Prominent factors driving the growth of this market consist of increasing incidence of cardiac disease, rapid advancement in surgical technique in VAD implantation, regulatory approval of heart pump devices are fuel the growth of heart pump devices market.
Pune, India -- (SBWIRE) -- 08/17/2018 -- Data bridge market research analysts have predicted current market scenario and future growth prospects of the global Heart Pump Devices market. In addition, the Heart Pump Devices market discusses the major drivers that influence business growth and challenges faced by competitors as well as the key trends that are emerging in the market. Global Heart Pump Devices Market encompasses a wide range of factors that will prove crucial to our clients and presents them with actionable insights.
According to the report, 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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The Heart Pump Devices market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Heart Pump Devices market for global, Europe, North America, Asia Pacific and South America.
Major Competitors: Abbott Laboratories, Abiomed, Medtronic, Getinge, Syncardia Systems, Teleflex, Reliantheart, Terumo Europe NV, Berlin Heart, Jarvik Heart, Cardiacassist, Thoratec Corporation, Jarvik Heart, Inc., HeartWare International Inc.,Berlin Heart GmbH, and Getinge AB and Fresenius Medical Care and Syncardia Systems 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.
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
On the basis of therapy, the market is segmented into
- bridge-to-transplant (BTT),
- bridge-to-candidacy (BTC),
- destination therapy (DT) and other therapies
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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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Scope of Report:
- CAGR of the market during the forecast period 2018-2025
- Detailed information on factors that will accelerate the growth of the Heart Pump Devices market in upcoming years
- Precise estimation of the global Heart Pump Devices market size, share and its contribution to the Global Heart Pump Devices market
- Accurate predictions on upcoming trends and changes in consumer behavior
- Growth of the Heart Pump Devices industry across various geographies such as the North America Europe, Asia-Pacific, South America and Middle East & Africa.
- A thorough analysis of the market's competitive landscape and detailed information on several vendors
- Comprehensive information about factors that will challenge the growth of Heart Pump Devices manufacturers
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