Market Overview

Heart Pump Device Market Size is projected to achieve a value of USD 3.75 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 15.83 Billion by 2033 with a CAGR of 19.3% during the forecast period 2024-2033.

SOURCE: We Market Research

A mechanical pump called a ventricular assist device (VAD), often called a heart pump device, helps patients with severe heart failure sustain cardiac function. It is inserted surgically to help the body's failing heart pump blood. The device can assist one or both ventricles, depending on the patient's needs. By replacing the heart's pump, it can enhance blood flow, lessen symptoms, and enhance the patient's quality of life as a long-term treatment option or while awaiting a heart transplant.

The Heart Pump Device Market is influenced by a number of significant factors. Technological advancements in materials science and device design boost market expansion by making products more resilient and simpler to use. The aging of the world's population and the rise in the prevalence of cardiovascular diseases add to the need for these devices. Patients and medical professionals are becoming more aware of the advantages of heart pump devices in managing heart failure, which propels market expansion even more. Furthermore, a growing percentage of heart failure patients are ineligible for transplants, which is driving the adoption of these devices as an alternate therapy and growing market potential.

Market Scope

Heart Pump Device Industry: Drivers & Restrains

Market Drivers

Rising Prevalence of Cardiovascular Diseases (CVDs)- Cardiovascular disorders (CVDs) are becoming more common, and this is one of the major factors driving the heart pump device market. The need for more modern treatment alternatives is growing as cardiovascular diseases (CVDs) such heart failure and coronary artery disease continue to develop in the world. Heart pump devices fill a gap in the treatment of end-stage heart failure by improving patient survival rates. They are life-saving technologies. The need for durable, creative, and minimally invasive technologies is expanding because to the increasing number of patients, which is driving ongoing research and development. The market for heart pump devices is growing as a result of the increase in cardiovascular disease cases, which in turn increases demand for efficient cardiac support systems.

Technological Advancements- Technological developments stimulate the heart pump devices market by encouraging creativity, effectiveness, and patient-centered solutions. As a result of technological advancements, heart pump devices are becoming more compact, robust, and advanced, which improves their efficacy and safety characteristics. Better materials, more sophisticated pump designs, and wireless monitoring capabilities transform patient care by lowering risks and facilitating better results. In addition to meeting the urgent demand for more effective cardiac support systems, these developments also draw funding and partnerships, advancing the industry with innovative solutions that consistently raise the bar for cardiac care.

Market Restrains

High cost of devices- Heart pump devices are expensive, making them less accessible or affordable for patients or healthcare systems, which severely restricts market growth. The substantial expenses associated with device acquisition, installation, post-operative care, and maintenance lead to financial restraints, especially in regions with constrained healthcare budgets or inadequate payment schemes. In addition to impeding patient access, the cost deters organizations and healthcare professionals from implementing it extensively. Reducing this barrier and expanding access to life-saving heart pump technology will require addressing cost concerns with innovative pricing models, improved reimbursement programs, and increased manufacturing efficiencies.

Heart Pump Device Segmentation

Market- By Type Analysis

By Type, the Heart Pump Device Market is Categories into Extracorporeal Heart Pump Devices, Implanted Heart Pump Devices. The Implanted Heart Pump Devices segment accounts for the largest share of around 76% in 2022.

Patients with heart failure (HF) who are not suitable for a heart transplant are increasingly using implanted heart pump devices. The enhanced longevity provided by implanted cardiac pump devices has compelled their adoption in the medical field.

The following segments are part of an in-depth analysis of the global market for Heart Pump Device Market:

Heart Pump Device Industry: Regional Analysis

North America Market Forecast

North America dominate the Heart Pump Device Market with the highest revenue generating market with share of more than 49%. Due to a large patient population with cardiovascular diseases, favorable reimbursement policies, and high healthcare costs, North America market now holds the largest share of the global heart pump device market.

Europe Market Statistics

Europe is the second-largest market for Heart Pump Device. Growing public awareness, improved access to innovative treatments, and more government initiatives are all influencing the treatment of cardiovascular disease and supporting the European market's continuous growth.

APAC Market Forecasts

Asia Pacific is expected to be the fastest-growing market for Heart Pump Device during the forecast period. The primary factors include the growing prevalence of cardiovascular diseases, the population's rapid growth, rising disposable income, and government measures to improve the healthcare system. Another key driver propelling the market's expansion is the increasing availability of high-quality healthcare to customers in the expanding middle class.

Key Market Players

The Heart Pump Device Market is dominated by a few large companies, such as

·         SynCardia Systems, LLC

·         ABIOMED

·         Berlin Heart

·         Teleflex Incorporated

·         CARMAT

·         CorWave SA

·         Abbott

·         Evaheart, Inc.

·         Getinge AB.

·         BiVACOR Inc.

·         Jarvik Heart

·         Fresenius SE & Co. KGaA

·         LivaNova PLC

Recent Developments:

·         August 2022, According to recent statistics, patients with advanced heart failure had a minimum 5-year survival benefit from using the Abbott HeartMate 3TM heart pump. The information comes from the largest randomized clinical trial in the world, MOMENTUM 3, which evaluated the long-term outcomes of treating patients with severe heart failure with a left ventricular assist device.