(PharmaNewsWire.Com, November 05, 2020 ) According to the new market research report “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” published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
The Global Heart Pump Device Market was valued at USD 1.32 Billion in 2016 and is projected to reach USD 3.98 Billion by 2022, at a CAGR of 19.4% during the forecast period.
On the basis of type, the heart pump devices market is segmented into implantable and extracorporeal heart pump devices. The implantable heart pump devices segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to technological advancements to improve efficiency and safety of implantable heart pump devices and their ability to improve the mobility and the standard of life of patients.
On the basis of therapy, the heart pump market is segmented into bridge-to-transplant, bridge-to-candidacy, destination therapy, and other therapies (bridge-to-recovery and rescue therapy). The bridge-to-candidacy segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to the effective treatment decisions and patient outcomes associated with bridge-to-candidacy.
- Rising Prevalence of Cardiovascular Diseases - Regulatory Approval of Several New and Advanced Heart Pump Devices - Huge Gap Between the Demand and Supply of Donor Hearts - Growth Potential Offered By Emerging Countries
Objectives of the Research Report:
- To define, measure, and describe the global heart pump devices market by product, type, therapy, and region
- To provide detailed information about the major factors influencing market growth (drivers, restraints, challenges, and opportunities)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of market segments in North America, Europe, Asia Pacific, and RoW
The key players in the global heart pump market are St. Jude Medical (a 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).
Geographical Regions Mapped in Report:
North America is expected to account for the largest share of the heart pump devices market, followed by Europe. Factors such as the regulatory approval of several new and advanced heart pump devices, favorable medical coverage, large gap between the supply and demand of donor hearts for transplants, and high incidence and prevalence of cardiovascular diseases are contributing to the large share of North America.
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