Heart Pump Device Market Introduction & Overview

Heart pump devices are utilized in the treatment of heart failure. Heart failure is a condition wherein the heart works less efficiently than normal. Heart failures are caused due to narrowed arteries, irregular heartbeats, and high blood pressure. Heart pump devices are attached to weak parts of the heart to provide rhythm electric stimulation so that the heart starts functioning better. This form of treatment helps in survival and improved quality of life, further reducing the risk of hospitalization and even death. The global heart pump device market is driven by increasing awareness regarding implantable heart pump devices and technological advancements in medical science. Moreover increasing medical tourism, reliable & safe procedures, long-term survival and cost-effectiveness of procedures further contributes to the extensive growth of the heart pump device market.

Heart Pump Device Market By Product Type

Based on product type, the heart pump device market can be segmented into Ventricular Assist Devices – Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Bi-Ventricular Assist Devices (BiVADs), and Percutaneous Ventricular Assist Device (pVADs); Intra-Aortic Balloon Pumps (IABPs); and Total Artificial Heart (TAH). The Ventricular Assist Devices segment will hold the largest market share during the forecast period. Increasing cases of heart failure, cost-effectiveness, high reliability, minimally invasive surgical procedures, and technological advancements will play a crucial role in segment growth.

Heart Pump Device Market By Type

 Based on the type of devices, the heart pump device market can be segmented into implantable heart pump devices and extracorporeal heart pump devices. Implantable devices will hold the largest market share owing to safety and improvements in the functionality of heart, resulting in the long-term survival of patients.

Heart Pump Device Market By Therapy

Based on therapy, the heart pump device market can be segmented into Bridge To Transplant (BTT), Bridge To Candidacy (BTC), and Destination Therapy (DT). Destination therapy will hold the largest market share owing to high reliability, safe procedures, and technological advancements.

Heart Pump Device Market By Region

The global heart pump device market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America dominated the heart pump devices market followed by Europe and Asia- Pacific. North America will continue its dominance during the forecast period owing to increasing patient population, aging population, obesity, increasing cardiovascular disorders, research & development activities, and affordability of surgeries among the target population in this region.

Heart Pump Device Market Prominent Players

Some of the key players in the heart pump device market are Abbott Laboratories, Abiomed, Terumo Europe NV, Medtronic PLC, SynCardia Systems LLC., Teleflex Incorporated, Berlin Heart Gmbh, Jervik Heart Inc., Reliant Heart Inc., and Cardiac Assist Inc., among others.