Heart Pump Devices Market to exceed US$ 6 Billion by 2027 Globally | CAGR: 18.9% | UnivDatos Market Insights

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NOIDA, India, July 7, 2021 /PRNewswire/ -- A comprehensive overview of the Heart Pump Devices Market is recently added by UnivDatos Market Insights to its humongous database. The Heart Pump Devices Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Heart Pump Devices market. The Heart Pump Devices Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Heart Pump Devices market at the global and regional levels. Heart Pump Devices market is expected to grow at a CAGR of 18.9% from 2021-2027 to exceed US$ 6 billion by 2027.

Market Overview

The key reason for the heart pump devices market growth is the growing technological advancements, accompanied by the increasing prevalence of cardiovascular diseases and heart failure. Additionally, the waiting time for heart transplants. For example, in 2020, in Australia, around 1,650 individuals were on the waiting list for a heart transplant and only 463 donors were available, thus heart pump devices could help in the meantime. According to the report by the transplant Activity (2018/19), the number of heart patients has increased 134% since 2010. Furthermore, reimbursements for heart pump devices are increasing. One reason for the increasing heart failure is the increasing obesity in the population. The major drawback of the market is the LVAD related complication or surgical complications that can occur while implanting the heart pump device. LVAD-related complications in 60% of the patients, occur 6 months post-implantation. Unplanned readmission after LVAD-implants is common.

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COVID-19 Impact

The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this, the pandemic has also cost many lives. A few studies have also reported other hidden symptoms of Covid-19 that can affect a few individuals. The Coronavirus can cause cardiovascular conditions in individuals which can lead to the weakening of the biventricular function and that leads to a higher mortality rate. In 4-50% of the cases, right ventricular failure can be a consequence of LAVD implantation. In a study from China, the mortality rate of LVAD patients was given 21.4%, on the other hand, the general mortality rate if 2.3%. This huge variation in people with LVAD implants is a huge concern during covid-19. With a little relief of Covid-19, operational procedures are re-opening and people needing heart pumps or other implants can get them now. With the business going back to normal in more and more countries around the world, the heart pump market is expected to gain back its momentum in the market very fast.

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Heart Pump Devices Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product, the market is primarily segmented into

• Ventricular Assist Devices (VADs)
• Left Ventricular Assist Devices (LVADs)
• Right Ventricular Assist Devices (RVADs)
• Bi-ventricular Assist Devices (BiVADs)
• Percutaneous Ventricular Assist Devices (pVADs)
• Intra-Aortic Balloon Pumps (IABPs)
• Total Artificial Heart (TAH)

The ventricular assist devices segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.

By Type, the market is primarily segmented into

• Implantable Heart Pump Devices
• Extracorporeal Heart Pump Devices

Amongst types, the implantable heart pump devices segment of the Heart Pump Devices market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027.

By Therapy, the market is primarily segmented into

• Bridge-To-Transplant (BTT)
• Bridge-To-Candidancy (BTC)
• Destination Therapy (DT)
• Other Therapies

Amongst therapy, the bridge-to-transplant segment of the Heart Pump Devices market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027.

Heart Pump Devices Market Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, the North America region dominated the Heart Pump Devices Market with almost XX% revenue share in 2020. North America also saw the highest CAGR of XX% in the forecast period due to the increasing acceptance among people.

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The major players targeting the market includes

• Abbott Laboratories
• Abiomed
• Medtronic
• Teleflex Incorporated
• SynCardia Systems
• Fresenius Medical Care AG & Co. KGaA
• Getinge
• CardiacAssist, Inc.
• Berlin Heart
• Jarvik Heart, Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Heart Pump Devices Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Heart Pump Devices Market?
• Which factors are influencing the Heart Pump Devices Market over the forecast period?
• What are the global challenges, threats, and risks in the Heart Pump Devices Market?
• Which factors are propelling and restraining the Heart Pump Devices Market?
• What are the demanding global regions of the Heart Pump DevicesMarket?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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