SAN FRANCISCO, Aug. 23, 2023 /PRNewswire/ -- The global heart pump device market size is expected to reach USD 11.28 billion by 2030, expanding at 19.6% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of coronary artery disease, ischemic heart disease, and other CVD diseases is anticipated to boost the demand for heart pump devices. For instance, according to data published by British Heart Foundation, in 2022, about 7.6 million individuals in the UK live with heart disease, and each year, around 160,000 people die from CVD and other heart-related conditions in the UK. Moreover, according to WHO data in 2020, coronary heart disease caused 163,905 deaths in Japan, with 121,823 or 11.03% of total deaths were caused due to stroke.
Key Industry Insights & Findings from the report:
- The implanted heart pump devices segment accounted for the largest share of 75.59% of the market in 2022 due to their ability to assist with pumping blood and serve as a bridge to transplantation or a permanent therapy option for HF patients
- The ventricular assist devices (VADs) segment accounted for the largest share of the market in 2022. It is estimated to register the fastest CAGR of 19.8% during the forecast period; owing to the increasing prevalence of HF worldwide, the demand for VADs is anticipated to grow rapidly over the forecast period.
- Hospitals accounted for the largest end-use segment with over 81.05% share in 2022, attributed to the high number of surgeries performed in hospitals.
- North America is expected to dominate the market with over 47.49% revenue share in 2022 due to the high prevalence of heart failure, growing aging population, and robust healthcare system
Read 120-page market research report, "Heart Pump Device Market Size, Share & Trends Analysis Report By Type, By Product (Ventricular Assist Devices, Total Artificial Hearts), By End-use (Hospital, Cardiac Centers), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Heart Pump Device Market Growth & Trends
Furthermore, the market is anticipated to grow by increasing support and awareness initiatives for disease awareness. For instance, in January 2022, The School of Medical Research and Technology at IIT Kanpur launched Hridyantra, a challenge-based program. Its objective is to create an advanced artificial heart called a Left Ventricular Assist Device (LVAD) for patients with end-stage heart failure (HF). Hridyantra aims to improve the available treatment options for HF patients. This program is expected to significantly improve the treatment options available for patients with HF, thereby driving market growth.
Heart Pump Device Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 3.22 billion |
Revenue forecast in 2030 | USD 11.28 billion |
Growth rate | CAGR of 19.6% from 2023 to 2030 |
Base year for estimation | 2022 |
Historical data | 2018 - 2021 |
Forecast period | 2023 - 2030 |
Heart Pump Device Market Segmentation
Grand View Research has segmented the global heart pump device market based on type, product, end-use, and region
Heart Pump Device Market - Type Outlook (Revenue, USD Million, 2018 - 2030)
- Implanted Heart Pump Devices
- Extracorporeal Heart Pump Devices
Heart Pump Device Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Ventricular Assist Devices (VADs)
- Left Ventricular Assist Devices (LVAD)
- Right Ventricular Assist Devices (RVAD)
- Bi-Ventricular Assist Devices (BiVAD)
- Percutaneous Ventricular Assist Devices (PVAD)
- Total Artificial Hearts (TAHs)
- Intra-Aortic Balloon Pumps (IABPs)
- Extracorporeal Membrane Oxygenation (ECMO)
Heart Pump Device Market - End-Use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Cardiac Centers
- Others
Heart Pump Device Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
List of Key Players in the Heart Pump Device Market
- Abbott
- ABIOMED
- CorWave SA
- LivaNova PLC
- Berlin Heart
- SynCardia Systems, LLC
- Jarvik Heart
- BiVACOR Inc.
- Leviticus Cardio
- Evaheart, Inc.
- Teleflex Incorporated.
- Getinge AB.
- CARMAT
- Fresenius SE & Co. KGaA
Check out more market research studies published by Grand View Research:
- Heart Closure Devices Market - The global heart closure devices market size was valued at USD 7.43 billion in 2030,registering a CAGR of 14.9% over the forecast period, according to a new report by Grand View Research, Inc. Increasing incidence of Atrial Fibrillation (AF), growing prevalence of congenital heart defects, upsurge in geriatric population, and favorable reimbursement policies are expected to boost the heart defect closure devices demand. Constant new product introductions and approvals along with rapid growth of the healthcare industry across emerging economies will further augment the industry growth during the forecast period. The COVID-19 pandemic affected the industry for FY 2020-21. The operations of the corporations were impacted significantly. Moreover, companies faced disruptions in the supply and increases in the prices of certain raw materials and components.
- Structural Heart Devices Market - The global structural heart devices market size is expected to reach USD 9.1 billion by 2025, based on a new report by Grand View Research, Inc. The market is expected to witness exponential growth over the next 8 years due to the rapid increase in cardiovascular conditions and increasing power of healthcare expenditure.
- Coronary Heart Disease Diagnostic Imaging Devices Market - The global coronary heart disease diagnostic imaging devices market is expected to reach USD 2.96 billion by 2030, registering a CAGR of 6.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increase in coronary diseases and deaths associated with it calls for better and early diagnosis of the condition. Precise scan interpretation and technologically advanced equipment are the factors influencing the market growth. Various imaging modalities are useful in identifying unique aspects of coronary screening. For instance, intravascular ultrasound, X-ray angiography, and computed tomography angiography (CTCA) provide a direct evaluation and quantification of alterations in the coronary arteries. However, non-invasive techniques like single-photon computed tomography (SPECT) and positron emission tomography (PET) provide indirect information on CHD by estimating the myocardial perfusion and metabolism abnormalities that are consequent of coronary artery disease.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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