Heart Pump Devices Market by Product [Ventricular Assist Devices (VADs), Intra-aortic Balloon Pumps (IABPs), and Total Artificial Heart (TAH)], by Type [Extracorporeal Heart Pump Devices and Implantable Heart Pump Devices], by Therapy [Bridge to Transplantation (BTT), Bridge to Candidacy (BTC) and Destination Therapy (DT)] – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the global heart pump device market was pegged at ~US$ 2.2 billion in 2021. The market is expected to witness a CAGR of ~18.2% from 2022 to 2030.
The rising prevalence of cardiovascular diseases (CVDs), growing geriatric population, unhealthy lifestyle, use of tobacco and unhealthy diet, strong product pipeline, growing public & private funding for device development, and launch of technologically advanced devices are some of the pivotal factors propelling the growth of the global heart pump devices market. However, increase in recall of the defective devices, complications related to infection as the control unit and power sources are located out side body, risk of bleeding, blood clots which can slow down the flow of blood from the devices are some of the inhibiting factors to the market growth. In case of LVAD, the right ventricle may have functional issue as it has to pump more blood, posing a major technical issue.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of heart pump devices by providing the necessary funding, grants, permissions, clearances, and approvals to meet the needs of the healthcare sector. For instance, in May 2022, the European Union partially funded the French heart device company CorWave through its Calypso Project for developing novel membrane pump technology to reduce complication related to LVAD implantation. In February 2020, Abbott Laboratories received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its under-development Fully Implantable Left Ventricular Assist System (FILVAS).
According to the WHO, cardiovascular diseases (CVDs) are the leading cause of deaths globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 32% of all deaths worldwide. Of these, more the 75% of deaths occur in low and middle-income countries. According to the CDC, one person dies every 36 seconds in the U.S. from cardiovascular disease.
About 655,000 Americans die from heart disease each year presenting 1 in every 4 deaths. In the U.S., for every 40 seconds someone suffers from heart attack. Therefore, the rising prevalence of the CVDs is expected to boost the demand for heart pump devices.
In an effort to maintain their position in the market, the prominent players are focusing on receiving funding, develop and launch novel and advanced heart pump device, by increasing their research and development initiatives.
However, increase in recall of the defective devices has affected the growth of market to a certain extent. Recall of defective products makes consumers lose interest in the products, and lead to negative effect on the product demand. This in turn decreases the market volume and eventually hampers the market growth. For instance, in March 2021, The U.S. FDA issued a Class I recall of Medtronic’s HeartWare Ventricular Assist Device (HVAD) Pump Implant Kit, following several complaints that the device may fail to start, restart or exhibit delayed start after the pump was stopped.
Asia Pacific is projected to be the fastest growing regional market for heart pump devices. The high growth of region can be mainly attributed to factors such as rapidly developing healthcare infrastructure, rising R&D investments by the prominent players, and growing availability of skilled health care professionals. Moreover, the government bodies in this region are playing a vital role in the laying synergistic opportunities to the market players. Countries such as India, China, and Japan in Asia Pacific are projected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases and rising geriatric population in the region. For instance, the heart pump devices that are made in India are low on cost when compared to throse form the other counties. Recently, China also launched a domestically developed a low cost artifical heart. These are some of the factors which are propelling the growth in Asia Pacific market.
Some of the prominent players operating in the heart pump devices market are Medtronic plc, Terumo Corporation, Getinge AB, Abiomed Inc., CardiacAssist Inc, Abbott Laboratories Inc., Teleflex Incorporated, Fresenius Medical Care AG & Co. KGaA, SynCardia Systems LLC, and Berlin Heart GmbH among others.