The global heart pump market is predicted to grow at a CAGR of 20.6% CAGR during the forecast period, attaining a market size of USD 6.1 billion by 2024. The heart pump device, a battery operated mechanical heart pump device, is implanted surgically to support the function of heart ventricles. It aids to preserve the pumping capability of a heart which cannot work effectively on its own. The global heart pump device market is growing at a significant rate, due to the mounting occurrence of cardiovascular diseases. Different types of heart pumps contributed to the heart pump device market size. The market has witnessed high demand for implantable heart pump over the last few years due to the technological advancement of devices and mounting occurrence of heart failure.

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Mounting healthcare expenditure, refining healthcare infrastructure in developing countries and expanding geriatric population are also facilitating the growth for the heart pump device market. For instance, according to the WHO, globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.

The excessive cost of the heart pump device, inclination of alternative drug delivery means and limited reimbursement are the major challenges for the growth of the heart pump device market.

Globally, the manufacturing companies trying to enter the heart pump device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, as in the region mounting occurrence of cardiovascular diseases is mounting. In addition, boosting healthcare expenditure, mounting medical tourism, expanding the geriatric population, and refining healthcare infrastructure is also creating a positive impact on the heart pump device industry growth in the region.

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Key players in the heart pump device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2018, Medtronic Plc received FDA approval for less invasive heart pump implant procedure. It is an HVAD System, for a left ventricular assist device (LVAD) which helps patients with advanced heart failure.

In addition, in September 2017, Medtronic Plc received approval for HeartWare HVAD System as destination therapy for patients with progressive heart failure. Abbott Laboratories, Reliantheart, Terumo, Abiomed, Medtronic Plc, Teleflex, CardiacAssist, Getinge, Jarvik Heart, Syncardia Systems, and Berlin Heart are the key players offering heart pump devices.

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