PUBLISHER: The Business Research Company | PRODUCT CODE: 1270502
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270502
“Heart Pump Devices Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heart pump devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heart pump devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The heart pump devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the heart pump devices market are Medtronic Inc., Abbott Laboratories, Abiomed Inc., Getinge AB, SynCardia Systems LLC, Teleflex Incorporated, Jarvik Heart Inc., CardiacAssist Inc., Fresenius Medical Care AG & Co. KGaA, Terumo Heart Inc., Berlin Heart, ReliantHeart Inc., Calon Cardio-Technology Ltd., St. Jude Medical Inc., and CorWave SA.
The global heart pump devices market is expected to grow from $2.72 billion in 2022 to $3.24 billion in 2023 at a compound annual growth rate (CAGR) of 18.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heart pump devices market is expected to reach $6.19 billion in 2027 at a CAGR of 17.6%.
The heart pump devices market consists of sales of pacemakers, biventricular devices, cardioverter defibrillators, and mechanical assist devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A heart pump device is a mechanical support device that helps to pump blood from the chambers of the heart to the rest of the body. It is used to temporarily help the pumping action of the heart.
North America was the largest region in the heart pump devices market in 2022. The regions covered in the heart pump device report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of heart pump devices are implantable heart pump devices and extracorporeal heart pump devices. Implantable heart pump devices are mechanical pump which is implanted in the chest of a person to help a weakened heart, pump blood. The various therapy includes bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT) and others, and are used by various end-users such as hospitals, ambulatory surgical centers, specialty clinics and others.
The increasing prevalence of cardiovascular disorders is expected to propel the heart pump devices market going forward. Cardiovascular disorders refer to a term for the conditions affecting the heart or blood vessels. The rise in cardiovascular diseases would require advanced diagnostics and treatments such as heart pump devices that help pump blood from the lower left heart chamber that is used to help maintain blood flow during high-risk protected percutaneous coronary interventions, which would increase the demand for the market. For instance, a World Health Organization (WHO) study from 2021 estimates that 17.9 million people worldwide died from cardiovascular diseases (CVDs) in 2019, accounting for 32% of all deaths and 85% of these deaths were due to heart attacks and strokes. Therefore, the increasing prevalence of cardiovascular disorders is driving the growth of the heart pump devices market.
Investments in developing innovative heart pumps are a key trend gaining popularity in the heart pump devices market. Major companies operating in the heart pump devices market are investing in heart pumps to sustain their position in the market. For instance, in January 2021, CorWave, a France-based company that develops innovative heart pumps invested $40 million in the development of an implantable heart pump with breakthrough technology, a wave membrane pump. This investment helps in the initial development of the product, manufacturing infrastructure, and to complete regulatory testing required to conduct human implants, and start its human clinical trials.
In February 2022, Boston Scientific Corporation, a US-based biomedical/biotechnology engineering firm, acquired Baylis Medical Company Inc., for an $1.75 billion. This acquisition would allow Boston Scientific to integrate the Baylis platforms with the already existing electrophysiology and structural heart offerings, which will also further strengthen its position in the cardiology market. Baylis Medical Company Inc. is a Canada-based company manufacturing heart pump devices.
The countries covered in the heart pump devices market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The heart pump devices market research report is one of a series of new reports from The Business Research Company that provides heart pump devices market statistics, including the heart pump devices industry's global market size, regional shares, competitors with a Heart pump devices market share, detailed heart pump devices market segments, market trends and opportunities, and any further data you may need to thrive in the heart pump devices industry. This heart pump devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.