Heart Pump Device Market is anticipated to grow at a CAGR of ~ 17% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Heart Pump Device Market- Global Industry Analysis, Size, Share, Growth, Trends & Forecast, 2020-2030.” According to the report, the global heart pump device market accounted for approximately US$ 2.1 Billion in 2019. It is anticipated to grow at a CAGR of ~ 17% from 2020 to 2030.
The continual growth of the heart pump device market can be attributed to several factors, which have led to the wide-scale adoption of these products for the treatment of cardiovascular disorders. Moreover increasing medical tourism, safe procedures, and long-term survival are contributing to the substantial growth of the global heart pump device market between 2020 and 2030. To gain better insights, prominent players in the market are focusing on new product launches along with technological advancements. For Instance, in February 2020, Abbott received U.S. FDA’s breakthrough device designation for the development of a Fully Implantable Left Ventricular Assist System (FILVAS).
Over the years, medical tourism is growing into a popular and profitable industry, playing a vital role in contributing to growth of the global heart pump device market. Several countries, including India, Japan, China, Thailand, and Colombia, among other developing countries, are encouraging global medical tourism, resulting in growth of the heart pump device market. The main reasons for international medical tourism include the availability of better facilities, cost-effectiveness, new & technologically advanced medical procedure, highly skilled cardiac surgeons, and advancements in medical infrastructure. Cardiac surgery prices are 30% to 70% lower in developing countries as compared to developed countries. Asian countries showed a 25% growth rate in medical tourism during recent years. Low costs along with advanced medical treatment are major drivers of the global heart pump device market, which will further propel market growth in the coming years.
Another major factor contributing to growth of the heart pump device market is the increasing prevalence of cardiovascular disorders. About 30% of patients with heart failure have problems related to heart functionality, usually low supply of blood to organs of the body. A ventricular assist device is attached to a weak part of the heart by the Bridge To Transplant therapy method, facilitating better functionality of the heart. This is considered to be a better option for heart transplant surgery. In 2019, it was estimated that 250,000 patients in the U.S. required heart transplant surgeries or Ventricular Assist Devices for their survival.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Heart Pump Device Market By Product (Ventricular Assist Devices (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Bi-Ventricular Assist Devices (BiVADs), and Percutaneous Ventricular Assist Devices (pVADs)); Intra-Aortic Balloon Pumps (IABPs)and Total Artificial Heart (TAH)), By Type (Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices), By Therapy (Bridge To Transplant (BTT), Bridge To Candidacy (BTC), and Destination Therapy (DT)) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/heart-pump-device-market/349
Various complications and risks are associated with heart pump devices have been affecting market growth. The most common complications include infections contracted during the surgery, the high costs of procedures, blood clotting, and device malfunctions.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. The primary reasons for this include cost savings, better medical facilities, rising medical tourism, advanced medical infrastructure, modern medical equipment, increasing population, and growing economy, which are anticipated to present lucrative growth opportunities for the regional heart pump device market. Furthermore, attractive procedure rates and supportive government healthcare regulations & norms present attractive prospects for the regional market in the coming years.
Some of the prominent players in 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.
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