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Heart pump devices are the mechanical devices that are used to support heart function and blood flow in people who have weak hearts. The device is surgical implanted and is used for temporary or extended support of functioning of heart in people with irregular blood flow or weak heart. The growth in the heart pump devices market is majorly driven by the factors such as rising prevalence of cardiovascular diseases, growing geriatric population, various new product launches by key market players, and increasing patient demands due to growing technological advancements in heart pumps. For instance, according to an article published by National Center for Biotechnology Information (NCBI), in 2015, there were an estimaed 422.7 million cases of cardiovascukar diseases globally.
Key Market Driver -
Increasing prevalence of cardiovascular diseases, growing geriatric population
Key Market Restraint -
High cost, lack of reimbursement scenario
The overall heart pump devices market is expected to witness significant growth during the forecast period due to factors such as rising prevalence of cardiovascular diseases, growing geriatric population, various new product launches by key market players. However, high cost of the devices, lack of reimbursement scenario, and their implantation procedure is anticipated to restrict the heart pump devices market.
Globally, the heart pump devices market can be segmented on the bases of the product, type, end-users, and region. Based on the product the market can be segmented into ventricular assist devices (VADs), intra-aortic balloon pumps (IABPs), and others. Based on the type, the market can be segmented into implantable heart pump devices and extracorporeal heart pump devices. Based on the end-users, the market can be segmented into hospitals, ambulatory surgical centers, specialty clinics, and others. Geographically, the heart pump devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the heart pump devices market are Terumo Corporation, Abbott. Jarvik Heart, Inc., Calon Cardio, ABIOMED., Medtronic, Teleflex Incorporated, and other prominent players.
Geographically, the heart pump devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is likely to dominate the heart pump devices market owing to the increasing expenditure in healthcare research & development. The dominance is due to the rising prevalence of cardiovascular diseases along with growing geriatric population. For instance, according to the Public Health Agency of Canada in 2013, about 2.4 million Canadian adults age 20 and over live with diagnosed heart disease. Europe is projected to hold second largest market share throughout the forecast period. The development of new products and partnership activities of major market players is likely to boost the growth of the heart pump devices market in this region. Along with this, the rising geriatric population also drives the growth of market in this region. However, Asia Pacific is expected to grow with the highest CAGR due to an increasing patient pool of heart failure and other cardiovascular diseases.
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On the other hand, the market in Latin America and the Middle East & Africa is anticipated to have a substantial market growth during the forecast period owing to the rising patient demand for heart pump devices due to increasing prevalence of cardiovascular diseases and growing governmental and non-governmental initiatives for improving the healthcare infrastructure.
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