Global Heart Pump Devices Market to Progress at a Substantial CAGR of 15.16%, Reaching Almost USD 6.3 billion by 2027, Asserts DelveInsight

The demand for Heart Pump Devices is primarily attributed to factors such as the rising prevalence of cardiovascular diseases, increased time duration pertaining to heart transplants, and the entrance of key companies such as Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc., and others in the market. These all factors are directly related to the growth of the Heart Pump Devices market.

LAS VEGAS, July 20, 2022 /PRNewswire/ -- DelveInsight's Heart Pump Devices Market Insights and Forecast report provides the current and forecast Heart Pump Devices Market, upcoming innovations in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Heart Pump Devices Market. 

Some of the essential takeaways from the Heart Pump Devices Market report: 

• As per DelveInsight analysis, in terms of revenue share, North America is predicted to register the fastest growth in the Heart Pump Devices market.
• Some of the Global Heart Pump Devices Device companies with access devices in various stages of development include Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc. CARMAT, CorWave SA, Medtronic Inc., Terumo Heart, Inc., Calon Cardio-Technology Ltd., NovaPump GmbH, Fresenius Medical Care AG & Co. KGaA, Angiodroid srl, Getinge AB, and others.
• DelveInsight analysis states that the Global Heart Pump Devices Market was valued at USD  2.73 Billion in 2021, growing at a CAGR of 15.16% during the forecast period from 2021 to 2027 to reach USD 6.35 Billion by 2027. 
• In August 2021, the United States FDA granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous Heart Pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes, including design iterations, clinical study protocols, and pre-market approval (PMA) application.
• On June 30, 2021, Abiomed's heart pump Impella RP with SmartAssist technology received the United States FDA pre-market approval.
• In February 2021, CARMAT received FDA approval to conduct an Early Feasibility Study (EFS) of its Total Artificial Heart in the US using BlueSync technology.
• In December 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.
• On February 04, 2020, Abbott received the Food and Drug Administration's Breakthrough device designation for its Fully Implantable Left Ventricular Assist System (FILVAS), currently under the process of development.
• On February 11, 2019, Leviticus Cardio and Jarvik Heart unveiled the use of the first FIVAD device for wireless power implanted in humans in Kazakhstan. The device uses coplanar energy transfer for wirelessly providing power to the heart pump, also known as the Ventricular Assist Device (VAD). Thus, owing to such development as product launches, there will be significant growth observed in the Heart Pump Devices market during the forecast period.

To pick on the latest highlights related to the Heart Pump Devices implantable device market, get a snapshot of the key highlights entailed in the Heart Pump Devices Market Sample Report

Heart Pump Devices Overview 

Heart failure is a condition wherein the heart is not able to pump an adequate amount of blood to meet the requirements of the body. The cause of heart failure depends on several factors such as pre-myocardial infarction (heart attack), high blood pressure, heart diseases, atrial fibrillation, and others such as a coronary artery. In order to help cardiac circulation, several types of cardiovascular pumping systems are available in the market. The devices are surgically implanted and used in humans suffering from low heart.

Heart Pump Devices Market Insight 

Geographically, the Global Heart Pump Devices market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. Regarding revenue, North America accounts for the highest revenue share compared with the Global Heart Pump Devices market, which will remain constant during the forecast period. However, the domination of North America will be conspicuously challenged by the European market. This domination is attributed to the increased cardiovascular disease prevalence in the region, the rising number of regulatory approvals, and the favorable refund scheme.

Various  Heart Pump Devices market growth opportunities can also be witnessed for other countries, including European countries owing to the rising number of patients suffering from cardiovascular disease and the recent launch of new products in this region.

Moreover, the regional companies are increasing their manufacturing of essential medical device products. For instance, in August 2021, the United States Food and Drug Administration (FDA) has granted breakthrough device designation to Abiomed's Impella ECP expandable percutaneous Heart Pump. The designation means the FDA will prioritize Impella ECP's regulatory review processes including design iterations, clinical study protocols, and pre-market approval (PMA) application.

Click here to understand more about the key players in the Heart Pump Devices Market and their future @ Heart Pump Devices Future Assessment

Heart Pump Devices Market Dynamics 

The major factors driving the demand for Heart Pump Devices are the increasing prevalence of cardiovascular diseases, the rising geriatric population, technology advances, new product development by the Heart Pump Devices market players. Heart Pump devices were found to be extremely beneficial in heart failure cases in COVID-19, which further pushed the demand for these devices during the pandemic situation. Due to a scarcity of heart suppliers, cardiac pumps are an optimal solution that encourages Global market expansion. 

On the contrary, factors such as the high cost of the pump and a low repayment scenario in developing countries are nevertheless projected to inhibit the growth of the Heart Pump Devices market. COVID-19 pandemic has been observed to be an incomparable public health emergency that has affected almost every industry, and its long-term effects of it are projected to impact the healthcare market. As for the Heart Pump Devices market, they had observed a period of slow growth because of heart pump device stock-outs, unavailability of the heart pump devices, and closed clinics.

However, the manufacturing companies and clinics are slowly resuming their operations. Patient visits are also gradually increasing after the relaxation given as per the new lockdown guidelines. There is still an increasing amount of research going on regarding the use of Heart Pump Devices in COVID-19 patients. Hence, the devices are slowly gaining normalcy regarding Heart Pump Devices market growth.

To gain a better understanding of the COVID-19 impact on Heart Pump Devices, get a snapshot of the COVID-19 Impact on the Heart Pump Devices Market

Scope of the Heart Pump Devices Market Report

• Coverage: Global
• Study Period: 2019-2027
• Market Segmentation By Product - Ventricular Assist Devices- Left Ventricular Assist Devices (LVAD), Percutaneous Ventricular Assist Devices (PVAD), Biventricular Ventricular Assist Devices (BIVAD), Right Ventricular Assist Devices (RVAD), and Intra-Aortic Balloon Pumps, Total Artificial Hearts
• Market Segmentation By Type - Implanted Heart Pump Device, Extracorporeal Heart Pump Device
• Market Segmentation By Therapy - Bridge-To-Transplant (BTT), Bridge-To-Candidacy (BTC), Destination Therapy (DT)
• Market Segmentation By End-User - Hospitals, Cardiac Centres, Ambulatory Surgical Centres
• Market Segmentation By Geography - North America, Europe, Asia-Pacific, and Rest of the   World
• Key Heart Pump Devices Companies - Abbott Laboratories, Abiomed, Inc., Teleflex Incorporated, SynCardia Systems, LLC, St. Jude Medical Inc. CARMAT, CorWave SA, Medtronic Inc., Terumo Heart, Inc., Calon Cardio-Technology Ltd., NovaPump GmbH, Fresenius Medical Care AG & Co. KGaA, Angiodroid srl, Getinge AB and others.
• Product Profiles, Case Studies, KOL's Views, Analyst's View

Delveinsight Analysis: The Global Heart Pump Devices Market size was valued at USD 2.73 Billion in 2021, growing at a CAGR of 15.16% during the forecast period from 2022 to 2027, to reach USD 6.35 Billion by 2027.

Know more about which MedTech player is set to emerge as the trendsetter in the Global Heart Pump Devices Market @ Key Heart Pump Devices Companies Analysis 

Table of Contents 

Learn more about the Heart Pump Devices  @ Heart Pump Devices Regulatory Landscape

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SOURCE DelveInsight Business Research, LLP