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Heart Pump Devices Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

The heart is a muscular organ responsible for the circulation of blood throughout the body. The blood transports oxygen and nutrients to the tissues and organs of the body.

The heart has four chambers: the left and right atria, as well as the left and right ventricles. The atria are the heart’s upper chambers. The ventricles are the heart’s lower chambers.

To allow blood to flow into and out of the heart chambers, four valves open and seal. The tricuspid valve, pulmonary valve, aortic valve, and mitral valve are the four valves.

The tricuspid valve connects the right atrium to the right ventricle. The pulmonary valve connects the right ventricle to the pulmonary artery. The aortic valve connects the left ventricle to the aorta. The mitral valve connects the left atrium to the left ventricle.

Cardiac muscle cells make up the heart muscle. Gap junctions connect the heart muscle cells to one another. Electrical impulses can flow between heart muscle cells thanks to gap junctions.

The heart muscle cells contract as a result of the electrical impulses. The contraction of cardiac muscle cells causes blood to flow through the heart.

The heart is made up of two types of muscle: atrial and ventricular. The atria contain the atrial muscle. The ventricle contains the ventricular muscle.

To pump blood into the ventricles, the atrial muscle contracts. To pump blood out of the ventricles, the ventricular muscle contracts.

There are two types of tissue in the heart: the myocardium and the endocardium. The myocardium is the heart’s muscle tissue. The inner lining of the heart chambers is known as the endocardium.

The pericardium is a sac that surrounds the heart. The pericardium protects and holds the heart in place.

The circulatory system is used by the heart to pump blood throughout the body. The circulatory system consists of the heart and blood vessels.

2. Overview of the Market
The market for heart pump devices is a fast-expanding area of the cardiovascular device market. Significant breakthroughs in the development of heart pump devices have resulted in improved outcomes for individuals with heart failure during the last decade.

Heart pump devices are classified into two types: left ventricular assist devices (LVADs) and right ventricular assist devices (RVADs). The most popular type of heart pump device is an LVAD, which is used to support the left ventricle, the heart’s main pumping chamber. RVADs are devices that help the right ventricle, which is in charge of pumping blood to the lungs.

Patients with severe heart failure who are not candidates for a heart transplant are treated with heart pump devices. The only therapy for severe heart failure is a heart transplant, but donor hearts are in short supply. Heart pump devices are used as a bridge to transplant in patients with advanced heart failure, as well as as destination therapy in patients who are not transplant candidates.

The global market for heart pump devices is estimated to increase at a CAGR of 10.1% from $2.1 billion in 2020 to $3.4 billion by 2025. The increasing prevalence of heart failure, the ageing population, and the increasing number of patients with end-stage heart failure are driving market growth. Furthermore, the introduction of new and better heart pump devices is projected to fuel market expansion.

The cardiac pump device market is divided into two categories: LVADs and RVADs. During the projected period, the LVADs segment is expected to develop at the fastest CAGR. The increasing prevalence of heart failure as well as the introduction of new and improved LVADs are driving the expansion of this segment.

External and implantable devices are also segments of the market. During the projection period, the external devices category is expected to develop at the fastest CAGR. The increased preference for external devices over implanted devices is driving the expansion of this market.

The market for heart pump devices is divided into hospitals, cardiac centres, and ambulatory surgical centers. Hospitals are predicted to grow at a rate of

3. Market Forces
Three drivers are driving the heart pump devices market: the rising frequency of cardiovascular disorders, the growing elderly population, and the increasing number of surgical procedures.

The global prevalence of cardiovascular disorders is rising as a result of changing lifestyles and food patterns. The World Health Organization (WHO) reports that cardiovascular illnesses are the main cause of death worldwide, accounting for 17.9 million fatalities in 2016. According to the WHO, the number of deaths from cardiovascular illnesses will climb to 23.6 million by 2030. During the forecast period, the increased prevalence of cardiovascular illnesses is expected to drive the growth of the heart pump devices market.

The ageing population is another major driver of the heart pump devices market.Because an ageing population is more vulnerable to chronic conditions such as cardiovascular disease, the need for heart pump devices is predicted to rise. According to the United Nations Population Fund (UNFPA), the worldwide population of people aged 60 and older is predicted to increase from 962 million in 2017 to 2 billion by 2050. During the projected period, this is expected to fuel the expansion of the market for heart pump devices.

The global number of surgical procedures is likewise increasing as the frequency of chronic diseases rises. According to the International Society for Aesthetic Plastic Surgery (ISAPS), the number of cosmetic procedures performed worldwide in 2017 was 25.4 million, with this figure predicted to rise to 27.4 million by 2020. During the projected period, the growing number of surgical procedures is expected to boost the growth of the heart pump devices market.

4. Market Restriction
According to a new analysis by Grand View Research, Inc., the global market for heart pump devices is estimated to reach USD 7.1 billion by 2025. During the forecast period, the market is expected to grow at a CAGR of 5.1%. Rising cardiovascular disease occurrences and technological advances are projected to boost market growth during the predicted period.

However, the industry is projected to face some challenges throughout the forecast period. These are the constraints:

1. Expensive Devices

Heart pump devices are expensive, and their high cost is a key impediment to industry growth. The cost of implanted pumps is around $100,000. In many countries, insurance companies do not cover this expense, putting a significant financial strain on patients.

2. Lack of knowledge

Patients and clinicians are both unaware of the existence of heart pump devices. This is a significant impediment to market growth.

3. Scarce Availability

Heart-pumping devices are not accessible in every country. This is a significant impediment to market growth.

4. Complications Caused by Devices

Infections, thrombosis, and bleeding are some of the risks associated with heart pump systems. These issues constitute a significant impediment to industry growth.

5. Market Possibilities
The market for heart pump devices is rapidly expanding and is projected to continue in the coming years. This is because of the rising prevalence of cardiovascular diseases, an ageing population, and increased awareness of the benefits of these devices.

There are numerous market opportunities for businesses operating in this field.Some examples are:

1. Creating new and improved devices: In the medical profession, there is always a demand for new and enhanced items. Companies that can create gadgets that are more effective and efficient than those currently on the market will be able to capture a sizable market share.

2. Expanding into new markets: In many regions of the world, the heart pump device market is still in its early stages of development. Companies that enter these new markets have a significant chance to expand their operations and improve their revenues.

3. Creating new applications for current devices: There are a number of unexplored potential applications for heart pump devices. Companies that can create new uses for these devices will be able to capture a sizable market share.

4. Training and support: Many people are unaware of the advantages of heart pump devices. Companies that can provide training and support to doctors and patients will be able to capture a sizable market share.

5. Raising awareness: Increasing knowledge about the benefits of heart pump devices is critical for market growth. Companies that can raise awareness through marketing and other means will be able to capture a sizable market share.

Sixth, market segmentation
Each sector of the healthcare industry caters to a specific group of people or set of medical issues. The market for heart pump devices is no exception, with a diverse selection of products available to treat various sorts of heart problems.

Heart pump devices are classified into two types: implanted and external. Implantable devices are typically used for long-term treatment and are surgically inserted into the patient’s chest. External devices are those that are worn outside of the body and are often used for short-term treatment or as a bridge to transplant.

The market for heart pump devices is further subdivided by product type. Left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and bi-ventricular assist devices (BiVADs) are the most frequent types of devices.

The most prevalent type of heart pump device, accounting for more than 70% of the market, is the LVAD. They are used to treat individuals with heart failure who are either ineligible for or waiting for a transplant.

RVADs are used to treat heart failure patients who have not responded to previous treatments, such as LVADs. They are less common than LVADs and account for approximately 15% of the market.

BiVADs are used to treat heart failure patients who have not responded to conventional treatments, such as LVADs and RVADs. They account for less than 5% of the market and are the least common form of heart pump device.

The market for heart pump devices is also split by end-user. Hospitals, cardiac surgical centres, and outpatient clinics are the most typical end users of heart pump devices.

Hospitals are the most common end-users of heart pump devices, accounting for more than 60% of the market. Cardiac surgical centres are the second-most important end-user, accounting for over 30% of the market. Outpatient clinics are the market’s smallest end-user, accounting for less than 10% of the total.

From 2019 to 2025, the heart pump devices market is estimated to develop at a 5.5% CAGR. The primary market growth factors are

7. Competitive Environment
The market for heart pump devices is extremely competitive. To grow their product portfolios, the leading players in this market are focusing on product innovation and development. To acquire a competitive advantage in the market, the corporations are also engaging in strategic alliances, mergers, and acquisitions. Medtronic, Abbott Laboratories, LivaNova, Boston Scientific Corporation, and Terumo Corporation are the market leaders.

The global market for heart pump devices was worth USD 5.8 billion in 2020, and it is predicted to grow at a 5.8% CAGR from 2021 to 2028. The rising frequency of cardiovascular illnesses and the growing elderly population are the primary drivers of market expansion. Furthermore, rising demand for minimally invasive procedures and the availability of reimbursement policies are fueling market expansion. The expensive cost of these devices, as well as the hazards connected with their implantation, are the key issues limiting market expansion.

The market is highly competitive, with both major and small businesses present. The market’s leading players are concentrating on product innovation and development in order to grow their product portfolio. To acquire a competitive advantage in the market, the corporations are also engaging in strategic alliances, mergers, and acquisitions.

Medtronic is the market leader in the heart pump device market. The company sells a variety of equipment, including implanted and external pumps. The company is well known in North America and Europe. Furthermore, the organisation has an extensive global distribution network.

Abbott Laboratories is another market-leading company. The company’s product line includes implantable cardioverter defibrillators, pacemakers, and heart failure devices. North America, Europe, Asia Pacific, and Latin America are all strongholds for the corporation.

The LivaNova is the market’s dominant player. The company’s product line includes implantable cardioverter defibrillators, pacemakers, and heart failure devices. In Europe, North America, and Asia-Pacific, the company is well-known.

Boston Scientific Corporation is the market’s dominant participant. The organisation provides a diverse range of services.

8. Business Profiles
The global market for heart pump devices is estimated to reach USD 7.3 billion by 2025, up from USD 4.9 billion in 2020, at an 8.0% CAGR. The increased frequency of cardiovascular disorders, technological developments in heart pump devices, and the increasing number of organ transplants are driving the growth of this market.

Medtronic (Ireland), Abbott (US), LivaNova (UK), Terumo (Japan), and St. Jude Medical are among the major companies in the heart pump devices market (US).

Medtronic is the world’s largest manufacturer of heart pump devices. The company provides a wide variety of heart pump devices, including implantable and wearable models. It is well-represented throughout North America, Europe, Asia Pacific, and the rest of the world. The company offers a diverse product range as well as a robust R&D pipeline. These aspects have aided it in maintaining its market leadership.

Abbott is the world’s second-largest manufacturer of heart pump equipment. The company provides a wide range of heart pump devices, both implanted and external. It is well-represented throughout North America, Europe, Asia Pacific, and the rest of the world. The company offers a diverse product range as well as a robust R&D pipeline. These elements have aided it in maintaining its market-leading position.

LivaNova is the world’s third-largest manufacturer of heart pump devices. The company provides a wide range of heart pump devices, both implanted and external. It is well-represented throughout North America, Europe, Asia Pacific, and the rest of the world. The company offers a diverse product range as well as a robust R&D pipeline. These elements have aided it in maintaining its third-place market position.

Terumo (Japan), St. Jude Medical (US), and Boston Scientific are the other participants in this sector (US).

9. Prognosis for the Future
During the projected period of 2020–2025, the heart pump devices market is expected to develop at a CAGR of roughly 8%.

The rising frequency of cardiovascular disorders and the growing elderly population are the primary drivers driving market growth. Furthermore, the increased desire for minimally invasive procedures as well as the development of new technology are driving market expansion.

However, the expensive cost of heart pump devices as well as a shortage of skilled workers are limiting market expansion.

The market is divided into product, application, end-user, and region segments.

The market is divided into three product categories: left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs).

Due to the increasing frequency of heart failure and the increasing number of transplant procedures, the LVADs segment is predicted to account for the highest share of the market.

The market is divided into two applications: destination therapy and bridge-to-transplant.

Because of the increasing number of patients with end-stage heart failure and the increased desire for minimally invasive procedures, the destination therapy category is predicted to grow at the fastest CAGR during the forecast period.

The market is divided into three end users: hospitals, cardiac centres, and ambulatory surgical centres.

Because of the increasing number of cardiovascular treatments and the availability of qualified personnel, hospitals are likely to account for the greatest proportion of the market.

The market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World.

Because of the presence of a large number of competitors and the growing demand for minimally invasive procedures, North America is likely to account for the highest share of the market.

Medtronic, Abbott, Boston Scientific, LivaNova, and St. Jude Medical are the market leaders.

Disclaimer 10
A disclaimer is a declaration that denies or restricts culpability. Disclaimers are frequently used in the legal realm to safeguard corporations and individuals from liability. A producer, for example, may add a disclaimer to its product stating that the product is not responsible for any damages that may arise.

Disclaimers are frequently used in the medical field to safeguard doctors and hospitals from liability. For example, a doctor’s website may include a disclaimer stating that the doctor is not liable for any damages that may arise as a result of using the material on the website.

Mechanical pumps that assist people with heart failure in maintaining heart function and blood circulation are known as heart pump devices.Heart failure occurs when the heart is unable to pump enough blood to meet the needs of the body.

Heart pump devices help the heart in two ways: by taking over the heart’s pumping job or by aiding the heart in pumping blood. Heart pump devices are classified into three types: left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs).

The most prevalent form of heart pump device is an LVAD. They are used to support the left ventricle, the heart’s main pumping chamber. LVADs can be used as a bridge between transplantation and destination therapy.

RVADs are used to support the right ventricle of the heart, which is the chamber that pumps blood to the lungs. RVADs are not as common as LVADs.

BIVADs are used to support the heart’s two ventricles. BIVADs are the rarest form of heart pump device.

Batteries are used to power heart pump systems. The battery life of a heart pump device is determined by the type of device, its size, and the patient’s activity level.

Heart pump devices do not treat heart failure. They can, however, enhance the quality of life and lengthen the lives of people with heart failure.

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