According to a new market research report "Heart Pump Device Market by Product (Ventricular Assist Device (LVAD, RVAD, BiVAD, and pVAD), Intra Aortic Balloon Pump, TAH), Type (Extracorporeal and Implantable Pump), Therapy (Bridge-to-transplant, Destination Therapy) - Global Forecast to 2022", published by MarketsandMarkets™, the global market is projected to reach USD 3.98 Billion by 2022 from an estimated USD 1.64 Billion in 2017, at a CAGR of 19.4% during the forecast period (2017-2022). The key factors driving the growth of this market include the rising prevalence of cardiovascular diseases, increasing number of regulatory approvals, and a huge gap between supply and demand of donor hearts is driving the demand for heart pump devices.
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By product, ventricular assist devices held the largest share of the market in 2017
On the basis of product, the Heart Pump Devices Market is segmented into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. In 2017, the ventricular assist devices segment is expected to account for the largest share of the global market.
The large share of this segment can be primarily attributed to the high prevalence of heart failure across the globe.
By type, the implantable heart pump devices segment accounted the largest share of the market in 2017
On the basis of type, the Heart Pump Devices Market is segmented into implantable and extracorporeal heart pump devices.
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In 2017, the implantable heart pump devices segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to technological advancements to improve efficiency and safety of implantable heart pump devices and their ability to improve the mobility and the standard of life of patients.
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By therapy, the bridge-to-candidacy segment held the market share in 2017
On the basis of therapy, the Heart Pump Devices Market is segmented into bridge-to-transplant, bridge-to-candidacy, destination therapy, and other therapies (bridge-to-recovery and rescue therapy). In 2017, the bridge-to-candidacy segment is expected to account for the largest share of the global market.
The large share of this segment can be primarily attributed to the effective treatment decisions and patient outcomes associated with bridge-to-candidacy.
North America to dominate the market in 2017
In 2017, North America is expected to account for the largest share of the Heart Pump Devices Market, followed by Europe. Factors such as the regulatory approval of several new and advanced heart pump devices, favorable medical coverage, large gap between the supply and demand of donor hearts for transplants, and high incidence and prevalence of cardiovascular diseases are contributing to the large share of North America.
The key players in the global Heart Pump Devices Market are St. Jude Medical (a subsidiary of Abbott Laboratories) (US), Abiomed (US), Medtronic (Ireland), Getinge (Sweden), Teleflex (US), ReliantHeart (US), BerlinHeart (Germany), Terumo (Japan), SynCardia Systems (US), TandemLife (CardiacAssist) (US), Jarvik Heart (US), and Fresenius Medical Care (Germany).
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