The continual growth of the heart pump device market can be attributed to several factors, which have led to the wide-scale adoption of these products for the treatment of cardiovascular disorders. Moreover increasing medical tourism, safe procedures, and long-term survival are contributing to the substantial growth of the global heart pump device market between 2020 and 2030. To gain better insights, prominent players in the market are focusing on new product launches along with technological advancements. For Instance, in February 2020, Abbott received U.S. FDA’s breakthrough device designation for the development of a Fully Implantable Left Ventricular Assist System (FILVAS).
Major Key Players of the Heart Pump Device Market are:
Abbott Laboratories, Abiomed, Terumo Europe NV, Medtronic PLC, SynCardia Systems LLC. Teleflex Incorporated, Berlin Heart Gmbh, Jervik Heart Inc., Reliant Heart Inc., and Cardiac Assist Inc., among others.
Over the years, medical tourism is growing into a popular and profitable industry, playing a vital role in contributing to growth of the global heart pump device market. Several countries, including India, Japan, China, Thailand, and Colombia, among other developing countries, are encouraging global medical tourism, resulting in growth of the heart pump device market. The main reasons for international medical tourism include the availability of better facilities, cost-effectiveness, new & technologically advanced medical procedure, highly skilled cardiac surgeons, and advancements in medical infrastructure. Cardiac surgery prices are 30% to 70% lower in developing countries as compared to developed countries. Asian countries showed a 25% growth rate in medical tourism during recent years. Low costs along with advanced medical treatment are major drivers of the global heart pump device market, which will further propel market growth in the coming years.
The Heart Pump Device Market is segmented on the basis of Product, Types, Therapy and region.
Major Product of Heart Pump Device Market covered are:
- Ventricular Assist Devices (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Bi-Ventricular Assist Devices (BiVADs), and Percutaneous Ventricular Assist Devices (pVADs))
- Intra-Aortic Balloon Pumps (IABPs)
- Total Artificial Heart (TAH)
Major Types of Heart Pump Device Market covered are:
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
Major Therapy of Heart Pump Device Market covered are:
- Bridge To Transplant (BTT)
- Bridge To Candidacy (BTC)
- Destination Therapy (DT)
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