The report “Heart Pump Device Market by Product (Ventricular Assist Devices (LVAD, RVAD, BiVAD, and pVAD), Intra-aortic Balloon Pumps, TAH), Type (Extracorporeal and Implantable Pumps), Therapy (Bridge-to-transplant, Destination Therapy) – Global Forecast to 2026” is projected to reach USD 5.5 billion by 2026 from USD 2.1 billion in 2021, at a CAGR of 21.6% from 2021 to 2026.
Covid -19 Impact On The Heart Pump Device Market:
There have been significant changes in the healthcare sector post the global outbreak of COVID-19. In the cardiac care sector, various countries have decided to postpone elective surgeries to lower the risk of exposure to the virus. In response to the burden of COVID‐19 on healthcare systems in the UK, elective cardiac surgeries have been delayed due to the redistribution of intensive care resources and the unquantifiable risk of acquiring COVID‐19.
A study conducted across eight hospitals in Italy from 21st February to 31st March 2020 revealed that admissions for HF were significantly reduced during the lockdown. In fact, in some cases, HF patients may have died at home without seeking medical attention during the COVID‐19 lockdown. With reduced hospitalizations regarding HF, the market for heart pump devices witnessed a considerable decline in 2020.
Similarly, players operating in the Heart Pump Device Market have also witnessed declines in their revenues owing to the outbreak of COVID-19. For instance, As per Abiomed’s 10-k form, revenues generated from the sales of Impella pumps were affected due to low patient utilization because of fewer patient visits in the fourth quarter of FY 2020. COVID-19 negatively impacted the revenue of Impella products by approximately USD 17 million, primarily in the US and Europe.
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Ventricular assist devices are expected to hold the largest share of the heart pump device market, by product in 2021.
Based on products, the heart pump devices market is segmented into ventricular assist devices, intra- aortic balloon pumps, and total artificial hearts. Ventricular assist devices are the largest and fastest-growing segment in this market. Growth in this segment can primarily be attributed to technological advancements, the shortage of organ donors, and the increasing prevalence of heart failure globally.
Europe commanded the largest share of the heart pump device market in 2021.
On the basis of region, segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the market. The large share of this market segment can be attributed to the rising adoption of heart pump devices, the high prevalence of CVDs, the growing number of research activities to improve current technologies, and the limited availability of donor hearts for transplants.
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The major players operating in this market are Abbott Laboratories (US), Abiomed (US), Medtronic (Ireland), Teleflex Incorporated (US), SynCardia Systems (US), Fresenius Medical Care AG & Co. KGaA (Germany), Getinge (Sweden), CardiacAssist, Inc. (US), Berlin Heart (Germany), Jarvik Heart, Inc. (US), CARMAT (France), SENKO MEDICAL INSTRUMENT Mfg. CO., LTD. (Japan), Angiodroid (Italy), CardioDyme (US), and World Heart Corporation (US).
Recent Developments in Heart Pump Device Market:
- In 2021, CARMAT Received FDA approval to conduct an Early Feasibility Study (EFS) of its TAH in the US
- In 2020, Abbott received FDA approval for the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure
- In 2020, Abiomed received approval from the Ministry of Health, Labour and Welfare (MHLW) for the Impella CP Heart Pumps in Japan
- In 2020, SynCardia Systems received FDA approval for the 50cc temporary Total Artificial Heart (TAH-t)