Press release
Heart Pump Devices Market Expected to Achieve 18.4% CAGR by 2029: Growth Forecast Insights
Heart Pump Devices Market Size
How Large Will the Heart Pump Devices Market Size By 2025?
The size of the market for heart pump devices has seen a swift expansion in the past few years. The market value is projected to increase from $3.79 billion in 2024 to $4.5 billion in 2025, with a compound annual growth rate (CAGR) of 18.8%. The past growth can be traced back to factors such as more widespread cardiovascular diseases, an older population, higher levels of awareness and education, government interventions and financing, along with advancements in surgical procedures.
How Big Is the Heart Pump Devices Market Size Expected to Grow by 2029?
The market size for heart pump devices is anticipated to see substantial growth in the foroming years. It is forecasted to surge to $8.86 billion in 2029 with a compound annual growth rate (CAGR) of 18.4%. The predicted growth in this time frame can be credited to factors such as increased global health spending, the emergence of new markets and untapped potentials, customized medical solutions, rising regulatory approvals, and heightened patient awareness. Dominant trends in the prediction period encompass technological progress, remote surveillance and connectivity, enduring mechanical assistance, downsizing and portability, and the fusion of artificial intelligence.
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Which Key Market Drivers Powering Heart Pump Devices Market Expansion and Growth?
The escalating incidence of cardiovascular diseases is anticipated to drive the growth of the heart pump devices market. These disorders pertain to conditions that impact the heart or blood vessels. The surging prominence of such diseases will necessitate advanced diagnostic and treatment tools like heart pump devices. These devices assist in pumping blood from the lower left heart chamber and aid in maintaining blood flow during high-stakes protected percutaneous coronary interventions, thereby amplifying the market demand. As per data shared by the Office for Health Improvement and Disparities, a UK-based government body, in 2023, a figure just over 1,862,500 individuals (3%) were diagnosed with CHD by a GP in England. Hence, the growing incidence of cardiovascular disorders is fueling the expansion of the heart pump devices market.
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Which Fast-Growing Trends Are Poised to Disrupt the Heart Pump Devices Market?
Key corporations active in the heart pump devices market are honing in on innovative technologies such as self-expanding mechanisms to augment device performance, improve patient prognosis, and curtail the likelihood of complications during implantation. A self-expanding mechanism is a device design that automatically widens to its maximum size the moment it's deployed, typically utilising materials or structures that allow for this extension without the requirement for extra external forces. For example, in June 2023, Magenta Medical, a company from Israel, is pushing forward with its groundbreaking heart pump technology and unveiling the world's tiniest heart pump. The Elevate Pump is a percutaneous Left Ventricular Assist Device (VAD) that can be accommodated in an 8 French (Fr) delivery system, rendering it as one of the tiniest devices available within its class.
What Are the Emerging Segments in the Heart Pump Devices Market?
The heart pump devices market covered in this report is segmented -
1) By Type: Implantable Heart Pump Devices, Extracorporeal Heart Pump Devices
2) By Therapy: Bridge-To-Transplant (BTT), Bridge-To-Candidacy (BTC), Destination Therapy (DT), Other Therapies
3) By End-user: Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Other End-users
Subsegments:
1) By Implantable Heart Pump Devices: Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BiVADs), Total Artificial Hearts (TAHs)
2) By Extracorporeal Heart Pump Devices: Intra-Aortic Balloon Pumps (IABPs), Extracorporeal Membrane Oxygenation (ECMO) Devices, Ventricular Assist Devices (Temporary): Centrifugal Blood Pumps
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Who Are the Global Leaders in the Heart Pump Devices Market?
Major companies operating in the heart pump devices market are MedtronicPLC, Abbott Laboratories, Boston Scientific Corporation, Terumo Corporation, Getinge AB, Cardiomedix, ReliantHeart, CardiacAssist, SynCardia Systems, CARMAT, Sorin Group, BiVACOR, Bristol-Myers Squibb, MicroMed Cardiovascular, Aortica Corporation, Fresenius Kabi, Acelity, Asahi Kasei Medical, LivaNova, HeartWare International, Jarvik Heart, MediCardia, Avinger, Nuvectra, OrbusNeich, Ventracor, EBR Systems, and CorWave
Which are the Top Profitable Regional Markets for the Heart Pump Devices Industry?
North America was the largest region in the heart pump devices market share in 2024. The regions covered in the heart pump devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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