The main objective of this report is to define, describe, and forecast the Global Heart Pump Devices Market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges) which are derived from the SWOT analysis.
The report aims to strategically analyze the Global Heart Pump Devices Market with respect to individual growth trends, prospects, and their contribution to the market. It contains the company profiles of the key vendor and comprehensively analyzes their core competencies.
The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
According to the latest research, global demand for Heart Pump Device Market was valued at approximately USD 1.57 billion in 2017 and expected to reach USD 6.22 billion in 2025 with growing at a healthy CAGR of 18.8%.
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Well known players of Heart Pump Device Market are Abbott, Abiomed, Medtronic, Getinge, Maquet Getinge Group, Syncardia Systems, Teleflex, HeartWare International Inc., Berlin Heart GmbH, and Getinge AB and Fresenius Medical Care and Syncardia Systems, Reliantheart, Terumo Europe NV, Berlin Heart, Jarvik Heart, Cardiacassist, Thoratec Corporation, Jarvik Heart, Inc. among others.
Based on geography, the market report covers data points for 28 countries across multiple geographies namely
- North America & South America,
- Asia-Pacific and,
- Middle East & Africa
Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
On the basis of therapy, the market is segmented into
- bridge-to-transplant (BTT),
- bridge-to-candidacy (BTC),
- destination therapy (DT) and other therapies
Based on product, the market is segmented into
- ventricular assist devices (VADs),
- intra-aortic balloon pumps (IABPs) and t
- Total artificial heart (TAH)
The ventricular assist devices (VADs) segment is further sub-segmented into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), Bi-ventricular assist devices (BiVADs) and percutaneous ventricular assist devices (pVADs).
On the basis of type, the market is classified into
- implantable heart pump devices and
- extracorporeal heart pump devices
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Abbott founded in 1888 and headquarters in Illinois, U.S., focuses on manufacturing products for diagnostics, medical devices, nutrition and branded generic pharmaceuticals. It operates its business through Established Pharmaceuticals, Nutritionals, Diagnostics, Cardiovascular and Neuromodulation and Others. It offers heart pumps products through its cardiovascular and neuromodulation.
The company has its presence in U.S., China, Germany, Japan, India, The Netherland, Switzerland, Russia, France, Brazil, Italy, U.K., Colombia, Canada, Vietnam and others. It has its subsidiaries worldwide such as Alere Inc. (U.S.), Abbott Medical Optics Inc. (U.S.), EAS (U.S.), Abbott India Ltd (India), Thoratec Corporation (U.S.) and others.
- In January 2017, Abbott (U.S.) acquired ST. JUDE MEDICAL (U.S.). This acquisition expanded Abbott (U.S.) opportunities for future growth and development of strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals.
Getinge AB, founded in 1904 and based in Sweden. It is involved in designing, manufacturing and marketing of equipment and systems for healthcare and life sciences. It operates its business through acute care therapies and surgical workflows. It offers heart pump devices through its subsidiary Maquet (Germany). The company has its presence in North America, South America, Asia Pacific, Europe, Middle East and Africa.
- In Feburary 2014, Getinge AB (Sweden) acquired Pulsion Medical Systems (Germany). This acquisition has expanded business of the company.
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Major Drivers of Heart Pump Device Market
Prominent factors driving the growth of this market consist of increasing incidence of cardiac disease, rapid advancement in surgical technique in VAD implantation, increasing popularity of minimal invasive surgical procedures in cardiology, regulatory approval of heart pump devices are fuel the growth of heart pump devices market.
Increasing Incidence of Cardiac Diseases:
According to Health Data Government, world population from past increase 7 billion and increasing the number of geriatric population. So the number of death from cardiovascular diseases is also increasing. As per the European Society of Cardiology in 2014, approximately 26 million people in all over world suffering from heart failure. Cardiac diseases such as heart attacks, strokes and other circulatory disease is the major cause of premature death in the world.
Increasing regulatory approval and reimbursement procedure of heart pump devices:
Regulatory approval is defined as that approvals by government pricing or health authorities in a country (including FDA and EMEA), product and establishment licenses, registrations or authorizations of any federal, state or local regulatory agency, department, bureau or other governmental entity, in each case. These regulatory approvals are necessary for the commercial manufacture, usage, storage, importation, export, transport or sale of collaboration products in a regulatory jurisdiction. Different countries have different regulatory body for medical device licensing. In India, cardiac implantable medical devices are listed under the classification of medical device rules with regulatory approval and registration by the CDSCO (Central Drug Standard Controller Organization).The CDSCO (Central Drug Standard Controller Organization) is govern by the Drug Controller General of India (DCGI).
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