Heart Pump Devices Market Overview
The heart pump devices market to find inspiration in the advancing technologies as the latter makes the procedure simplified and enhances its acceptance level. Heart pump devices assist in cardiac circulation. The device works by either partially or completely replacing the function of the heart. Used mostly for patients recovering from heart attack or cardiac surgery, these heart pump devices aim at providing support for a short span. But some provide long-term for heart failure of graver status. The global heart pump devices market can rise by 21.50% CAGR during the forecast period (2022-2030), reveals Market Research Future (MRFR). The recently published report includes detailed segmental analysis and puts special emphasis on drivers and restraints that can impact the market in the coming years. Apart from this, the latest updates from various companies have been included to provide a holistic view of the entire market.
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Various factors are propelling the heart pump devices market growth. Some of these factors, according to the Market Research Future report, include the growing demand for surgical methods in cardiology that are minimally invasive, refining healthcare infrastructure especially in developing countries, regulatory approvals for advanced and new heart pump devices, growing elderly population, and an acute shortage of donor hearts. Additional factors pushing market growth include advancements in technology in heart pump devices, increasing utilization of ventricular assist devices for supporting blood flow and heart function in those with a weak heart, new product approvals, rising affordability, and increasing incidence of cardiovascular diseases. On the flip side, the inclination of alternative means of drug delivery, poor reimbursement scenario, and the high price of devices are factors that may impede the heart pump devices market growth over the forecast period.
Prevalence of cardiovascular diseases can be considered the prime driver for the heart pump devices market. At the same time, weak immunity is triggering several diseases which end up affecting the heart in a significant way. The Heart Pump Devices Market is enjoying the most the tussle going on between existing major players and new entrants. New players, with their product in an affordable range and innovation, are substantially challenging the market titans which is drawing in strategical changes. These tactical moves are clearing the path for further market expansion. In addition, new products are getting approval which can widen up the horizon for the heart pump devices market. However, the high cost of the devices can pull back the leash of the expected growth considerably.
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Heart Pump Devices Market Segmentation
- By end user, the global heart pump devices market is segmented into ambulatory surgical centers, hospitals and clinics, research institutes, and others.
- The heart pump devices market is segmented in terms of type, therapy, end user, and product.
- By type, the global heart pump devices market is segmented into implantable heart pump devices as well as extracorporeal heart pump devices. Among these, the implantable heart pump device segment will dominate the market during the forecast period.
- By product, the global heart pump devices market is segmented into ventricular assist devices, intra-aortic balloon pumps, and a total artificial heart. Among these, the ventricular assist device segment will lead the market during the forecast period. The ventricular assist devices segment is further segmented into percutaneous ventricular assist devices, right ventricular assist devices, transcutaneous ventricular assist devices, left ventricular assist devices, and biventricular assist devices.
- By therapy, the global heart pump devices market is segmented into bridge-to-transplant, destination therapy, bridge-to-candidacy, and others. Among these, the destination therapy segment will have the maximum share in the market during the forecast period.
Heart Pump Devices Market Regional Analysis
In the Middle East and Africa, the heart pump devices market will have a slow growth during the forecast period for restricted access to healthcare facilities coupled with affordability issues.
The global heart pump devices market is geographically distributed across the following key regions- Europe, the Middle East and Africa, the Asia Pacific, and North America. Among these, North America will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include rising government initiatives for research and development activities of innovative and latest products, increasing incidence of cardiovascular disorder, rising geriatric population, and growing patient population.
In Europe, the heart pump devices market will have the second-largest share during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include growing government support, increasing healthcare infrastructure, growing demand for treatments that are minimally invasive, rising older population, increasing incidence of cardiovascular disorders, and increasing obesity rates.
In the Asia Pacific region, the heart pump devices market will grow at the fastest pace during the forecast period. Various factors propelling the growth of the heart pump devices market in the region include rapid growth of healthcare infrastructure, burgeoning demand for diagnostic services, increasing healthcare spending, demand for advanced and innovative treatments, rising population, and improved living standards.
Heart Pump Devices Market Players
- Thoratec Corporation
- Berlin Heart
- Syncardia Systems
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