR® Pediatric Ventricular Assist Device is designed to provide temporary support for children with severe heart failure. The company's heart pump devices have received regulatory approval in several countries, including the United States and Europe.

Jarvik Heart, Inc. is a U.S.-based company that specializes in the development of artificial hearts. The company's flagship product, the Jarvik 2000 Heart, is a small, implantable heart pump device designed to support the heart's function in patients with advanced heart failure. The company's heart pump devices have received regulatory approval in several countries, including the United States and Europe.

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Segmentation Insights for Heart Pump Device Market Report:

The global heart pump device market has been segmented by Emergen Research based on product type, type, therapy type, end-use, and region. The product type segment includes ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), total artificial heart (TAH), and others. The type segment includes extracorporeal pumps and implantable pumps. The therapy type segment includes bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. The end-use segment includes hospitals and clinics, ambulatory surgical centers, and others. Lastly, the regional outlook segment covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In terms of product type, the ventricular assist devices (VADs) segment is expected to account for a significant share of the heart pump device market. The implantable pumps segment is expected to witness significant growth during the forecast period. In terms of therapy type, the destination therapy (DT) segment is expected to witness considerable growth due to the increasing prevalence of heart failure and the growing demand for long-term mechanical circulatory support. The hospitals and clinics segment is expected to hold a significant share of the heart pump device market due to the increasing number of hospital admissions and the growing adoption of heart pump devices in hospital settings.

Geographically, North America is expected to hold a significant share of the heart pump device market, owing to the increasing prevalence of heart disease in the region and the growing demand for heart pump devices. Europe is also expected to hold a significant share of the market due to the presence of established players in the region and the growing adoption of heart pump devices in the region. The Asia Pacific region is expected to witness significant growth during the forecast period due to the increasing prevalence of heart disease in the region and the growing demand for advanced heart pump devices.

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