Heart Pump Devices Global Market Report 2024

The global heart pump devices market has grown rapidly in recent years. It will grow from $3.25 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to the increased prevalence of cardiovascular diseases, aging population, awareness and education, government initiatives, and funding, as well as improved surgical techniques.

The global heart pump devices market is expected to see rapid growth in the next few years. It will grow to $7.58 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The projected growth in the forecast period can be attributed to the rising global healthcare expenditure, emerging markets with untapped opportunities, the increasing trend towards personalized medicine and customization, a steady rise in regulatory approvals, and growing patient awareness. Major trends expected in this period include technological advancements in medical devices, the integration of remote monitoring and connectivity features, the development of long-term mechanical support systems, a focus on miniaturization and portability in medical devices, and the increasing integration of artificial intelligence in healthcare technologies.

The heart pump devices market is poised for significant growth, primarily propelled by the increasing prevalence of cardiovascular disorders. Defined as conditions affecting the heart or blood vessels, cardiovascular diseases demand advanced diagnostics and treatments, including heart pump devices. These devices play a crucial role in maintaining blood flow during high-risk protected percutaneous coronary interventions. A 2021 World Health Organization (WHO) study revealed that 17.9 million people globally died from cardiovascular diseases in 2019, constituting 32% of all deaths. Notably, 85% of these deaths were attributed to heart attacks and strokes. This escalating prevalence of cardiovascular disorders stands as a key driver fueling the expansion of the heart pump devices market.

The heart pump devices market is expected to experience substantial growth due to the rising incidence of chronic conditions, including heart attacks, diabetes, hypertension, and atrial fibrillation. Chronic diseases, lasting three months or longer, are a global health challenge. Heart pump devices become instrumental in managing blood flow during high-risk interventions associated with chronic conditions. For instance, data from the New York government and the Centers for Disease Control and Prevention (CDC) highlight the substantial impact of heart disease, diabetes, and related chronic conditions in the United States. The prevalence of these conditions underscores the critical role of heart pump devices, driving market growth.

A notable trend in the heart pump devices market is the strategic investment in developing innovative heart pumps. Major companies within the market are allocating significant funds to advance heart pump technologies, contributing to sustained market leadership. An illustrative example is the $40 million investment by CorWave, a France-based company, in the development of an implantable heart pump with breakthrough wave membrane technology. This investment encompasses product development, manufacturing infrastructure, and regulatory testing, facilitating human clinical trials. Investments of this nature signify a commitment to pioneering solutions, shaping the trajectory of the heart pump devices market.

Major companies in the heart pump devices market are at the forefront of developing cutting-edge technologies, such as the left ventricular assist device (LVAD) membrane pump technology. LVADs, surgically implanted mechanical pumps, assist the left ventricle in pumping blood throughout the body. CorWave SA, a France-based medical device company, has pioneered LVAD membrane pump technology. This innovative approach utilizes a pulse pump driven by electromagnetic pulses, closely resembling the natural heartbeat. The LVAD membrane pump technology aims to provide a more physiological pumping activity, setting a new standard in heart pump devices.

In February 2022, Boston Scientific Corporation, a renowned US-based biomedical and biotechnology engineering firm, successfully acquired Baylis Medical Company Inc. for a substantial sum of $1.75 billion. Through this strategic acquisition, Boston Scientific aims to seamlessly integrate the innovative platforms of Baylis with its existing portfolio in electrophysiology and structural heart offerings. This strategic move is expected to fortify Boston Scientific's position within the competitive cardiology market, enhancing its capabilities in providing advanced solutions for cardiovascular care. Baylis Medical Company Inc., based in Canada, is recognized for its expertise in manufacturing heart pump devices.

Major companies operating in the heart pump devices market report are Archer-Daniels-Midland Company, BASF SE, The DOW Chemical Company, Bio-Chem Technology Group Co. Ltd., LyondellBasell Industries N.V., Huntsman Corporation, SKC CO. Ltd., INEOS Group Holdings Limited, Manali Petrochemicals Limited, DowDuPont Inc., Royal Dutch Shell PLC, ADEKA Corporation, Chaoyang Chemicals Inc., Temix International SRL, Helm AG, Repsol S.A., Arch Chemicals Inc., HaiKe Chemical Group, Global Bio-chem Technology Group Co. Ltd., DuPont Tate & Lyle Bio Products LLC, Flint Group Holdings Limited, Hubergroup Deutschland GmbH, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG, Marabu GmbH & Co. KG, Nutec Digital Ink Ltd., Chemicoat Co. Ltd., Oleon NV, Penta Manufacturing Company, Kraft Chemical Company,

North America was the largest region in the heart pump devices market share in 2023. The regions covered in the heart pump devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heart pump devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Heart pump devices come in two main types including implantable heart pump devices and extracorporeal heart pump devices. Implantable heart pump devices are mechanical pumps surgically implanted in the chest to assist a weakened heart in pumping blood. These devices serve various therapeutic purposes, including bridge-to-transplant (BTT), bridge-to-candidacy (BTC), destination therapy (DT), and others. Heart pump devices find applications in diverse healthcare settings, including hospitals, ambulatory surgical centers, specialty clinics, and more.

This report provides heart pump devices market statistics, including the heart pump devices industry’s global market size, regional shares, competitors with a Heart pump devices market share, detailed heart pump devices market segments, market trends and opportunities, and any further data you may need to thrive in the heart pump devices industry. This heart pump devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The heart pump devices market consists of sales of pacemakers, biventricular devices, cardioverter defibrillators, and mechanical assist devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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