Heart Pump Device Market

Heart Pump Device Market Outlook from 2024 to 2034

The global Heart Pump Device Market is expected to rise from USD 4.0 billion in 2024 to USD 25.4 billion by 2034. By 2034, the market is projected to surge at 20.4% CAGR.

Attributes	Key Insights
Estimated Global Heart Pump Device Market Size (2024E)	USD 4.0 billion
Projected Heart Pump Device Market Value (2034F)	USD 25.4 billion
Value-based CAGR (2024 to 2034)	20.4%

Heart Pump Device Market Overview

• The rising prevalence of cardiovascular illnesses and the aging population are two key factors that are anticipated to fuel growth of the heart pump device market during the forecast period.
• The growing market penetration of industry participants is predicted to slow down the market expansion for heart pump devices.
• Post pandemic, patients with pre-existing cardiac diseases who contracted COVID-19 are more likely to suffer from a severe sickness, which led to a rising demand for heart pump devices.

2019 to 2023 Global Heart Pump Device Market Growth Outlook Vs. 2024 to 2034

The global heart pump device sales grew at a CAGR of 24.0% from 2019 to 2023. The growth of heart pump devices from 2019 to 2023 can be attributed to a convergence of factors:

• In the 2020s, ventricular assist devices (VADs) became a key development in mechanical circulatory support.
• VADs were first created as short-term support devices, but they have now matured into practical solutions for patients with end-stage heart failure who require long-term care.
• The engineering and design of heart pump therapy devices have seen tremendous technological advances.
• Innovations, including wireless monitoring capabilities, compacted devices, and magnetically levitated centrifugal flow pumps, have improved device performance, durability, and patient outcomes.
• Clinical research and trials have advanced the field of mechanical circulatory support significantly.
• Extensive clinical trials have produced data regarding heart pump devices' effectiveness, safety, and long-term consequences, influencing treatment choices and developing clinical practice standards.

By 2034, the market for heart pump devices is expected to rise at 20.4% CAGR.

• Patient-centric care, which encompasses individualized treatment plans catered to each patient's needs, is gaining traction in the healthcare sector.
• Companies are creating remote monitoring programs and customizable heart pump systems that let medical professionals give the best possible care for their patients and achieve better results.
• Leading economies are focusing on healthcare infrastructure advancement. This offers substantial prospects for market growth for heart pump device producers, particularly as these areas deal with the rising prevalence of cardiovascular illnesses.

Key Heart Pump Device Market Trends

• Substantial technological developments in the heart pump device market aim to enhance devices' effectiveness, longevity, and patient outcomes. These include creating smaller, more effective devices as well as improving control systems and the materials used to build them.
• Heart failure is becoming a more common illness worldwide as a result of aging populations and increased rates of cardiovascular diseases.
• Less invasive methods are gaining traction among patients and medical professionals to treat cardiac diseases. This tendency impacts the creation of less invasive implantable cardiac pumps, which, compared to open heart surgery, have lower risks and faster recovery times.

Restraining Factors in the Heart Pump Device Market

• Even with the latest technological breakthroughs, heart pump systems are still susceptible to complications such as thrombosis, infection, and device malfunctioning.
• Several healthcare facilities need more knowledge or resources to implement & maintain cardiac pump devices safely and efficiently. This restriction limits the broad use of heart pump devices, especially in underserved or rural locations.
• The most effective treatment for end-stage heart failure is still heart transplantation. However, there is a shortage of appropriate donor hearts, which causes transplant candidates to have to wait a lengthy time for a transplant.

Country-wise Insights

The table below shows the estimated growth rates of the top five countries. South Korea, the United Kingdom, and China are set to record high CAGRs of 22.2%, 21.5%, and 21.7%, respectively, through 2034.

Countries	Projected CAGR (2034)
United States	20.7%
United Kingdom	21.5%
China	21.7%
South Korea	22.2%
Japan	18.6%

The table below explains the heart pump device market size of the top five countries for 2034. Among them, the United States is anticipated to remain at the forefront by reaching a valuation of USD 4.5 billion. Japan is expected to reach around USD 2.3 billion by 2034, less than China's USD 4.3 billion.

Countries	Market Values
United States	USD 4.5 billion
United Kingdom	USD 1 billion
China	USD 4.3 billion
South Korea	USD 1.5 billion
Japan	USD 2.3 billion

Rising Prevalence of Obesity and Hypertension to Boost the United States

The United States heart pump device industry is poised to exhibit a CAGR of 20.7% during the assessment period. By 2034, the United States market is expected to reach USD 4.5 billion. The key factors supporting the market growth are:

• With a sizable percentage of the population suffering from heart failure and illness, it is still a major public health concern in the United States.
• Heart pump devices are gaining traction in the United States as a therapeutic alternative as the population ages, and risk factors like obesity and hypertension become more common.
• The most popular heart pump device in the United States is the Left Ventricular Assist Device (LVAD).
• The growing use of LVADs results from wider indications for usage, better patient outcomes, and developments in device technology.

Growing Clinical Research and Trials Propelling Demand in China

Heart pump device demand in China is anticipated to rise at a steady CAGR of 21.7% during the forecast period. This is attributable to a combination of factors, including:

• The acceptance and use of heart pump devices in China are heavily influenced by reimbursement guidelines and coverage choices made by commercial insurers & government payers.
• Clinical research and trials in China are essential to advancing heart pump technology.
• The report generated by clinical studies regarding device safety, effectiveness, and long-term results influences clinical practice guidelines and treatment decisions.
• China's regulatory environment is changing to guarantee the effectiveness and safety of medical devices, particularly heart pump devices.

Technological Innovations in Japan Paving the Road for Success

Japan's heart pump device market is expected to reach a valuation of around USD 2.3 billion by 2034. Top factors supporting the market expansion in the country include:

• Japan is spending more on healthcare to advance cutting-edge medical technologies, increase access to healthcare services, and enhance healthcare infrastructure.
• Technological development in the device’s design is set to stimulate market expansion and adoption by enhancing device performance, dependability, and patient outcomes.

Growing Consumer Knowledge and Acceptance Upscaling the United Kingdom

The demand for heart pump devices is increasing in the United Kingdom, with a projected CAGR of 21.5% through 2034. Emerging patterns in the United Kingdom market are as follows:

• The advantages of heart pump devices in treating advanced heart failure are becoming widely known among patients and healthcare professionals in the United Kingdom.
• Heart pump devices are increasingly accepted and used as therapeutic options in the United Kingdom, particularly when traditional treatments do not work.

Rising Local and Foreign Firms in South Korea Boost Heart Pump Device Adoption

The heart pump device market is projected to increase in South Korea at a CAGR of 22.2% through 2034. The factors driving the market growth are as follows:

• Local and foreign firms are vying for market share in South Korea's heart pump technology industry.
• Domestic companies are investing more in research and development to compete with well-established multinational firms and create cutting-edge products in South Korea.
• Technological advancements, including downsized devices, magnetically levitated centrifugal-flow pumps, and remote monitoring capabilities, are propelling the market's expansion and enhancing the standard of care for patients.

Category-wise Insights

The section below shows the implanted heart pump devices segment dominating by type. The segment is predicted to surge at a 20.0% CAGR through 2034. Based on the product, the ventricular assist devices (VADs) segment is anticipated to generate a dominant share through 2024. It is expected to rise at a CAGR of 19.6% through 2034.

Segment	CAGR (2034)
Implanted Heart Pump Devices [Type]	20.0%
Ventricular Assist Devices (VADs) [Product]	19.6%

Implanted Heart Pump Devices to Dominate the Market through 2034

Based on type, the demand for implanted heart pump devices is expected to remain high during the evaluation period.

• Implanted heart pump devices are gaining traction among heart failure patients who are not eligible for heart transplantation.
• Technological developments and product innovations in heart pump implantation are expected to fuel this segment's continued expansion.
• With smaller, more effective devices that require less invasive procedures being developed by manufacturers, implanted heart pump devices use as a therapy option for heart failure patients is predicted to rise.

Ventricular Assist Devices (VADs) Top the Product Category

Based on the product, ventricular assist devices (VADs) are expected to surge at a CAGR of 19.6% through 2034.

• Due to the growing prevalence of heart failure and developments in device technology, the demand for VADs is rising.
• As the population ages and the prevalence of heart failure increases, the market for VADs is anticipated to expand further.
• Continuous technical development aimed at enhancing device performance, longevity, and patient outcomes characterizes the VAD market.
• Miniaturized devices, wireless monitoring capabilities, and magnetically levitated centrifugal flow pumps are examples of innovations that are improving device reliability and decreasing difficulties.

Competitive Landscape

Collaborations between medical device companies, research institutions, and healthcare providers are becoming increasingly common. These partnerships facilitate the exchange of knowledge and resources, accelerating the development and adoption of innovative heart pump devices.

Key firms are pursuing strategic initiatives to optimize their market domination, such as acquisitions, mergers, and collaborations. They are introducing cutting-edge products at competitive rates.

For instance

• In December 2022, Johnson & Johnson acquired Abiomed, Inc. It is expected to operate independently within Johnson & Johnson's MedTech segment.
• In 2022, Abiomed declared that the FDA approved two clinical research projects involving Impella heart pumps in individuals suffering from acute myocardial infarction (AMI) and cardiogenic shock.
• In 2022, the School of Medical Research and Technology (SMRT) at IIT Kanpur announced the opening of Hridyantra, a challenge-based initiative to create a cutting-edge artificial heart.

Key Companies Profiled

• Abbott
• ABIOMED
• CorWave SA
• LivaNova PLC
• Berlin Heart
• SynCardia Systems
• LLC
• Jarvik Heart
• BiVACOR Inc.

Heart Pump Device Market Segmentation by Category

By Type:

• Implanted Heart Pump Devices
• Extracorporeal Heart Pump Devices

By Product:

• Ventricular Assist Devices (VADs)
  • Left Ventricular Assist Devices (LVAD)
  • Right Ventricular Assist Devices (RVAD)
  • Bi-ventricular Assist Devices (BiVAD)
  • Percutaneous Ventricular Assist Devices (PVAD)
• Total Artificial Hearts (TAHs)
• Intra-aortic Balloon Pumps (IABPs)
• Extracorporeal Membrane Oxygenation (ECMO)

By End-use:

• Hospitals
• Cardiac Centers
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

Frequently Asked Questions

How big is the heart pump device market?

The market is set to reach USD 4.0 billion in 2024.

What is the forecast for the heart pump device market?

Demand for heart pump devices is slated to expand at a 20.4% CAGR by 2034.

What is the outlook for the heart pump device market?

The market is expected to reach USD 25.4 billion in 2034.

Who are the key players in the heart pump device market?

Abbott, ABIOMED, and CorWave SA are the key players.

Which type would lead the heart pump device market?

The implanted heart pump devices segment is estimated to hold a significant market share.