Albany, NY -- (SBWIRE) -- 11/06/2018 -- Heart pump devices are used to improve the circulation of blood in the body. These are used for several conditions, such as, when a patient is not eligible for a heart transplant, during or after surgery, until a patient's heart recovers, or while waiting for a heart transplant. Ventricular assist device is a commonly used heart pump. Several types of heart pumps are available, such as, right ventricle assist device (RVAD), left ventricular assist device (LVAD), and biventricular assist device (BiVAD). The left ventricular assist device is a commonly used device and helps the left ventricle pump blood to the aorta. The right ventricle assist device is used only for short-term support and helps the right ventricle pump blood to the pulmonary artery.
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Factors such as rising incidence of cardiovascular diseases, growing geriatric population with weak disease resistance, decreasing number of donor heart, and high prevalence of unhealthy lifestyle are the key drivers of the global heart pump devices market. According to HeartWare International Inc., there are fewer than 4,000 donor hearts available worldwide each year. Other factors such as regulatory approval of several new and advanced heart pump devices, rising health care expenditure are propelling the growth of the market. For instance, in April 2018, Abiomed, Inc. received US FDA's approval for Impella CP heart pump. On the other hand, high product prices are likely to hamper the global heart pump devices market during the forecast period.
The heart pump devices market can be segmented based on product type, application, end-user, and geography. In terms of product type, the heart pump devices market can be classified into ventricular assist devices, intra-aortic balloon pumps, and total artificial heart. Ventricular assist devices can be further classified into right ventricle (RVAD), left ventricle (LVAD), and biventricular assist device (BiVAD). Based on application, the heart pump devices market can be divided into bridge-to-transplantation, destination therapy, and other therapies. In terms of end-user, the heart pump devices market can be categorized into hospitals, clinics, cardiac centers, and ambulatory surgery centers. In terms of geography, the global heart pump devices market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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North America dominates the global heart pump devices market. Factors such as technological advancements, increased number of cardiovascular diseases, and rise in demand for artificial heart are anticipated to boost the heart pump devices in the region during the forecast period. According to a health care practitioner from California, there is an increasing occurrence of several cardiovascular diseases among the adult population. According to the Centers for Disease Control and Prevention, heart diseases account for approximately 610,000 deaths in the U.S. each year. Europe is the second-leading market for heart pump devices. The heart pump devices market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to growth of elderly population in the country like Japan, prevalence of unhealthy lifestyle among people, growing burden of cardiovascular diseases, developing health care infrastructure in the region. According to OECD estimation, cardiovascular diseases are the leading cause of deaths in Asia Pacific, with over 9.3 million deaths caused due to such diseases in the region in 2012. Cardiovascular diseases accounted for about 33% of the total number of deaths in Asia Pacific in 2012.
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Major players operating in the heart pump devices market include Medtronic plc, Abbott Laboratories, Thoratec Corporation, Jarvik Heart, Inc., HeartWare International Inc., Terumo Europe NV, Berlin Heart GmbH, and Getinge AB.
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