Category : Healthcare and Pharmaceuticals | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for human heart pump is expected to grow at a CAGR of around 16.9% from 2020 to 2027 and expected to reach the market value of around US$ 5,424.4 Mn by 2027.
Heart pumps are mechanical pumps used to support heart function and blood flow in people who have weakened hearts. These are mostly used for people with cardiovascular diseases (CVDs), which is the number 1 cause of death globally. According to WHO, around 17.9 million people died from CVDs in 2016, which is almost 31% of overall global deaths. Moreover, the figure includes 85% of death due to heart attack and stroke. People who have hypertension, diabetes, and hyperlipidaemia are at high cardiovascular risk and they need early detection and management using appropriate counseling and medicines.
Market Dynamics
The rising prevalence of chronic cardiovascular diseases is supporting market growth. The regulatory approval of several new and advanced heart pump devices is further bolstering the market value. The huge gap between the demand and supply of donor's hearts is additionally accelerating the demand of these devices across the globe. Additionally, emerging countries are projected to provide potential opportunities over the forecast timeframe from 2020 to 2027.
Moreover, the high cost associated with the heart pump devices as well as implantation procedures, and limited reimbursement for heart pump devices are the factors projected to restrict the growth to an extent over the forecast timeframe from 2020 to 2027.
Segment Instance
The products segment includes IABP (Intra-Aortic Balloon Pump), an inflatable device that helps in boosting blood flow in a weak heart. A ventricular assist device (VAD) or mechanical circulatory support device, it’s an implantable mechanical pump used to support heart function and blood flow in people with weakened hearts. Additionally, the segment includes a total artificial heart, a surgically installed pump typically used to bridge the time to heart transplantation or to permanently replace the heart in the case that a heart transplant is impossible.
North America was leading the market with dominating share
In 2019, North America accounted for the maximum revenue share in the human heart pump market owing to its well-established healthcare infrastructure and favorable reimbursement policies. The presence of major players in the major economies of the region including US and Canada is majorly contributing to the regional market value. The increasing number of patients with heart diseases coupled with the expanding geriatric population is additionally accelerating the regional market value. The region is followed by Europe. Moreover, Asia Pacific is projected to exhibit the fastest growth over the forecast timeframe from 2020 to 2027. The rapidly developing economies of the region including China and India are contributing to the regional market growth. The changing customer lifestyle is accelerating the number of patients with chronic heart diseases in the region is supporting the regional market value. The increasing investments by the major players in the healthcare sectors in order to take advantage of available opportunities are further propelling the regional market value.
The players profiled in the report include Abiomed (US), BerlinHeart (Germany), Fresenius Medical Care (Germany), Getinge (Sweden), Jarvik Heart (US), Medtronic (Ireland), ReliantHeart (US), St. Jude Medical (a subsidiary of Abbott Laboratories) (US), SynCardia Systems (US), TandemLife (CardiacAssist) (US), Teleflex (US), and Terumo (Japan). The major human heart pump players were involved in strategic developments for escalating the profit share in regional as well as the global market. The major investments were announced in the human heart pump market for technological advancements in the field.
Market Segmentation
Market By Product
Intra-aortic balloon pumps
Ventricular assist Devices
Total Artificial Heart
Market By Type
Implantable Heart Pump Devices
Extracorporeal Heart Pump Devices
Market By Therapy
Bridge-to-transplant (BTT)
Bridge-to-candidacy (BTC)
Destination Therapy (DT)
Other Therapies
Market By End User
Hospitals
Ambulatory Surgical Centres
Speciality Clinics
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for human heart pump is expected to reach a market value of around US$ 5,424.4 Mn by 2027.
The human heart pump market is expected to grow at a CAGR of around 16.9% from 2020 to 2027.
The rising prevalence of chronic cardiovascular diseases, regulatory approval of several new and advanced heart pump devices, and huge gap between the demand and supply of donor hearts are the factors driving the market growth.
Abiomed (US), BerlinHeart (Germany), Fresenius Medical Care (Germany), Getinge (Sweden), Jarvik Heart (US), Medtronic (Ireland), ReliantHeart (US), St. Jude Medical (subsidiary of Abbott Laboratories) (US), SynCardia Systems (US), TandemLife (CardiacAssist) (US), Teleflex (US), and Terumo (Japan) are the prominent players in the market.
North America held the highest market share in the human heart pump market.
Asia Pacific is expected to be the fastest growing market over the forecast period.
In end use segment the Ambulatory Surgical Centres segment is growing at faster pace.
