According to the new market research report "Heart Pump Device Market by Product (Ventricular Assist Devices (LVAD, RVAD, BiVAD, and pVAD), Intra-aortic Balloon Pumps, TAH), Type (Extracorporeal and Implantable Pumps), Therapy (Bridge-to-transplant, Destination Therapy) - Global Forecast to 2026", published by MarketsandMarkets™, the Heart Pump Device Market is projected to reach USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026.
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The growth of this market is driven by increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity.
Ventricular assist devices are expected to hold the largest share of the heart pump device market, by product in 2021.
Based on products, the heart pump devices market is segmented into ventricular assist devices, intra- aortic balloon pumps, and total artificial hearts. Ventricular assist devices are the largest and fastest-growing segment in this market. Growth in this segment can primarily be attributed to technological advancements, the shortage of organ donors, and the increasing prevalence of heart failure globally.
Implantable heart pump devices are expected to hold the largest share of the heart pump device market, by type in 2021.
Based on type, the market is segmented into implantable heart pump devices and extracorporeal heart pump devices. In 2020, implantable heart pump devices accounted for the largest share of this market, due to the introduction of innovative products by leading players and the rising need for an efficient solution to manage heart failure.
Bridge-to-transplant is expected to hold the largest share of the heart pump device market, by therapy in 2021.
Based on therapy, the market is segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. In 2020, the BTT segment accounted for the largest share of this market. Growing awareness about transplantation and the availability of VADs for BTT have propelled the growth of this segment.
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Europe commanded the largest share of the heart pump device market in 2021.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the market. The large share of this market segment can be attributed to the rising adoption of heart pump devices, the high prevalence of CVDs, the growing number of research activities to improve current technologies, and the limited availability of donor hearts for transplants.
The major players operating in this heart pump device market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), SynCardia Systems (US), Fresenius Medical Care AG Co. KGaA (Germany), Getinge (Sweden), CardiacAssist, Inc. (US), Berlin Heart (Germany), Jarvik Heart, Inc. (US), CARMAT (France), SENKO MEDICAL INSTRUMENT Mfg. CO., LTD. (Japan), Angiodroid (Italy), CardioDyme (US), and World Heart Corporation (US).
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