Heart Pump Device Market worth $5.5 billion - Rising prevalence of Cardiovascular Diseases and China to Drive Growth
The Heart pump devices are used by patients suffering from cardiac diseases and patients waiting for a heart transplant. These devices are also used to provide the necessary support to patients recovering from a major surgical procedure. Factors such as increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity are expected to drive the growth of the market.
How the Market Growth Will Impact In-terms of Revenue?
The Heart Pump Device Market is projected to reach USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026.
Implantable heart pump devices are expected to hold the largest share of market.
Based on type, Segmented into implantable heart pump devices and extracorporeal heart pump devices. In 2020, implantable heart pump devices accounted for the largest share of this market, due to the introduction of innovative products by leading players and the rising need for an efficient solution to manage heart failure.
Know More About Covid -19 Impact on The Heart Pump Device Market?
There have been significant changes in the healthcare sector post the global outbreak of COVID-19. In the cardiac care sector, various countries have decided to postpone elective surgeries to lower the risk of exposure to the virus. In response to the burden of COVID‐19 on healthcare systems in the UK, elective cardiac surgeries have been delayed due to the redistribution of intensive care resources and the unquantifiable risk of acquiring COVID‐19.
A study conducted across eight hospitals in Italy from 21st February to 31st March 2020 revealed that admissions for HF were significantly reduced during the lockdown. In fact, in some cases, HF patients may have died at home without seeking medical attention during the COVID‐19 lockdown. With reduced hospitalizations regarding HF, the market for heart pump devices witnessed a considerable decline in 2020.
Similarly, players operating in the market have also witnessed declines in their revenues owing to the outbreak of COVID-19. For instance, As per Abiomed’s 10-k form, revenues generated from the sales of Impella pumps were affected due to low patient utilization because of fewer patient visits in the fourth quarter of FY 2020. COVID-19 negatively impacted the revenue of Impella products by approximately USD 17 million, primarily in the US and Europe.
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Recent Developments in Heart Pump Device Market:
- In 2021, CARMAT Received FDA approval to conduct an Early Feasibility Study (EFS) of its TAH in the US
- In 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure
- In 2020, Abiomed received approval from the Ministry of Health, Labour and Welfare (MHLW) for the Impella CP Heart Pumps in Japan
- In 2020, SynCardia Systems received FDA approval for the 50cc temporary Total Artificial Heart (TAH-t)
- In 2020, CARMAT received the CE Mark for its total artificial heart.
Geographical Growth Scenario of Heart Pump Device Market:
The Research Report Segments into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the heart pump device market. The large share of this market segment can be attributed to the rising adoption of heart pump devices, the high prevalence of CVDs, the growing number of research activities to improve current technologies, and the limited availability of donor hearts for transplants.
The Asia Pacific market is estimated to be the fastest-growing regional market, mainly due to the growing target population, active product launches & approvals by players in the region, and healthcare infrastructure improvements in several APAC countries such as China, Japan, and India.
Key companies and strategies adopted-
The major players operating in heart pump device market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), SynCardia Systems (US), Fresenius Medical Care AG & Co. KGaA (Germany), Getinge (Sweden), CardiacAssist, Inc. (US), Berlin Heart (Germany), Jarvik Heart, Inc. (US), CARMAT (France), SENKO MEDICAL INSTRUMENT Mfg. CO., LTD. (Japan), Angiodroid (Italy), CardioDyme (US), and World Heart Corporation (US).
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- Prasad Shelke
- Website: Heart Pump Device Market