Heart Pump Devices Market Advanced Technologies and Growth Opportunities 2024
Posted by Yash Chauhan on February 27th, 2019
The global heart pump device market is predicted to grow at 20.6% CAGR during the forecast period with the market size reaching USD 6.1 billion by 2024. The market is driven by the factors such as mounting occurrence of cardiovascular diseases, regulatory consent of numerous novel and innovative devices and vast disparity between the requirement and deliver of donor hearts are the primary growth drivers for heart pump device market.
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According to Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.
On the basis of type, the market is subdivided into implantable and extracorporeal. Implantable heart pumps accounted the largest share and are expected to grow at the fastest rate in the heart pump device market due to the technological improvements in implantable pump devices have composed them more dependable and safe.
Based on therapy, the market is segmented into bridge-to-candidacy (BTC), destination therapy (DT), bridge-to-transplant (BTT), and others. Destination therapy is expected to grow at the fastest rate during the forecast period in the market due to the increasing acceptance of DT as the technological advancements in heart pump technology improves the quality of life for patients.
North America accounted for the major share in the heart pump device industry in 2017, globally as in the region the occurrence of cardiovascular diseases is increasing.
Asia-Pacific is observed to witness the fastest growth in the heart pump device market, owing to escalating awareness regarding heart pump device and favorable reimbursement policies.
Abbott Laboratories, Reliantheart, Terumo, Abiomed, Medtronic Plc, Teleflex, CardiacAssist, Getinge, Jarvik Heart, Syncardia Systems, and Berlin Heart are the key players offering heart pump devices.
Source: VynZ Research
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About the AuthorYash Chauhan
Joined: February 25th, 2019
Articles Posted: 106
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