Heart Pump Device Market: Current Analysis and Forecast (2021-2027)

Report Description

Heart Pump Device Market is expected to exceed the market valuation of more than US$ 6 billion by 2027 and is expected to grow at a significant CAGR of 18.9% during the forecast period (2021-2027). Heart Pump Devices are also known as Ventricular Assist Devices (VAD). It is an implantable mechanical pump that helps pump blood from the lower chambers of the heart (ventricles) to the rest of the body. This device is used in people with weakened hearts or heart failure. Heart Pumps are most frequently placed on the left side of the heart and are known as left ventricular assist devices (LVAD). A person can have a heart pump implanted while they are waiting for a heart transplant or while one’s heart is recovering, and heart pumps can support the heart while they are recovering. Heart Pumps can also be implanted for long-term treatments for patients with heart failure and who are not eligible for heart transplants.

Key reasons for the growth of the heart pump devices market are technological advancements and the increasing number of heart diseases globally. Heart failure affects almost 26 million people around the world. Additionally, the high prevalence of heart diseases due to the sedentary lifestyle and increasing obesity is another reason for the market growth. In the United States, one person dies every 36 seconds due to cardiovascular disease. Each year about 655,000 Americans die from heart diseases, that is 1 in every 4 deaths. In addition to this, the growing geriatric population around the world is also responsible for the increasing number of heart cases. The prevalence of heart disease in the 60+ population is 73% as compared to 38% in the younger population.

Continuous Flow Intracorporeal Isolated LVAD Implants (Number), STS Intermacs, 2008-2017

Abbott Laboratories, Abiomed, Medtronic, Teleflex Incorporated, SynCardia Systems, Fresenius Medical Care AG & Co. KGaA, Getinge, CardiacAssist, Inc., Berlin Heart, Jarvik Heart, Inc. are some of the prominent players operating in the Heart Pump Device Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Products, Ventricular Assist Devices segment holds the major share”

Based on product, the heart pump devices market is segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and total artificial heart (TAH). Ventricular assist devices are further segmented into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), bi-ventricular assist devices (BiVADs), and percutaneous ventricular assist devices (pVADs). Ventricular assist devices dominate the market in 2020. A ventricular assist device is also known as a mechanical circulatory support device, which is implanted in the lower chambers of the heart and helps pump the blood from the ventricles to the rest of the body.

“Amongst Type, Implantable Heart Pump Devices segment holds the major share”

Based on type, the heart pump devices market is bifurcated into implantable and extracorporeal heart pump devices. Implantable heart pump devices held the largest share of XX% in 2020. Fully implantable LVADs are expected to help individuals survive during heart failure without an emergent need for a heart transplant. With the increasing heart failure cases, there is a shortage of organ donors and thus heart pump devices can be lifesaving. Currently, only 10,000 LVADs are implanted per year whereas, there are potentially 100,000 to 300,000 patients who can benefit from these devices.

“Amongst Therapy, Bridge-To-Transplant segment holds the major share”

Based on therapy, the heart pump devices market is segmented into bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and other therapies. Bridge-to-transplant (BTT) therapy is expected to witness remarkable growth over the forecast period. Bridge-to-transplant therapies are used to support heart failure patients, who are waiting for a donor. This therapy allows the body systems to heal, rest and grow stronger before the actual transplant. People remain on a VAD for 2-6 months on average before the transplant. Patients can also return home with more functional capacity than before after the therapy.

“North America represents one of the largest markets of Heart Pump Device market”

For a better understanding of the market dynamics of the Heart Pump Device market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to highly advanced healthcare infrastructure in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Heart Pump Device were the three major steps undertaken to create and analyze the adoption of Heart Pump in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the Heart Pump Device market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Heart Pump Device through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Heart Pump Device market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product, type, and therapy. Further country-level analyses were conducted to evaluate the overall adoption of Heart Pump Device in a different country.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Heart Pump Device. Further, we conducted factor analysis using dependent and independent variables such as increasing cardiovascular diseases and lack of heart organ donors. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Heart Pump Device sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Heart Pump Device market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Heart Pump Device across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Heart Pump Device Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Heart Pump Device market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the Heart Pump Device market.

The main objective of the Heart Pump Device Market Study

The current & future market trends of Heart Pump Device are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Heart Pump Device in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Product, Type, and Therapy
• Define and analysis of the regulatory framework for the Heart Pump Device industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Heart Pump Device for the major region
• Major regions studied in the report include North America (U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of World
• Company profiles of the Heart Pump Device market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry