Heart Pump Device Market, By Type (Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices), By Product (Intra-aortic Balloon Pumps, Ventricular Assist Devices (RVAD, LVAD, pVAD, BiVAD), and TAH (Total Artificial Heart)), By Therapy (Destination Therapy, Bridge to Transplant, and Others), By End-Users (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI506923 | Publish Date: February 2024 | No. of Pages: 175

Heart Pump Device Market Overview

Heart Pump Device market was valued at US$ 3.9 Billion in 2024 and is projected to grow at a CAGR of 17.80% to reach US$ 17.1 Billion by 2034.

The widespread success of mechanical circulatory support such as heart pump devices has ushered in a new era of cardiovascular medicine where various implantable devices exist to treat advanced heart failure. Surgically implanted heart pump devices temporarily support the function of the heart in an individual with irregular blood flow and a weak heart.

Technological advancement and the presence of major key players in the manufacturing process of heart pump devices are expected to fuel the target market growth. Approval of heart pump devices for long-term use has also become a major factor in target market growth. For instance, in 2017 and 2018, the FDA (Food and Drug Administration) approved HeartMate III and HeartWare HVAD for long-term mechanical support in patients with cardiovascular diseases.

Heart Pump Device Market Dynamics

Increase in incidence of cardiovascular diseases and rate of urbanization

Increasing incidence of cardiovascular diseases and rapid urbanization have become the major factors driving the growth of the heart pump device market. Urbanization has given rise to increased consumption of processed foods, frozen packed foods, animal-derived foods, and a lack of physical activity, which affect the health of human beings and cause chronic diseases like heart disease, diabetes, obesity, high blood pressure, and gastrointestinal diseases. According to data published by the United Nations, Department of Economic and Social Affairs in 2018, stated 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period.

Further,  According to the CDC (Centers for Disease Control and Prevention), in the United States, around 697,000 people died from heart disease, and around 20.1 million adults aged 20 and older are suffering from coronary artery disease (CAD), which in turn supports the growth of Heart Pump Device Market.

Development of Innovative Products

Recent advancements in heart pump devices have become a key factor in the market growth. Technological advancement has enabled manufacturers to develop innovative heart pump products. For instance, According to the PMC (PubMed Central), SynCardia (SynCardia CardioWest TAH) is the world’s first and only commercially approved total artificial heart that is currently in use.

Further, in 2021, the new "CorWave LVAD" heart pump developed by French medtech company CorWave won the "2021 HealthTech Award" for its membrane pump technology. The newly developed "CorWave LVAD" pump uses a pulse pump to move the membrane up and down by creating a pulsatile pumping action more similar to that of the native heart.

Restrains:

Long-term cardiac assisted devices are limited in the market due to infections caused by percutaneous drivelines and thrombotic events that are associated with the use of blood-contacting surfaces, which has hampered the growth of the heart pump device market. The high cost of heart pump devices has also become a major factor in hindering the target market's growth.

Heart Pump Device Market Segmentation

Heart Pump Device Market - Segmentation

Heart Pump Device Market is segmented based on type, product, therapy, end-users and region.

Type Insight

On the basis of Type, the Heart Pump device market is segmented into Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices. Extracorporeal Heart Pump Device are expected to dominate the target market growth.

Extracorporeal Heart Pump Devices is expected to register highest CAGR, as ECMO has become a significant asset in critical care units (CCUs) and intensive care units (ICUs). Further, critically ill people with COVID-19 have also received ECMO.

Moreover, according to Extracorporeal Life Support Organization providers have used ECMO more than 20,000 times worldwide in 2021.

Product Insights

On the basis of Product, the Heart Pump Device market is segmented into Intra-Aortic Balloon Pumps, Ventricular Assist Devices (RVAD, LVAD, pVAD, and BiVAD), and TAH (Total Artificial Hearts). Ventricular Assist Devices (LVAD) are expected to dominate the target market growth, as there is more demand for Ventricular Assist Devices due to its success rate of surgery. For instance, According to PubMed Central, patients who received an LVAD (Left Ventricular Assist Device) had 48% lower risk of death when compared to those who received OMM (Optimal Medical Therapy).

Therapy Insights

On the basis of Therapy, the Heart Pump Device market is segmented into Destination Therapy, Bridge to Transplant, and Others. Due to the scarcity of organ donors for transplantation, Destination Therapy is expected to dominate market growth, due to increasing incidence of end-stage cardiac failure.  Further, according to CMS (Centers for Medicare & Medicaid Services), the HeartMate II Destination Therapy study succeeded in meeting pre-specified endpoints and determined that overall, study subjects who received the HeartMate II device had better health outcomes, which in turn supports the Destination Therapy Market.

End-Users

On the basis of End-Users, the Heart Pump Device market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. Hospitals are expected to dominate the target market growth because of robust healthcare infrastructures, the presence of healthcare professionals, and all care facilities provided under one roof.

 Regional Insights:

On the basis of region, the heart pump device market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American market is estimated to witness a significantly high revenue share over the forecast period, owing to the growing prevalence of cardiovascular disease, huge research and development activities, technological advancement, government initiatives, and increasing healthcare expenditure, which are anticipated to increase demand for heart pump devices in the region.

For instance, according to CDC (Centers for Disease Control and Prevention) around US $229 billion was spend for cardiovascular diseases in United States.

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Type  - Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices

By Product - Intra-aortic Balloon Pumps, Ventricular Assist Devices (RVAD, LVAD, pVAD, BiVAD), and TAH (Total Artificial Heart)

By Therapy - Destination Therapy, Bridge to Transplant, and others

By End-Users - Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and others

 

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Heart Pump Device Market report based on Type, Product, Therapy, End-Users and Region:

Heart Pump Device Market, By Type:

  • Implantable Heart Pump Devices
  • Extracorporeal Heart Pump Devices

Heart Pump Device Market, By Product:

  • Intra-aortic Balloon Pumps
  • Ventricular Assist Devices (RVAD, LVAD, pVAD, BiVAD)
  • TAH (Total Artificial Heart)

Heart Pump Device Market, By Therapy:

  • Destination Therapy
  • Bridge to Transplant
  • Others

Heart Pump Device Market, By End-Users:

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers
  • Others

Heart Pump Device Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Recent Development:

  • In October 2022, ABIOMED received FDA (Food and Drug Administration) approval for its new model, "Impella RP Flex," which is minimally invasive and easier to wear than a traditional cardiac pump for the right side of heart failure. The new "Impella RP Flex" device will make it easier for patients to walk after the device has been implanted.
  • In January 2020, the Food and Drug Administration (FDA) approved a surgical technique with Abbott’s HeartMate 3 heart pump that will allow more advanced heart failure patients to avoid open heart surgery. This strategy is intended to provide surgeons with surgical options for HeartMate 3 patients.
  • In October 2018, Teleflex Inc. acquired Essential Medical Inc., which has designed the MANTA Vascular Closure Device, which will expand Teleflex's presence in the structural heart and endovascular aneurysm repair markets.

Heart Pump Device Market Key Players

The key players operating the Heart Pump Device Market includes,

  • Medtronic plc.

Medtronic is a medical device company that operates in more than 150 countries around the world with four business sectors: the diabetes group, the minimally invasive therapies group, the cardiac and vascular group, and the restorative therapies group. Medtronic’s largest business unit is CRDM (Cardiac Rhythm Disease Management).

  • Abbott Laboratories

Abbott Laboratories is an American multinational company. Abbott sells branded generic medicines, medical devices, nutritional supplements, and diagnostics. Abbott offers, coronary dilatation catheters, implantable cardioverter defibrillators, and others.

  • Johnson & Johnson Services Inc.

Johnson & Johnson is the developer of pharmaceutical products, medical devices, and consumer packaged goods. The company is involved in various business sectors, like the pharmaceutical sector, which includes immunology, neuroscience, cardiovascular, metabolic disease, and others.

  • Boston Scientific Corporation

Boston Scientific Corporation provides innovative medical solutions to improve the health of patients around the world. It offers medical devices such as cardiac monitor device support, defibrillators, coronary stents, pacemakers, balloons, catheters, and others.

  • Edwards Lifesciences Corporation

Edwards Lifesciences Corporation, a global leader in patient-focused medical innovations developed for structural heart disease, surgical monitoring, and critical care of patients. It offers surgical and trans-catheter heart devices, tissue oximetry, paediatric monitoring, and others.

  • Terumo Medical Corporation

Terumo Medical Corporation is a leading manufacturer and supplier of medical devices in the world. It offers the FINECROSS M3 Coronary Micro-Guide Catheter, the RUNTHROUGH NS Izanai Coronary Guidewire, and others.

  • Thoratec Corporation

Thoratec Corporation is a company based in the United States that develops, manufactures, and markets medical devices for mechanical circulatory support in cardiac failure patients worldwide. It offers the Thoratec Paracorporeal Ventricular Assist Device, the HeartMate 3 device, and others.

  • ABIOMED

ABIOMED is a developer and manufacturer of temporary external and implantable mechanical circulatory devices for cardiac patients. According to the company, around 250,000+ patients are supported with its new "Impella Heart Pump" device.

  • Teleflex Inc.

Teleflex Inc. manufactures medical technology products. The company’s "AC3 Optimus Intra-Aortic Balloon Pump" provides intra-beat inflation timing with accuracy across various ranges of patient conditions with severe arrhythmias.

  • Getinge AB

Getinge AB is a medical technology company which is a designer, developer, and marketer of instruments and equipment in sectors related to surgeries, intensive care, infection control, wound care, and others.

Heart Pump Device Market Company Profile

  • ABIOMED*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Medtronic plc.
  • Abbott Laboratories
  • Johnson & Johnson Services Inc.
  • Boston Scientific Corporation
  • Edwards Lifesciences Corporation
  • Terumo Medical Corporation
  • Thoratec Corporation
  • Teleflex Inc.
  • Getinge AB

“*” marked represents similar segmentation in other categories in the respective section

Heart Pump Device Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Type
      • Market Snippet, By Product
      • Market Snippet, By Therapy
      • Market Snippet, By End-Users
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Heart Pump Device Market, By Type
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Implantable Heart Pump Devices
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Extracorporeal Heart Pump Devices
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  6. Heart Pump Device Market, By Product, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Intra-aortic Balloon Pumps
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Ventricular Assist Devices (RVAD, LVAD, pVAD, BiVAD)
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • TAH (Total Artificial Heart)
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  7. Heart Pump Device Market, By Therapy, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Destination Therapy
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Bridge to Transplant
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  8. Heart Pump Device Market, By End-Users, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Hospitals
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Specialty Clinics
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Ambulatory Surgical Centers
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  9. Heart Pump Device Market, By Region, 2022 – 2032, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Therapy, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Therapy, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Therapy, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Therapy, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Product, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Therapy, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  1. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  2. Company Profiles
  • Medtronic plc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Abbott Laboratories
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Johnson & Johnson Services Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Boston Scientific Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Edwards Lifesciences Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Terumo Medical Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Thoratec Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • ABIOMED
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Teleflex Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Getinge AB
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Heart Pump Device Market is segmented into Type, Product, Therapy, End-Users and Region.

Heart Pump Device Market is driven by factors like increase in incidence of cardiovascular diseases, rate of urbanization and development of innovative products.

By region, the Heart Pump Device market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.

The key players operating the Heart Pump Device Market includes, Medtronic plc., Abbott Laboratories, Johnson & Johnson Services Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, Terumo Medical Corporation, Thoratec Corporation, ABIOMED, Teleflex Inc., Getinge AB, and others.