|Status : Published||Published On : Dec, 2018||Report Code : VRHC1038||Industry : Healthcare||Available Format :||Page : 131|
The global heart pump market is predicted to grow at a CAGR of 20.6% CAGR during the forecast period, attaining a market size of USD 6.1 billion by 2024. The heart pump device, a battery operated mechanical heart pump device, is implanted surgically to support the function of heart ventricles. It aids to preserve the pumping capability of a heart which cannot work effectively on its own. The global heart pump device market is growing at a significant rate, due to the mounting occurrence of cardiovascular diseases. Different types of heart pumps contributed to the heart pump device market size. The market has witnessed high demand for implantable heart pump over the last few years due to the technological advancement of devices and mounting occurrence of heart failure.
Insight by Product
On the basis of product, the heart pump market is subdivided into intra-aortic balloon pumps, ventricular assist devices, and the total artificial heart. Of all products, ventricular assist device market account the largest share and is also expected to grow at the fastest rate during the forecast period in the heart pump market, globally, due to technological improvements to advance the safety of these devices, mounting occurrence of heart failure and enhanced dependence on ventricular assistance devices for the management of heart failure. The ventricular assist devices are further divided into left ventricular assist devices, percutaneous ventricular assist devices, bi-ventricular assist devices, and right ventricular assist devices.
Insight by Type
On the basis of type, the market is subdivided into implantable and extracorporeal. Implantable heart pumps accounted the largest share and are expected to grow at the fastest rate in the heart pump device market due to the technological improvements in implantable pump devices have composed them more dependable and safe.
Insight by Therapy
Based on therapy, the market is segmented into bridge-to-candidacy (BTC), destination therapy (DT), bridge-to-transplant (BTT), and others. Destination therapy is expected to grow at the fastest rate during the forecast period in the market due to the increasing acceptance of DT as the technological advancements in heart pump technology improves the quality of life for patients. Moreover, bridge-to-candidacy accounted the largest share in the market due to effectual management decisions and patient results related to bridge-to-candidacy.
The mounting occurrence of cardiovascular diseases, regulatory consent of numerous novel and innovative devices and vast disparity between the requirement and delivery of donor's hearts are the primary growth drivers for heart pump device market. For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to the World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.
Mounting healthcare expenditure, refining healthcare infrastructure in developing countries and expanding geriatric population are also facilitating the growth for the heart pump device market. For instance, according to the WHO, globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
The excessive cost of the heart pump device, inclination of alternative drug delivery means and limited reimbursement are the major challenges for the growth of the heart pump device market.
Globally, the manufacturing companies trying to enter the heart pump device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest heart pump device market as in the region the occurrence of cardiovascular diseases is increasing. For instance, according to the CDC, in the U.S. approximately 610,000 people die every year due to heart disease. The mounting number of regulatory approvals, expanding the geriatric population, and promising reimbursement situation is also up surging growth of the North American heart pump device market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific is observed to witness the fastest growth in the market, as in the region mounting occurrence of cardiovascular diseases is mounting. In addition, boosting healthcare expenditure, mounting medical tourism, expanding the geriatric population, and refining healthcare infrastructure is also creating a positive impact on the heart pump device industry growth in the region.
Key players in the heart pump device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2018, Medtronic Plc received FDA approval for less invasive heart pump implant procedure. It is an HVAD System, for a left ventricular assist device (LVAD) which helps patients with advanced heart failure.
In addition, in September 2017, Medtronic Plc received approval for HeartWare HVAD System as destination therapy for patients with progressive heart failure. Abbott Laboratories, Reliantheart, Terumo, Abiomed, Medtronic Plc, Teleflex, CardiacAssist, Getinge, Jarvik Heart, Syncardia Systems, and Berlin Heart are the key players offering heart pump devices.