Heart pump device, a battery operated mechanical heart pump device, is implanted surgically to support the function of heart ventricles. It aids to preserve the pumping capability of a heart which cannot work effectively on its own. The global heart pump device market is growing at significant rate, due to mounting occurrence of cardiovascular diseases. Different types of heart pumps contributed to the heart pump device market size. The market has witnessed high demand for implantable heart pump over the last few years due to technological advancement of devices and mounting occurrence of heart failure.
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On the basis of product, the heart pump market is subdivided into intra-aortic balloon pumps, ventricular assist devices and total artificial heart. Of all products, ventricular assist device market account the largest share and is also expected to grow at the fastest rate during the forecast period in the heart pump market, globally, due to technological improvements to advance the safety of these devices, mounting occurrence of heart failure and enhanced dependence on ventricular assistance devices for the management of heart failure. The ventricular assist devices are further divided into left ventricular assist devices, percutaneous ventricular assist devices, bi-ventricular assist devices, and right ventricular assist devices.
Geographically, North America is the largest heart pump device market as in the region the occurrence of cardiovascular diseases is increasing. For instance, according to the CDC, in the U.S. approximately 610,000 people die every year due to heart disease. Mounting number of regulatory approvals, expanding geriatric population, and promising reimbursement situation are also up surging growth of the North American heart pump device market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
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Asia-Pacific is observed to witness fastest growth in the market, as in the region mounting occurrence of cardiovascular diseases is mounting. In addition, boosting healthcare expenditure, mounting medical tourism, expanding geriatric population, and refining healthcare infrastructure are also creating a positive impact on the heart pump device industry growth in the region.
Key players in the heart pump device market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In July 2018, Medtronic Plc received FDA approval for less invasive heart pump implant procedure. It is a HVAD System, for a left ventricular assist device (LVAD) which helps patients with advanced heart failure.
In addition, in September 2017, Medtronic Plc received approval for HeartWare HVAD System as a destination therapy for patients with progressive heart failure. Abbott Laboratories, Reliantheart, Terumo, Abiomed, Medtronic Plc, Teleflex, Getinge, Jarvik Heart, Syncardia Systems and Berlin Heart, are the key players offering heart pump devices.
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