(PharmaNewsWire.Com, June 08, 2021 ) The study involved four major activities to estimate the current size of the Heart Pump Device Market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge:
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.
Growth Driver: Long waiting periods for heart transplant procedures;
In the last few years, the demand for heart transplantation has increased significantly due to the rising incidence of CVDs and heart failure. However, the unavailability of adequate hearts for transplantation to meet the existing demand has globally resulted in a shortage crisis. According to the national database maintained by the Health Resources and Services Administration (US), as of March 2018, there are about 3,980 candidates on the heart transplant waiting list.
Even at a country level, significant differences in the number of donors and patients on waiting lists have been observed. For instance, in Australia, during 2020, around 1,650 individuals were on the waiting list for a heart transplant, whereas only 463 donors were available (Source: Transplant Australia Ltd). As per the Transplant Activity Report 2018/19, the number of patients active on heart transplant lists by year-end 2018/19 increased by 134% since 2010.
Heart Pump Device Market Segmentation in Detailed:
Based on products;
The heart pump devices market is segmented into ventricular assist devices, intra- aortic balloon pumps, and total artificial hearts. Ventricular assist devices are the largest and fastest-growing segment in this market. Growth in this segment can primarily be attributed to technological advancements, the shortage of organ donors, and the increasing prevalence of heart failure globally.
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.
Based on therapy;
Segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. In 2020, the BTT segment accounted for the largest share of this market. Growing awareness about transplantation and the availability of VADs for BTT have propelled the growth of this segment.
Europe commanded the largest share of the heart pump device market in 2021.
On the basis of region, segmented 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 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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