Heart Pump Device Market
Heart Pump Device Market Overview 2024 to 2034
The global heart pump device market is poised for significant growth, with its value projected to rise from USD 5.0 billion in 2024 to USD 26.4 billion by 2034, expanding at a robust CAGR of 21.4% during the forecast period. This remarkable expansion is driven by the increasing prevalence of cardiovascular diseases, advancements in medical technology, and a growing focus on personalized and patient-centric healthcare.
| Attributes |
Key Insights |
|---|---|
|
Market Size (2024E) | USD 5.0 billion |
|
Market Value (2034F) | USD 26.4 billion |
|
CAGR (2024 to 2034) |
21.4% |
Market Overview
The rise in cardiovascular illnesses, particularly heart failure, combined with the aging population, has been a significant driver for the heart pump device market. Post-pandemic trends indicate a higher demand for heart pump devices, as individuals with pre-existing cardiac conditions who contracted COVID-19 are at an elevated risk of severe complications. Additionally, technological advancements, including wireless monitoring and miniaturized devices, have improved device durability and patient outcomes.
Key Market Trends
- Technological Innovation: Development of smaller, more efficient devices with magnetically levitated centrifugal flow pumps and enhanced wireless monitoring capabilities.
- Increasing Heart Failure Rates: Global aging populations and unhealthy lifestyles are driving the demand for heart pump devices.
- Shift Towards Minimally Invasive Techniques: The preference for less invasive cardiac treatments is promoting the adoption of implantable heart pumps.
Market Segmentation
By Type
- Implanted Heart Pump Devices (CAGR: 21.0%): Dominates due to technological advancements and increasing adoption.
- Extracorporeal Heart Pump Devices
By Product
- Ventricular Assist Devices (VADs): Expected to grow at a CAGR of 20.6%.
- 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)
By End-Use
- Hospitals
- Cardiac Centers
- Others
By Region
- North America
- Europe
- East Asia
- South Asia
- Latin America
- Oceania
- Middle East and Africa
Regional Insights
| Country |
Projected CAGR (2034) |
Market Value (2034) |
|---|---|---|
|
United States |
21.7% | USD 5.5 billion |
|
China |
22.7% | USD 5.3 billion |
|
United Kingdom |
22.5% | USD 1.2 billion |
|
South Korea |
23.2% | USD 1.6 billion |
|
Japan |
19.6% | USD 2.4 billion |
Restraining Factors
Despite significant advancements, challenges such as thrombosis, infections, and device malfunctions persist. Limited healthcare resources in rural areas and high costs further restrict the market’s reach.
Competitive Landscape
Key players are engaging in strategic collaborations, acquisitions, and innovative product launches to maintain a competitive edge. Notable developments include:
- Johnson & Johnson’s acquisition of Abiomed (2022): Expanded capabilities in advanced cardiac solutions.
- Abiomed’s Impella Heart Pumps: FDA-approved for clinical trials in acute myocardial infarction and cardiogenic shock patients.
- IIT Kanpur’s Hridyantra Program: Focuses on developing next-generation artificial hearts.
Leading Companies
- Abbott
- ABIOMED
- CorWave SA
- LivaNova PLC
- Berlin Heart
- SynCardia Systems LLC
- Jarvik Heart
- BiVACOR Inc.
FAQs
How big is the heart pump device market?
The market is set to reach US$ 5.0 billion in 2024.
What is the forecast for the market?
The market is expected to grow at a CAGR of 21.4%, reaching US$ 26.4 billion by 2034.
Which regions are leading in market growth?
China, the United States, and South Korea are projected to exhibit the highest growth rates.
Who are the key players?
Abbott, ABIOMED, CorWave SA, and others dominate the competitive landscape.
Which type leads the market?
Implanted heart pump devices hold a significant market share due to their efficiency and growing adoption.
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