A recent study by Global Market Studies has shown that the Heart Pump Device Market is rapidly growing at a CAGR of 18.2% and is expected to reach a value of USD 7 billion by 2028.
The heart pump device market refers to the global market for medical devices that assist in the pumping function of the heart. These devices are typically used for patients with heart failure or other cardiovascular diseases that result in decreased heart function. The heart pump device market includes a variety of devices, such as ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs) and total artificial hearts (TAHs). VADs are the most common type of heart pump device and can be either implantable or external. IABPs are typically used in emergency situations to provide temporary support to the heart, while TAHs are used as a last resort for patients with severe heart failure.
The market for heart pump devices is driven by an increasing prevalence of heart failure and cardiovascular diseases, advancements in technology and a growing elderly population. The market is also influenced by factors such as reimbursement policies, regulatory guidelines and the availability of skilled healthcare professionals.
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Heart failure, coronary artery disease and high blood pressure are some of the cardiovascular diseases that are driving the heart pump device market. As the number of people with these conditions continues to rise, there is a growing need for effective treatments, such as heart pump devices.
Improvements in technology, such as miniaturization, wireless communication and sensor technology, have made heart pump devices safer and more effective. These improvements have also led to the creation of new and more advanced devices, such as left ventricular assist devices (LVADs) and biocompatible materials.
An important factor driving the heart pump device market is the growing number of older people. As people get older, their chance of heart diseases goes up and they may need heart pumps to keep their hearts working. The growth of the market is expected to be driven by favourable reimbursement policies for heart pump devices and help make sure that patients have access regardless of cost.
Additionally, both patients and healthcare professionals are becoming more aware of and accepting of heart pump devices. With more people knowing about these devices, demand is likely to rise in the coming years.
The high cost of heart pump devices is a major setback for the market, as many patients may not be able to afford them and healthcare systems may not be able to cover the cost for all patients who need them. Similarly, getting approval from regulators can take a long time and cost a lot of money. This regulatory burden can slow down the development of new heart pump devices and inhibit the encouragement of new ideas.
Using heart pump devices requires specialized training and knowledge, which may not be easy to find in some areas. Because there are not enough skilled medical professionals, these devices can be hard to use, especially in developing countries. Moreover, Heart pump devices can cause problems such as infections, bleeding and device failure due to which these devices may not be utilized as much.
The use of heart pump devices also raises serious ethical questions such as whether to use the device as a bridge to transplant or as the final treatment and how to use limited resources, such as donor’s hearts, for people who have these devices.
• In October 2022, BiVACOR announced a USD 750 thousand grant from the Australian Government through its Medical Research Future Fund (MRFF) and Targeted Translation Research Accelerator (TTRA) program. The funds will be used to improve a patient’s experience by specifically focusing on reducing the size and weight of the Total Artificial Heart’s (TAH) external controller so that the patient will have a better quality of life at home.
• In January 2022, The School of Medical Research and Technology (SMRT) of IIT Kanpur launched Hridyantra, a challenge-based program to develop an advanced artificial heart called a Left Ventricular Assist device (LVAD) for patients with end-stage heart failure.
Abbott Laboratories, BiVACOR Inc., Getinge AB, Medtronic PLC, Teleflex Incorporated, etc.
1) What is the projected market value of the Heart Pump Device Market?
– The Heart Pump Device Market is expected to reach a value of USD 7 billion by 2028.
2) What is the estimated CAGR of the Heart Pump Device Market over the 2023 to 2028 forecast period?
– The Heart Pump Device Market is expected to grow at a CAGR of approximately 18.2% from 2023 to 2028.
3) Who are the key players in the Heart Pump Device Market?
– Abbott Laboratories, BiVACOR Inc., Getinge AB, Medtronic PLC, Teleflex Incorporated, etc.
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