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PUBLISHER: Verified Market Research | PRODUCT CODE: 1628329

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PUBLISHER: Verified Market Research | PRODUCT CODE: 1628329

Heart Pump Devices Market By Type of Device, Application, Design and Technology, & Region for 2024-2031

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Heart Pump Devices Market Valuation - 2024-2031

The growing demand for heart pump devices in the global market can be attributable to a number of interconnected factors including demographic changes and advances in medical technology. Heart pump devices particularly ventricular assist devices (VADs) and total artificial hearts (TAHs) are critical in the treatment of severe heart failure which has become more common as a result of aging populations, lifestyle-related diseases, and improved survival rates from acute cardiovascular events by enabling the market to surpass a revenue of USD 4.01 Billion valued in 2024 and reach a valuation of around USD 16.13 Billion by 2031.

One of the key causes of escalating demand for heart pump devices is the increasing prevalence of heart failure which affects millions of individuals globally. Heart failure is frequently the final step of many cardiovascular disorders including coronary artery disease, hypertension, and cardiomyopathies. As the world population ages, the prevalence of these underlying illnesses rises resulting in a greater number of people requiring sophisticated heart failure treatments. Furthermore, lifestyle factors such as poor food, lack of exercise, and rising obesity and diabetes rates add to the growing burden of heart failure by enabling the market to grow at a CAGR of 19.00% from 2024 to 2031.

Heart Pump Devices Market: Definition/ Overview

Heart pump devices also known as ventricular assist devices (VADs) are mechanical circulatory support systems that help the heart pump blood around the body. They are primarily used in patients with severe heart failure, a disease in which the heart is unable to adequately pump blood on its own. Heart failure can be caused by a variety of illnesses including coronary artery disease, hypertension, cardiomyopathy, and valvular heart disease. When the heart's function deteriorates to a critical point, patients may require mechanical assistance to maintain enough circulation and avoid organ failure.

Heart pump devices (VADs) are essential in the treatment of severe heart failure and other cardiac disorders in which the heart's ability to pump blood is impaired. These devices are intended to supplement or replace the function of a failing heart providing a lifeline to patients awaiting heart transplants those ineligible for transplants, and those requiring temporary cardiac assistance. Here, we will go over the numerous applications of heart pump devices in depth.

Heart pump devices are developing as a critical technology in the treatment of severe cardiac failure. These devices supplement or replace the function of a failing heart enhancing the quality of life and survival rates for patients who would otherwise have few therapy options. Looking ahead, various trends and advances in heart pump devices are predicted to influence their use and impact on healthcare.

Will the Increasing Prevalence of Heart Failure Drive the Heart Pump Devices Market?

Heart pump devices are critical instruments in the treatment of heart failure, a condition in which the heart fails to pump blood efficiently. One such gadget, the ventricular assist device (VAD) aids the heart in pumping oxygen-rich blood. It works by drawing blood into one side of the pump and releasing it into the aorta, the body's main artery. This action helps the weaker heart maintain proper blood flow throughout the body.

According to the Journal of Cardiac Failure, roughly 6.7 million Americans aged 20 and older have heart failure. This figure is predicted to climb to 8.5 million by 2030. Heart failure can be caused by a variety of disorders that weaken the heart muscle or stiffen the chambers reducing the heart's ability to pump blood properly. Symptoms may include shortness of breath, exhaustion, and swelling in the legs, ankles, or abdomen. Many patients particularly those with severe heart failure may require more than typical treatments such as drugs or lifestyle adjustments. In such circumstances, ventricular assist devices provide a lifeline by supplementing or temporarily replacing the heart's pumping function which improves quality of life and may extend survival.

Will High Cost of Heart Pumps Hamper the Heart Pump Devices Market?

The high cost of heart pumps has sparked concern about their potential impact on the heart pump device market. These sophisticated gadgets are critical for people with severe heart problems who do not respond well to standard therapy. However, their high cost is a considerable obstacle to wider acceptance and accessibility. The high cost is partly due to the complicated technology used in creating and producing these pumps which provide dependable and life-sustaining support to patients with reduced cardiac function.

The high cost of cardiac pumps limits their availability to people who can afford them or whose healthcare coverage covers such pricey devices. This exclusivity may exclude a considerable number of patients who would benefit from this technique but lack the financial resources. Furthermore, healthcare providers and institutions confront budgetary constraints for these devices diverting resources that may otherwise be used to meet other vital healthcare requirements.

As a result, the market for heart pump devices may not attain its full potential in terms of patient reach and acceptance despite the obvious medical benefits they provide. Efforts to cut manufacturing costs and enhance insurance coverage could play critical roles in overcoming these obstacles and increasing access to this life-saving device.

Category-Wise Acumens

Will the User-Friendly and Affordable Devices Drive the Type of Device Segment?

The VAD segment's domination highlights its importance in cardiovascular treatment. These devices help weaker hearts maintain appropriate blood flow throughout the body. This feature not only improves patient's quality of life but also increases their lifetime making VADs essential in modern cardiology. The VAD market's rise can be ascribed to a variety of reasons with technological improvements and product innovation playing a key part. Manufacturers are currently creating new generations of VADs that are more efficient, user-friendly, and cost-effective. These developments not only improve the performance and dependability of VADs but also make them more accessible to a larger patient population.

The dominance of the ventricular assist device category underlines its critical significance in modern cardiovascular treatment. With technical breakthroughs driving innovation and extending therapeutic uses, VADs have emerged not only as critical tools for short-term cardiac support but also as feasible long-term options for patients suffering from severe heart failure. As the industry evolves, sustained investment in R&D promises to improve VAD efficacy, accessibility, and cost, resulting in better outcomes and quality of life for patients globally.

Will the Increasing Chances of Successful Transplantation Drive the Application Segment?

Bridge-to-transplant therapy is particularly dominant because it allows patients to remain medically stable until a suitable organ becomes available for transplantation. This method not only improves patient outcomes but it also lowers the risk of adverse events during the waiting period. Healthcare practitioners choose BTT therapy because it allows for meticulous medical monitoring and keeps patients functionally stable improving their overall quality of life.

Bridge-to-transplant therapy is a prominent segment in the heart pump devices industry providing patients with a lifeline while they wait for an organ transplant. Its capacity to preserve medical stability and maximize patient health emphasizes its importance in increasing transplant success rates and improving overall patient well-being. As global demand for organ transplants develops, BTT therapy will become increasingly important in satisfying the healthcare demands of patients awaiting life-saving surgeries.

Country/Region-wise Acumens

Will the Advanced Healthcare Infrastructure Drive the Market in North America Region?

In North America, advanced healthcare infrastructure is expected to have a substantial impact on the heart pump devices market. North America is at the forefront of medical innovation with state-of-the-art facilities, cutting-edge technology, and a strong healthcare system. This modern infrastructure not only improves patient care but it also stimulates research and development in medical treatments and drugs.

North America's healthcare infrastructure is underpinned by a well-established regulatory framework and healthcare policies. These establish quality standards and patient safety which builds trust between healthcare providers and the general public. Furthermore, ongoing expenditures in healthcare infrastructure renovations and expansions strengthen North America's position as a leader in healthcare innovation.

North America's modern healthcare infrastructure is critical to the growth of heat pump devices market. The emphasis on technological innovation, scientific excellence, and regulatory compliance establishes a global standard for healthcare delivery and patient results. As the region evolves and adapts to new challenges, its strong healthcare infrastructure remains a critical component of its economic and societal well-being.

Will Increasing Advanced Treatment Options Drive the Market in Europe?

In Europe, the healthcare market is expected to develop significantly owing mostly to advances in treatment options, such as heart pump devices. These breakthroughs which include cutting-edge medicines and innovative medical technologies are projected to have a significant impact on the regional healthcare environment. As healthcare providers in Europe embrace more innovative treatment alternatives, market dynamics are changing significantly. These modern therapies include a wide range of medical interventions from precision medications customized to specific genetic profiles to cutting-edge surgical techniques and diagnostic equipment.

Healthcare providers and pharmaceutical businesses in Europe are expanding their attention on research and development of innovative treatment alternatives. This includes funding for biotechnology, genetic medicine, digital health solutions, and other cutting-edge technologies that promise to transform patient care.

Overall, the destiny of the heart pump devices market in Europe is inextricably linked to the adoption and spread of innovative treatment alternatives. By harnessing these technologies, stakeholders across the healthcare continuum may not only fulfill patients changing requirements but also generate long-term growth and enhance healthcare outcomes across the area.

Competitive Landscape

The heart pump devices market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the heart pump devices market include:

Abbott

ABIOMED

Berlin Heart

BiVACOR, Inc.

CARMAT

CorWave SA

Evaheart, Inc.

Fresenius SE & Co. KGaA

Getinge AB.

Jarvik Heart

Leviticus Cardio

LivaNova PLC

SynCardia Systems, LLC

Teleflex Incorporated

In April 2023, Abbott received two new authorizations from the US FDA for their premier life support system, CentriMag Blood Pump. With this clearance, the CentriMag Blood Pump can now be utilized in adults for longer periods of time during ECMO treatments. Furthermore, the company got FDA approval for its CentriMag Preconnected Pack for urgent use.

Heart Pump Devices Market, By Category

  • Type of Device:
  • Ventricular Assist Devices (VADs)
  • Intra-aortic Balloon Pumps (IABPs)
  • Total Artificial Hearts (TAHs)
  • Application:
  • Bridge-to-Transplant (BTT)
  • Destination Therapy (DT)
  • Bridge-to-Recovery (BTR)
  • Design and Technology:
  • Pulsatile Flow Devices
  • Continuous Flow Devices
  • Region:
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa
  • To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
  • Reasons to Purchase this Report:
  • Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
  • Provision of market value (USD Billion) data for each segment and sub-segment
  • Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
  • Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
  • Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
  • Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
  • The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
  • Includes an in-depth analysis of the market of various perspectives through Porter's five forces analysis
  • Provides insight into the market through Value Chain
  • Market dynamics scenario, along with growth opportunities of the market in the years to come
  • 6-month post-sales analyst support
  • Customization of the Report
  • In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Product Code: 27333

TABLE OF CONTENTS

1. Introduction

  • Market Definition
  • Market Segmentation
  • Research Methodology

2. Executive Summary

  • Key Findings
  • Market Overview
  • Market Highlights

3. Market Overview

  • Market Size and Growth Potential
  • Market Trends
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Porter's Five Forces Analysis

4. Heart Pump Devices Market, By Type of Device

  • Ventricular Assist Devices (VADs)
  • Intra-Aortic Balloon Pumps (IABPs)
  • Total Artificial Hearts (TAHs)

5. Heart Pump Devices Market, By Application

  • Bridge-to-Transplant (BTT)
  • Destination Therapy (DT)
  • Bridge-to-Recovery (BTR)

6. Heart Pump Devices Market, By Design and Technology

  • Pulsatile Flow Devices
  • Continuous Flow Devices

7. Regional Analysis

  • North America
  • United States
  • Canada
  • Mexico
  • Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Latin America
  • Brazil
  • Argentina
  • Chile
  • Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE

8. Market Dynamics

  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Impact of COVID-19 on the Market

9. Competitive Landscape

  • Key Players
  • Market Share Analysis

10. Company Profiles

  • Abbott Laboratories
  • Medtronic plc
  • Getinge AB
  • Teleflex Incorporated
  • SynCardia Systems
  • Fresenius Medical Care AG & Co. KGaA
  • LivaNova PLC
  • Abiomed Inc.
  • Jarvik Heart, Inc.
  • Berlin Heart

11. Market Outlook and Opportunities

  • Emerging Technologies
  • Future Market Trends
  • Investment Opportunities

12. Appendix

  • List of Abbreviations
  • Sources and References
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+32-2-535-7543

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Christine Sirois

Manager - Americas

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