Heart Pumps Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

Heart Pumps Market size surpassed US$ 2 Bn in 202 and expected to grow at a CAGR of 10.5% during the forecast period from 2021 to 2028.

The globla Heart Pumps Market size is projected to surpass around US$ 4.5 bn by 2028, rise in prevalence of cardiac disorders, aging population, entry of new players, technological advancements, and increase in access to healthcare are projected to drive the global heart pumps market.

Heart pumps are mechanical devices that help the weakened heart to pump blood for circulation to other body organs. These devices relieve symptoms of heart failure such as fatigue or shortness of breath. They also allow the heart to rest for recovering its normal function. Cardiovascular diseases can sometimes lead to severe heart failure. In such cases, it becomes mandatory for people to undergo heart transplantation. However, it is difficult to obtain heart transplants due to the shortage of heart donors. The number of people worldwide who require heart transplants is rising each year, but only some donors are available. This leads to a rise in the average waiting time for heart transplantation. In the U.S., the average waiting time for a donor heart is 9 to 11 months, while in most cases it is two years. In Japan, the average waiting time is about two years.

Computational Fluid Dynamic Modeling Offers Useful Insights on Flow Regimes

LVADs can potentially alter flow dynamics resulting in complications such as stroke, bleeding, pump thrombosis, and the likes, that may endanger the life of patients. Hence, companies in the heart pumps market are focusing on innovative modeling techniques and 3D printing to carefully understand flow dynamics. This is evident, as healthcare companies are gaining expertise in centrifugal flow pump (CFP) since CFP flow regime segment is predicted for exponential growth in the heart pumps market.

The computational fluid dynamic (CFD) modeling is based on computer simulation, and is helping stakeholders to gain an understanding of fluid characteristics such as pressure, shear stress, and velocity. Innovative modeling techniques are helping healthcare providers to mitigate future LVAD-related problems. These modeling techniques are being coupled with 3D printing for patients opting for patient-specific device implants. With an increased focus on computational fluid dynamics, analysts of Transparency Market Research opine that specialized software will gain prominence in the coming years.

Medical and Space Research Leads to Development of Safe and Compact LVADs

Innovative approaches such as the combination of medical and space research are broadening the scope of developments in the heart pumps market. For instance, in September 2019, Leicester University, England, revealed that associate professor Dr. David Adlam collaborated with Piyal Samara-Ratna of the Mechanical Engineer in the Space Research Centre to develop an LVAD to help patients that have suffered heart failures. As such, LVAD is being pervasively used as an interim support for individuals that have undergone heart failure and are under consideration for a transplant.

LVADs are gaining popularity as safe devices for implantation in the heart pumps market. Thus, companies in the market for heart pumps should partner with researchers to develop new devices that are small and safe to implant. Healthcare practitioners are creating a demand for smaller heart pump devices, since it is challenging for surgeons to successfully complete implants without any complications. Hence, companies in the heart pumps market are developing compact heart pumps that can potentially withstand challenging environments by increasing their efficacy in space engineering.

Surgeries Using Lateral Thoracotomy Technique Improve Patient Outcomes

The FDA approval for surgical techniques using heart pumps is creating incremental opportunities for healthcare companies. Heart failure patients can now opt for device-assisted surgeries to avoid open-heart surgeries. This novel approach has benefitted healthcare professionals with the option to provide surgeries using the LVAD. Thus, FDA approval for alternative surgical techniques is contributing to the growth of the heart pumps market.

High prevalence of heart failure patients in the U.S. has triggered the demand for novel heart pump devices. This is justified since the heart pumps market in North America is predicted for aggressive growth during the forecast period. Hence, companies are mainly focusing on North America by increasing research in lateral thoracotomy. Advantages of lateral thoracotomy such as less bleeding during surgery and shorter recovery time for patients are catching the attention of companies in the heart pumps market.

Ventricular Assist Devices (VADs) to Dominate Heart Pumps Market

In terms of product, the heart pumps market has been segmented into intra-aortic balloon pumps, ventricular assist devices, and total artificial heart. The ventricular assist devices segment is anticipated to hold major share of the heart pumps market during the forecast period. The use of VADs is rising due to better efficacy and higher survival rates of people with advanced heart failure than other cardiac support devices. However, the presence of alternative treatment options such as heart transplantation, drug therapy, and availability of total artificial hearts (TAHs) to reduce acute heart failure and improve cardiac output hinder the sales of VAD and thus hamper the growth of heart pumps market. The VADs segment held a significant share of the heart pumps market and it is likely to expand at a moderate CAGR between 2019 and 2027.

Simplistic & Effective Centrifugal Flow Pumps to Witness High Demand

In term of flow regime, the market has been segmented into centrifugal flow pump (CFP), axial flow pump (AFP), and mixed flow pump (MFP). The centrifugal flow pump (CFP) segment is expected to dominate the market during the forecast period. Better safety profile, beneficial cardiovascular physiological impact, and relative simplicity of centrifugal flow pump (CFP) compared to axial flow pump (AFP) is expected to drive this segment.

Bridge-to-Transplant is Most Widely Adopted Therapy

In terms of therapy, the market has been categorized into bridge-to-candidacy (BTC), bridge-to-transplant (BTT), destination therapy (DT), and other therapies. The bridge-to-transplant (BTT) segment is expected to drive the market. With the advent of reliable and durable mechanical circulatory support, bridge to transplant (BTT) therapy is considered the standard of care for any patient awaiting transplant who develop end-stage organ dysfunction or a life threatening exacerbation of their existing heart failure.

Prominent Regions

North America held a major share of the global heart pumps market in 2020. The high market share of the region in heart pumps market can be attributed to the factors, such as presence of key market players, highly structured health care industry in the region, and key developments by market players, including product launch approvals, key mergers, and acquisitions. Moreover, awareness about various chronic diseases among people is leading to adoption of various ventricular assist devices, which is anticipated to drive the heart pumps market in the region.

Europe held the second largest share of the global heart pumps market in 2020. Growth of the heart pumps market in the region can be attributed to increase in prevalence of heart failure in Europe and rise in geriatric population. Asia Pacific accounted for a significant share of the global heart pumps market in 2020 and the market in the region is expected to grow at a rapid pace during the forecast period. Increase in number of people with chronic diseases, product approvals, and rise in awareness about various assistive techniques are factors anticipated to fuel the growth of the heart pumps market in the region.

According to an article published in a leading Indian newspaper, Indian Express, with over three million deaths owing to cardiovascular diseases every year, India is set to be the 'heart disease capital of the world in forthcoming years’. China ranks number one, with the highest number of people with diabetes. People suffering from diabetes are very prone to develop cardiac disorders. This is anticipated to drive the heart pumps market in the region.

Key Players

Key players are expanding their footprints to strengthen their position in the global heart pumps market. Increase in number of patient population and development of new effective assistive heart devices offer lucrative opportunities to key players to increase their share in the heart pumps market. Manufacturers are engaging in strategic acquisitions, collaborations, and distribution to expand their market share in the heart pumps market. For instance, in November 2019, Novoheart entered into collaboration with Astra Zeneca to develop the world’s first human-specific in vitro, functional model of heart failure with preserved ejection fraction (HFpEF). The project aims to develop a new model that would leverage Novoheart’s proprietary 3-D human ventricular cardiac organoid chamber (hvCOC) technology that reproduces key phenotypic characteristics of HFpEF.

Prominent players operating in the global heart pumps market include Calon Cardio, Jarvik Heart, Inc., Berlin Heart, Abiomed, SynCardia Systems, LLC, Abbott Laboratories, Teleflex Incorporated, Getinge AB, and Medtronic plc.

Market Segmentation

By Product

  • Intra-aortic Balloon Pumps
  • Ventricular Assist Devices
    • Left Ventricle Assist Devices (LVAD)
    • Right Ventricle Assist Devices (RVAD)
    • Biventricular Assist Devices (BVAD)
    • Others
  • Total Artificial Heart

Heart Pumps Market, by Flow Regime

  • Centrifugal Flow Pump (CFP)
  • Axial Flow Pump (AFP)
  • Mixed Flow Pump (MFP)

Heart Pumps Market, by Therapy

  • Bridge-to-Candidacy (BTC)
  • Bridge-to-Transplant (BTT)
  • Destination Therapy (DT)
  • Other Therapies

Heart Pumps Market, by Location

  • Implantable Heart Pump Devices
  • Extracorporeal Heart Pump Devices

Heart Pumps Market, by End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics
  • Others

Heart Pumps Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Heart pumps market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Heart pumps market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Heart pumps market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Heart pumps market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Heart pumps market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Heart pumps capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Heart pumps by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Heart pumps market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Heart pumps market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Heart pumps market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Heart pumps industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Heart pumps market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Heart pumps market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Heart pumps market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Heart pumps market. These factors have benefited the growth of the global market for Heart pumps. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Heart pumps. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Heart pumps are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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