Abbott Laboratories (US) and Abiomed (US) are tha Major Players in the Heart Pump Device Market
The heart pump device market 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. Heart pump devices are used by patients suffering from cardiac diseases and patients waiting for a heart transplant. These devices are also used to provide the necessary support to patients recovering from a major surgical procedure. Factors such as 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 drive the growth of the market. The Asia Pacific market is estimated to be the fastest-growing regional market, mainly due to the growing target population, active product launches & approvals by players in the region, and healthcare infrastructure improvements in several APAC countries such as China, Japan, and India.
The heart pump device market is highly consolidated in nature, with only a few players dominating the overall market. 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).
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Abbott Laboratories (US)
Abbott Laboratories occupied the leading position in the heart pump devices market, with a share of 30.6% in 2020. In the heart pump devices market, the company offers VADs to treat heart failure in patients. The company has consistently adopted strategic initiatives over the years, helping it gain a competitive edge in the market. In 2020, the FDA approved the updated labeling for the HeartMate 3 Heart Pump to be used in pediatric patients with advanced refractory left ventricular heart failure. The company is also extremely innovation-centric and invests heavily in R&D to maintain its market share. It has a strong presence in the US; in 2020, it registered ~37.6% of its total revenue from the US.
Abiomed (US)
Abiomed is the second-leading player in the heart pump devices market. The company offers a wide range of VAD devices, which helps the company to hold a strong position in the market. The company has its subsidiaries in Asia and Europe and a well-established presence in the US; the company generated nearly 84% of its revenue from the US in 2020. The company also gained an Emergency Use Authorization (EUA) for the left-sided Impella heart pumps to provide left ventricular unloading and support COVID-19 patients undergoing ECMO treatment.
Related Reports:
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
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