Northbrook, IL -- (SBWIRE) -- 06/21/2021 -- 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.

Growth Driver: Long waiting periods for heart transplant procedures;

In the last few years, the demand for heart transplantation has increased significantly due to the rising incidence of CVDs and heart failure. However, the unavailability of adequate hearts for transplantation to meet the existing demand has globally resulted in a shortage crisis. According to the national database maintained by the Health Resources and Services Administration (US), as of March 2018, there are about 3,980 candidates on the heart transplant waiting list.

Even at a country level, significant differences in the number of donors and patients on waiting lists have been observed. For instance, in Australia, during 2020, around 1,650 individuals were on the waiting list for a heart transplant, whereas only 463 donors were available (Source: Transplant Australia Ltd). As per the Transplant Activity Report 2018/19, the number of patients active on heart transplant lists by year-end 2018/19 increased by 134% since 2010.

These devices provide the necessary support to patients while they wait for a heart transplant or also act as a permanent solution for patients who are not candidates for heart transplants. Thus, the significant gap between the demand and supply of donor hearts is expected to support the growth of the heart pump devices market in the coming years.

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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)