Heart Pump Device Market by Product (Ventricular Assist Device (LVAD, RVAD, BiVAD, and pVAD), Intra Aortic Balloon Pump, TAH), Type (Extracorporeal and Implantable Pump), Therapy (Bridge-to-transplant, Destination Therapy) - Global Forecast to 2022
“The heart pump devices market is projected to grow at a CAGR of 19.4%”
The global heart pump devices market is projected to reach USD 3.98 billion by 2022 from an estimated USD 1.64 billion in 2017, at a CAGR of 19.4% during the forecast period. Rising prevalence of cardiovascular diseases, increasing number of regulatory approvals, and a huge gap between the demand and supply of donor hearts is driving the demand for heart pump devices. However, preference for alternative drug delivery modes and poor reimbursement scenario in developing countries is expected to restrain the growth of this market during the forecast period.
“By product, the ventricular assist devices market is expected to grow at the highest CAGR during the forecast period (2017-2022)”
Based on product, the market is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. The ventricular assist devices market is expected to grow at highest CAGR during the forecast period. This can be attributed to improved safety and efficacy of these devices as a result of technological advancements.
“By therapy, destination therapy segment is expected to grow at the highest CAGR during the forecast period”
Based on therapy, the global heart pump devices market is segmented into bridge-to-transplant, bridge-to-candidacy, destination therapy, and other therapies such as bridge-to-recovery and rescue therapy. The destination therapy segment is expected to grow at the highest CAGR during the forecast period.
“North America to witness the highest growth during the forecast period”
North America is expected to witness the highest growth during 2017 to 2022. The highest growth rate of the North American market is attributed to rising prevalence of cardiovascular diseases, favorable reimbursement scenario, and increasing regulatory approvals in that region.
Break of primary participants was as mentioned below:
By Company Type - Tier 1-56%, Tier 2-35% and Tier 3-9%
By Designation - C-level-27%, Director Level-15%, Others-58%
By Region - North America-38%, Europe-23%, Asia Pacific-25%, Row-15%
The key players in the global heart pump devices market are St. Jude Medical ( subsidiary of Abbott Laboratories) (US), Abiomed (US), Medtronic (Ireland), Getinge (Sweden), Teleflex (US), ReliantHeart (US), BerlinHeart (Germany), Terumo (Japan), SynCardia Systems (US), TandemLife (CardiacAssist) (US), Jarvik Heart (US), and Fresenius Medical Care (Germany).
The report analyzes the heart pump devices market and aims at estimating the market size and future growth potential of this market based on various segments such as product, type, therapy, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies.
This report provides insights into the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the heart pump devices market. The report analyzes the market based on product, type, therapy, and region
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the heart pump devices market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various heart pump devices across regions
Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the heart pump devices market
Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the heart pump devices market