(PharmaNewsWire.Com, April 22, 2021 ) The 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", is projected to reach USD 3.98 Billion, at a CAGR of 19.4% during the forecast period.
What Drives the Market Growth?
The key factors driving the growth of Heart Pump Device Market include the rising prevalence of cardiovascular diseases, increasing number of regulatory approvals, and a huge gap between supply and demand of donor hearts is driving the demand for heart pump devices.
Heart Pump Devices Market Segmentation in Detailed:
On the basis of product, is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. In 2017, 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.
On the basis of type, 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.
Global Key Leaders:
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).
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