(EMAILWIRE.COM, July 17, 2021 ) The increasing investments, funds, and grants for research on heart failure treatment; rising prevalence of cardiovascular diseases; long waiting periods for heart transplants; favorable reimbursements for heart pump devices; and increasing obesity are expected to offer growth opportunities in the market during the forecast period.

According to the new market research 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" published by MarketsandMarkets™, 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 Opportunity: Development of non-invasive, portable, and advanced fetal monitors;

The heart pump devices market consists of various companies with products in the developmental phase. Companies with products in the pipeline focus on developing innovative solutions, which can accelerate the growth of the market.

A similar trend is witnessed in the VAD industry, with players developing innovative products in the market. Various manufacturers in the field aim to commercialize their VADs in the market in the coming years. For instance, UK-based Calon Cardio-Technology Ltd. aims to receive the CE Mark for its MiniVAD around early 2024, by which time a US FDA Early Feasibility Study is due to have been completed. The company seeks to raise investments of nearly USD 47 million (£34 million) to USD 60 million (£43 million) to fund its clinical studies of the MiniVAD in the US and Europe from 2020 to 2023. Similarly, the PERKAT RV right heart pump, manufactured by Germany-based NovaPump GmbH, is the only cardiac support that works percutaneously, pulsatile and self-expanding. With a successful round A funding, the company aims to participate in clinical trials and advance in R&D collaborations to accelerate the launch of its product.

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Geographically; segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2020, Europe commanded the largest share of the heart pump device 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.

The major players operating in heart pump device 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).

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Market Segmentation in Detailed:

Ventricular assist devices are expected to hold the largest share of the heart pump device market.

Based on products, 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.