Heart Pump Device Market Size, Share, Growth Analysis, By Product Type(Ventricular assist devices (VADs), Intra-aortic balloon pumps (IABPs)), By Indication(Bridge-to-transplant (BTT), Destination therapy (DT)), By End-user(Hospitals, cardiology centers) - Industry Forecast 2024-2031

Global Heart Pump Device Market size was valued at USD 2.09 billion in 2022 and is poised to grow from USD 2.61 billion in 2023 to USD 15.32 billion by 2031, at a CAGR of 24.77% during the forecast period (2024-2031).

The global heart pump device market is experiencing significant growth globally. Our report contains detailed information on the value chain analysis for the Heart Pump Device market, which manufacturers can use to gain a competitive edge during the projected period. The primary driving factor for this market growth is the increasing prevalence of cardiovascular diseases worldwide.

With the rising incidence of heart failure, the demand for heart pump devices has surged as they play a critical role in supporting and maintaining heart function in patients with severe cardiac conditions. Moreover, the growing aging population, which is more prone to heart ailments, further contributes to the market's expansion. In addition to the high disease burden, advancements in heart pump technology have propelled the market forward.

Innovations such as miniaturization, improved durability, and enhanced functionality of heart pump devices have significantly improved patient outcomes and have increased their adoption. The development of magnetically levitated ventricular assist devices (VADs), for instance, has revolutionized the market by providing better support to weakened hearts while reducing the risk of complications.

The heart pump device market is the increasing adoption of mechanical circulatory support devices. As the prevalence of advanced heart failure cases continues to rise, the need for long-term mechanical support has become crucial. Mechanical circulatory support devices, including ventricular assist devices (VADs) and total artificial hearts (TAHs), offer a lifeline to patients waiting for heart transplantation or those who are not suitable candidates for transplantation. The growing acceptance of destination therapy, where mechanical circulatory support devices serve as a permanent solution for patients ineligible for transplant, has further expanded the market's reach.

US Heart Pump Device Market is poised to grow at sustainable CAGR for the next forecast year.