Evolving Challenges and Opportunities in the Artificial Blood Pump Market
According to a new report published by K D Market Insights, titled, “Artificial Blood Pump Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global artificial blood pump market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The rising prevalence of cardiovascular diseases, leading to an increasing demand for advanced cardiac support systems. Additionally, the aging population and a surge in heart failure cases which are the major factors augmenting the growth of the global artificial blood pump market. The global artificial blood pump market is anticipated to grow at a moderate CAGR of 6.5% from 2023 to 2032. The market's revenue surged to $1.6 billion in 2022, and it is expected to further accelerate, reaching a notable $3.1 billion by 2032.
The rising prevalence of cardiovascular diseases, such as heart failure and cardiogenic shock, are further expected to create ample growth opportunities for the global artificial blood pump market during the forecast period i.e., 2023-2032. Moreover, with an increasing number of elderly individuals prone to heart diseases, there is a higher demand for artificial blood pumps as a bridge-to-transplant solution and destination therapy for patient’s ineligible for heart transplants, is increasing has propelled market expansion. Technological advancements are expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global artificial blood pump market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the well-established healthcare infrastructure and a large patient pool suffering from heart diseases.
According to product type, the volumetric pump segment accounted for the largest market share in the artificial blood pump market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global artificial blood pump market is segmented into product type, application and region. Based on product type, the market is bifurcated into volumetric pumps, vane-type pumps, other artificial blood pumps. Based on application, it is classified into long-term use (destination therapy), short-term use (temporary support).
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The global artificial blood pump market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Artificial Blood Pump Market
- On the basis of product type, the volumetric pump segment accounted for the largest market share in the artificial blood pump market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
- On the basis of region, North America accounted for the largest share in the global artificial blood pump market in 2022. The region is further projected to continue dominating in the market during the forecast period.
- On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.
Some of the major artificial blood pump companies profiled in the report include ABIOMED, NIKKISO Co Ltd, Medtronic, Abbott, TERUMO, BIOTRONIK, Boston Scientific Corporation, Mindray Medical, Baxter, Braile Biomedica, LivaNova, CorWave.
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