Heart Pump Devices Market To Generate Revenue worth $10,912.6 Million by 2030
- Published: July 2023
The global heart pump devices market is projected to generate USD 10,912.6 million revenue by 2030, advancing at a CAGR of 22.1% during 2023–2030. This can be ascribed to the rising incidence of cardiovascular diseases, the limited availability of donor hearts for transplants, and the increasing geriatric population. Moreover, the technological innovations in medical science for the development of more-efficient cardiac assist devices drive the industry.
In congestive heart failure (CHF), which is a progressive condition, the efficiency of the heart to pump blood deteriorates over time. People 65 years or older display the highest incidence of this condition, but practically, everyone could be at risk, as it has a huge variety of causes, including coronary artery disease, congenital heart defects, high blood pressure, myocarditis, valvular diseases, arrhythmias, diabetes, and obesity. Fatigue and dyspnea are its most-easily noticeable symptoms, and blood tests, ECGs, stress tests, echocardiograms, chest X-rays, and coronary angiograms are used to diagnose it.
The rise in the elderly population across the world continues to contribute to the increase in the number of heart patients. As compared to the younger population, the elderly are more susceptible to such diseases; thus, their increasing population leads to a surge in the demand for heart pump devices.
In addition, due to the changing lifestyles and associated adverse habits, which include drinking alcohol, smoking, and eating unhealthy food, there has been an unstoppable rise in the prevalence of CVDs.
According to a report, every year, approximately 697,000 individuals in the U.S. die as a result of heart disease. Coronary heart disease (CHD) is the most-common of them, killing approximately 382,820 people annually. Similarly, approximately 805,000 Americans suffer a myocardial infarction each year; 605,000 of these are first-time incidents, while 200,000 occur in individuals who have already had one before.
To help such people, in February 2022, Abbott Laboratories deployed the Aveir DR implantable dual-chamber leadless pacemaker in a pivotal trial. The device provides synchronous, beat-by-beat pacing of the upper right chambers of the heart.
North America Held Largest Share
Geographically, North America dominated the market, with a share of about 45%, in 2022. This is due to the presence of a large number of people suffering from CVDs, rising geriatric population, and increasing venture capital investments in the medical device industry. For instance, in December 2022, Johnson & Johnson announced that it had completed its acquisition of Abiomed Inc.
Essentially, the rising burden of various cardiac diseases, such as stroke and cardiomyopathy, which account for one of the highest mortality rates, drives the market. As per the CDC’s statistics updated in 2022, every 35 seconds, an American may die of a cardiovascular disease. This scenario leads to a high demand for cardiac assist devices for better treatment in the U.S.
The European region is expected to hold the second-largest share during the forecast period. This is because of the rising prevalence of heart failure and the presence of a planned reimbursement structure. As per a report, in Germany, approximately 40,000 coronary artery bypasses were conducted in 2020. Moreover, diabetes can lead to a higher risk of heart attack, stroke, and kidney failure, thus driving the demand for cardiac pumps.
The major players operating in the heart pump devices market include Abbott Laboratories, Medtronic plc, Getinge AB, Jarvik Heart Inc., Fresenius Medical Care AG & Co. KGaA, Abiomed Inc., Teleflex Incorporated, Terumo Corporation, Berlin Heart, and SynCardia Systems LLC.