[150+ Pages Research Report] According to the recent analysis research report; the global Heart Pump Device Market in 2020 was approximately USD1.4 Billion . The market is expected to grow at a CAGR of 22.2% and is anticipated to reach around USD 7.1 Billion by 2027. Top market players 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).
Overview of Heart Pump Device Market Study
Heart Pump Device market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The 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 are expected to offer growth opportunities in the market during the forecast period.
Driver: Long waiting periods for heart transplant procedures
In the last few years, the demand for heart transplantation has increased significantly due to the rising incidence of CVDs and heart failure. However, the unavailability of adequate hearts for transplantation to meet the existing demand has globally resulted in a shortage crisis. According to the national database maintained by the Health Resources and Services Administration (US), as of March 2018, there are about 3,980 candidates on the heart transplant waiting list.
Even at a country level, significant differences in the number of donors and patients on waiting lists have been observed. For instance, in Australia, during 2020, around 1,650 individuals were on the waiting list for a heart transplant, whereas only 463 donors were available (Source: Transplant Australia Ltd). As per the Transplant Activity Report 2018/19, the number of patients active on heart transplant lists by year-end 2018/19 increased by 134% since 2010.
In this scenario, there has not only been an increase in the number of patients on the transplant waiting list but also in the number of patients dying while on the waiting list. LVADs have become important tools for managing advanced HF as bridge-to-transplantation (BTT) or destination therapy (DT). Organ shortages, together with the rising number of end-stage HF patients and technological advances in mechanical circulatory support (MCS), have increased demand for MCS devices used in these patients. Between 2009 and 2016, 43% of recipients were bridged with some type of MCS, LVAD, RVAD, TAH, and ECMO. Between 2007 and 2017, 50% of all adult heart transplant recipients were implanted with VAD in the US.
These devices provide the necessary support to patients while they wait for a heart transplant or also act as a permanent solution for patients who are not candidates for heart transplants. Thus, the significant gap between the demand and supply of donor hearts is expected to support the growth of the heart pump devices market in the coming years.
Restraint: High cost of heart pump device equipment
Ventricular assist devices specifically left ventricular assist devices (LVADs), are used widely for bridge-to-heart transplantation. Although LVADs are considered life-saving devices, they come along with various associated complications.
LVAD-related complications usually occur in up to 60% of patients by six months post-implantation. By two years, nearly 80% of patients experience at least one adverse event. Unplanned hospital readmissions are common. It has been witnessed that patients are readmitted, on average, 2.2 times during their 11-month median follow-up time.
Major non-surgical, adverse events and complications associated with LVAD include device thrombosis, bleeding complications, renal impairment, ischemic and hemorrhagic strokes, multi-organ failure, and infections. Certain complications also prove to be fatal to the patients if left untreated. According to sources from the University of Michigan Frankel Cardiovascular Center, about 60% of VAD patients develop an infection within 90 days. Some of the common complications of LVAD include bleeding complications, thromboembolic events, and infections, among others.
Opportunity: Development of non-invasive, portable, and advanced fetal monitors
The heart pump devices market consists of various companies with products in the developmental phase. Companies with products in the pipeline focus on developing innovative solutions, which can accelerate the growth of the market.
For instance, the TAH industry is a dynamic area of device innovation and is anticipated to witness a surge in the number of launches and approvals in the coming years. The below table lists the TAHs in the pipeline and their respective stages.
These TAHs come along with advanced features compared to the SynCardia Total Heart (sole player until December 2020), making them a preferred option in the future. For instance, CARMAT’s total artificial heart received the CE Mark in December 2020. The TAH developed by CARMAT is self-regulated—it changes the blood flow based on the patient’s physical activity.
A similar trend is witnessed in the VAD industry, with players developing innovative products in the market. Various manufacturers in the field aim to commercialize their VADs in the market in the coming years. For instance, UK-based Calon Cardio-Technology Ltd. aims to receive the CE Mark for its MiniVAD around early 2024, by which time a US FDA Early Feasibility Study is due to have been completed. The company seeks to raise investments of nearly USD 47 million (£34 million) to USD 60 million (£43 million) to fund its clinical studies of the MiniVAD in the US and Europe from 2020 to 2023. Similarly, the PERKAT RV right heart pump, manufactured by Germany-based NovaPump GmbH, is the only cardiac support that works percutaneously, pulsatile and self-expanding. With a successful round A funding, the company aims to participate in clinical trials and advance in R&D collaborations to accelerate the launch of its product.
With the existing strong product pipeline, the chances of innovative products being commercialized are anticipated to rise, which serves as a growth opportunity for the market.
Ventricular assist devices are expected to hold the largest share of the heart pump device market, by product in 2020.
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 2020.
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 2020
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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COVID-19 Impact on Heart Pump Device Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Heart Pump Device market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Heart Pump Device market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Heart Pump Device market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Heart Pump Device market include:
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).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Heart Pump Device Market by Product
- Ventricular Assist Devices
- Left Ventricular Assist Devices
- Percutaneous Ventricular Assist Devices
- Biventricular Ventricular Assist Devices
- Right Ventricular Assist Devices
- Intra aortic Balloon Pumps
- Total Artificial Hearts
Heart Pump Device Market by Type
- Implanted Heart Pump Device
- Extracorporeal Heart Pump Device
Heart Pump Device Market by Therapy
- Bridge-to-Transplant (BTT)
- Bridge-to-Candidacy (BTC)
- Destination Therapy (DT)
- Other Therapies
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The purpose of Nova one advisor’s Heart Pump Device market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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