The heart pump device market involves sale of heart pump devices and related services. Heart pump devices are mechanical circulatory support devices used to support the circulation system of patients with weakened hearts. They help pump blood flow within the body during heart failure or heart attacks. Heart pump devices include ventricular assist devices, total artificial hearts and intra-aortic balloon pumps. The primary applications of heart pump devices include bridging to transplant, destination therapy, bridge to recovery and bridge to candidacy.
The heart pump device market is estimated to be valued at USD 2.74 Bn in 2024 and is expected to reach USD 7.56 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2031. Key Takeaways
Key players operating in the Heart Pump Device Market are Abbott Laboratories, Abiomed, Medtronic, Getinge, SynCardia Systems, Teleflex, ReliantHeart, Terumo, Berlin Heart and Jarvik Heart. Increasing investments and funding by governments and private entities in the development of innovative heart devices present a major growth opportunity for players in the heart pump device market. Key players are expanding their presence in high growth markets such as Asia Pacific and Latin America through strategic partnerships and acquisitions to leverage opportunities for revenue generation from emerging economies.
Market Drivers The rising prevalence of heart failure is expected to be a major driver for the heart pump device market. According to the Centers for Disease Control and Prevention, over 6 million adults in the US suffer from heart failure and the prevalence is increasing in developed as well as developing countries. Heart pump devices help sustain the lives of heart failure patients and ease the burden of heart transplants. Technological advancements in miniaturization and portability of ventricular assist devices have enabled their usage for ambulatory patients as well as for long term applications like destination therapy. This has contributed to the growth of the heart pump devices market.
Market Restraints High costs associated with heart pump devices limit their widespread adoption. Total artificial hearts are prohibitively expensive, costing close to US$ 1 million for the device alone. With requirements for costly post implantation medical management and minor device repairs, the total treatment costs could be multiples of the device cost.
Segment Analysis
The heart pump device market is segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial hearts. VADs hold the largest market share currently due to their ability to offer long-term circulatory support. Left ventricular assist devices (LVADs) dominate the VAD segment as they support the main pumping chamber of the heart. LVADs are an effective option for treating advanced heart failure when heart transplantation is not a suitable option. IABPs offer short-term circulatory support and are commonly used during high-risk surgeries or in emergency situations. Though total artificial hearts can replace the native heart completely, they still account for a very small portion of the market due to technological challenges and high costs involved.
Regional Analysis
North America currently holds the largest share in the heart pump device market mainly due to the growing prevalence of heart failure, rise in healthcare expenditure, presence of major device manufacturers, and availability of reimbursement for heart pump procedures. Europe and Asia-Pacific are expected to witness high growth rates over the forecast period with rising healthcare infrastructure development and increasing adoption of technologically advanced cardiac assist devices. Countries like China, Japan, and India especially offer lucrative opportunities for heart pump device manufacturers to enhance their geographical presence.
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Heart pump devices are utilized in patients that are suffering from heart issues such as a recent cardiac arrest.
They carry out the normal functions of the heart by maintaining the regular cardiac circulation and replace the heart partially or completely.
After receiving the blood from the lower chambers of the heart, it helps in transferring the blood to all the vital organs in the body.
The market growth is driven by factors such as the increasing prevalence of cardiovascular diseases, rising geriatric population, new product development by the market players.
Unfavorable reimbursement scenario along with high costs of the device and the expensive implant procedures are the restraining factors.What is Heart Pump Device Market?DelveInsight’s ‘Heart Pump Device-Market Insights, Competitive Landscape and Market Forecast - 2026’ report delivers an in-depth understanding of Heart Pump Device and the historical and forecasted Heart Pump Device market trends in the US, EU5 (Germany, Spain, Italy, France and United Kingdom) and Japan.What is Heart Pump Device Market Report?The Heart Pump Device market insights report provides an overview of Heart Pump Device, as well as its PEST Analysis.
Additionally, the report provides insight on the Heart Pump Device market share of the individual Heart Pump Device devices, current and forecasted Heart Pump Device market size from 2018 to 2026 segmented by seven major markets.
