Heart Pump Devices Market Sees Rise in Patient Awareness and Education
The global heart pump device market size is expected to reach USD 6.44 billion by 2030, expanding at 13.5% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of coronary artery disease, ischemic heart disease, and other CVD diseases is anticipated to boost the demand for heart pump devices. For instance, according to data published by British Heart Foundation, in 2022, about 7.6 million individuals in the UK live with heart disease, and each year, around 160,000 people die from CVD and other heart-related conditions in the UK. Moreover, according to WHO data in 2020, coronary heart disease caused 163,905 deaths in Japan, with 121,823 or 11.03% of total deaths were caused due to stroke.
Furthermore, the market is anticipated to grow by increasing support and awareness initiatives for disease awareness. For instance, in January 2022, The School of Medical Research and Technology at IIT Kanpur launched Hridyantra, a challenge-based program. Its objective is to create an advanced artificial heart called a Left Ventricular Assist Device (LVAD) for patients with end-stage heart failure (HF). Hridyantra aims to improve the available treatment options for HF patients. This program is expected to significantly improve the treatment options available for patients with HF, thereby driving market growth.
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Heart Pump Device Market Report Highlights
- Based on type, the implanted heart pump devices segment accounted for the largest revenue share of 68.3% of the market in 2023, due to their ability to assist with pumping blood and serve as a bridge to transplantation or a permanent therapy option for HF patients.
- Based on product, the ventricular assist devices (VADs) segment accounted for the largest market share in 2023. It is estimated to register the fastest CAGR of 14.8% during the forecast period; owing to the increasing prevalence of HF worldwide, the demand for VADs is anticipated to grow rapidly over the forecast period.
- Based on end-use, the hospitals segment accounted for the largest revenue share of over 81.4% in 2023, attributed to the high number of surgeries performed in hospitals.
- North America is expected to dominate the market with over 52.7% revenue share in 2023 due to the high prevalence of heart failure, growing aging population, and robust healthcare system.
Key Heart Pump Device Company Insights
Leading companies in the heart pump devices market are enhancing their offerings and incorporating new technologies to expand their customer reach, secure a greater market share, and diversify their application range. For example, Evaheart, Inc. launched a Lunch-and-Learn program for the Penn State staff in Hershey, Pennsylvania involved in the competence clinical trial. This program facilitates staff to seek clarifications and discuss the prospects of the EVA2 LVAD
List of Key Players in the Heart Pump Devices Market
- Abbott
- ABIMOD (Johnson & Johnson Services, Inc.)
- Getinge AB.
- LivaNova PLC
- Berlin Heart
- Picard Medical, Inc. (SynCardia Systems, LLC)
- Jarvik Heart
- BiVACOR Inc.
- Leviticus Cardio
- Teleflex Incorporated.
Gather more insights about the market drivers, restrains and growth of the Global Heart Pump Device Market
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