(PharmaNewsWire.Com, March 10, 2021 ) According to the new market research - The report "Heart Pump Devices 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", 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.
Major Market Growth Drivers:
# 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
ventricular assist devices held the largest share of the market.
On the basis of product, the heart pump devices market is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. The ventricular assist 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 the high prevalence of heart failure across the globe.
The implantable heart pump devices segment accounted the largest share of the market.
On the basis of type, the heart pump devices market is segmented into implantable and extracorporeal heart pump devices. In 2017, 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.
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.
The key players in the global heart pump devices 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).
St. Jude Medical (a subsidiary of Abbott Laboratories) (US), dominated the heart pump devices market in 2016. In the field of heart pump devices, the company offers an extensive range of ventricular assist devices (VADs) for heart failure. Abbott has a strong presence in North America, Europe, Africa, Asia Pacific, the Middle East, and South America. It has a robust distribution network across 150 countries and major facilities in Germany and the US. The company focuses on organic growth strategies such as product launches and expansions.
Abiomed (US) was one of the major players in the heart pump devices market in 2016. In the field of heart pump devices, the company offers percutaneous ventricular assist devices, one of the fastest growing segments of the market. The company focuses on maintaining its leading position through constant innovation, increasing R&D expenditure, and patented technologies. It focuses on R&D investments for the development of technically advanced products. The company invested USD 66.4 million, USD 49.8 million, and USD 36.0 million, in 2015, 2016, and 2017, respectively, in R&D activities.
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