(PharmaNewsWire.Com, September 01, 2021 ) The Key Growth Elements in Detailed?
The increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity are expected to offer growth opportunities in the market during the forecast period.
Worldwide Growth Opportunities in Terms of Revenue:
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.
The heart pump device market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the 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.
Major Key Players Mentioned in the research report are:
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).
Abbott Laboratories occupied the leading position in the Heart Pump Device Market, with a share of 30.6% in 2020. In the heart pump devices market, the company offers VADs to treat heart failure in patients. The company has consistently adopted strategic initiatives over the years, helping it gain a competitive edge in the market. In 2020, the FDA approved the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure. The company is also extremely innovation-centric and invests heavily in R&D to maintain its market share. It has a strong presence in the US; in 2020, it registered ~37.6% of its total revenue from the US.
- In 2021, CARMAT Received FDA approval to conduct an Early Feasibility Study (EFS) of its TAH in the US
- In 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure
- In 2020, Abiomed received approval from the Ministry of Health, Labour and Welfare (MHLW) for the Impella CP Heart Pumps in Japan
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