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Global Heart Pump Device market to Witness CAGR of 19.1% from 2023 to 2031 and reach US$ 9.78 Billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, November 30, 2023 /EINPresswire / -- The heart pump device market is driven by factors such as rising prevalence of heart failure, a growing aging population, and advancements in
technology improving device effectiveness. Additionally, increased awareness of heart
health and a shortage of donor hearts are propelling the demand for these life-saving devices.
Before COVID-19, the heart pump device market exhibited steady growth due to increasing heart-related ailments. However, the pandemic momentarily hindered the market due to surgical delays and healthcare system strains. In the post-COVID-19 era, the market is recovering as healthcare adapts to new challenges, with sustained demand for advanced heart pump devices driven by a growing elderly population and persistent heart health concerns.
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Global Heart Pump Device Market: Analysis & Insights
.Rising Prevalence of Cardiovascular Diseases: Cardiovascular diseases remain the leading cause of death worldwide in the global heart pump device market. The World Health Organization (WHO) reported that they were responsible for over 18 million deaths in 2020. This high prevalence, driven by factors like unhealthy lifestyles and aging populations, fuels the demand for heart pump devices. In the US, for example, the American Heart Association projected that cardiovascular diseases would cost the nation over $1 trillion annually by 2035, highlighting the need for advanced cardiac support devices.
.Advancements in Heart Pump Technology: Continuous advancements in heart pump device market technology have expanded treatment options for heart failure patients. Innovations like the HeartMate 3's magnetic levitation technology have improved device reliability and reduced the risk of complications. Additionally, miniaturization of devices has made them suitable for a broader range of patients. These advancements have translated into improved patient outcomes and increased adoption rates.
.Aging Population: The global population is aging, leading to a higher incidence of heart-related ailments propelling the global heart pump device market. The United Nations estimates that the number of people aged 65 or older will double by 2050. Aging is a significant risk factor for heart failure, driving the demand for heart pump devices. This demographic shift underscores the importance of these devices in prolonging the lives of elderly patients. For example, in the European Union, approximately 26% of people aged 75 and older have heart failure, creating a substantial market for cardiac support devices.
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Global Heart Pump Device Market Insights & Developments:
.New heart pump device technologies are being developed to improve the performance and reliability of these devices. For example, some companies are developing heart pump devices that are smaller, more energy-efficient, and less invasive to implant. Furthermore, new materials are being used to develop heart pump devices that are more durable and less likely to cause complications. For example, some companies are developing heart pump devices made from biocompatible materials that reduce the risk of blood clots and other problems. Moreover, heart pump devices are being approved for new indications, such as bridge-to-heart recovery and destination therapy. This is making heart pump devices an option for a wider range of patients.
.The Asia Pacific region exhibits highest growth rate in the heart pump device market. Countries like China and India are experiencing significant growth due to a rising aging population, increasing healthcare spending, and improved access to advanced medical technologies. The demand for heart pump devices in the Asia Pacific is bolstered by changing lifestyles, dietary habits, and a surge in heart-related conditions.
Global Heart Pump Device Market: Competitive Scenario and Key Developments
oAbbott
oABIOMED
oBerlin Heart
oFresenius Medical Care AG & Co. KGaA
oGetinge
oJarvik Heart, Inc.
oLivaNova, Inc.
oMedtronic
oSynCardia Systems, LLC
oTeleflex Incorporated
oOther Industry Participants
In March 2023, LivaNova obtained 510(k) clearance from the U.S. FDA for its Essenz Heart-Lung Machine, allowing its use in cardiopulmonary bypass procedures.
In August 2022, Abbott revealed groundbreaking findings from the MOMENTUM 3 trial, the largest randomized clinical study of its kind, demonstrating that its HeartMate 3 heart pump significantly prolongs the survival of advanced heart failure patients by a minimum of five years. These results provide a crucial life-saving option for individuals in the later stages of the disease.
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Global Heart Pump Device Market
By Product
oVentricular Assist Devices
.Left Ventricular Assist Devices
.Percutaneous Ventricular Assist Devices
.Biventricular Assist Devices
.Right Ventricular Assist Devices
oIntra-Aortic Balloon Pumps
oTotal Artificial Hearts
By Type
oImplantable Heart Pump Devices
oExtracorporeal Heart Pump Devices
By Therapy
oBridge-To-Transplant (BTT)
oBridge-To-Candidacy (BTC)
oDestination Therapy (DT)
oOther Therapies
By Region
oNorth America (U.S., Canada, Mexico, Rest of North America)
oEurope (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
oAsia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
oMiddle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
oLatin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
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The Niche Research
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The Niche Research
+1 302-232-5106
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