Artificial Blood Pump Market By Product Type (Volumetric Pumps, Vane-Type Pumps, Other Artificial Blood Pumps); By Applications (Long-Term Use (Destination Therapy); By Short-Term Use (Temporary Support); And By Geographic Regions (North America, Europe, Asia Pacific, Latin America, Middle East And Africa) – Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Artificial Blood Pump Market Size and Overview
The artificial blood pump market size is poised to reach USD 3.1 billion by the end of 2032, growing at a CAGR of 6.5% during the forecast period, i.e., 2023 – 2032. In the year 2022, the industry size of artificial blood pump market was USD 1.6 billion. The reason behind the growth can be attributed to the rising prevalence of cardiovascular diseases, aging population, technological advancements and ongoing research, development of less invasive implantation techniques and rising awareness of artificial blood pumps. The marketplace incorporates a wide range of products, like volumetric pumps. The market is highly competitive with key players striving to meet evolving customer demands.
Artificial Blood Pump Market: Report Scope
Base Year Market Size
Forecast Year Market Size
Artificial Blood Pump Market Segmentation
By Product Type:
- Volumetric Pumps
- Vane-Type Pumps
- Other Artificial Blood Pumps
- Long-Term Use (Destination Therapy)
- Short-Term Use (Temporary Support)
By Geographic Regions:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of Product Type in the artificial blood pump market the Volumetric Pumps segment accounted the highest market share in 2022. The volumetric pump phase holds an extensive market share within the artificial blood pump market. This may be attributed to its accurate and reliable fluid delivery services, making it appropriate for long-term cardiac support, including destination remedy for quit-degree heart failure patients. The volumetric pumps' capability to provide non-stop and constant float of blood has made them a favored choice among healthcare providers and sufferers.
Artificial Blood Pump Market Regional Analysis
North America stands as one of the major markets for artificial blood pump, driven through the region's well-established healthcare infrastructure. Additionally large patient pool suffering from heart diseases make contributions to the region’s dominance. The United States, primarily, is a key contributor on this marketplace. Europe is one of the leading marketplaces for artificial blood pump because of the region’s increasing focus on advanced cardiac care. The European market showcases supportive reimbursement policies. The Asia Pacific artificial blood pump market is estimated to witness significant growth, during the forecast timeframe led by, rapid urbanization, an aging population, and lifestyle changes have led to an increase in cardiovascular diseases. The demand for artificial blood pump is anticipated to rise in countries like China and India, due to their large population base and rising awareness about cardiac diseases. Latin America and the Middle East and Africa display steady growth inside the artificial blood pump market, fueled via rising prevalence of heart-related ailments and improving access to healthcare facilities, increasing emphasis on cardiovascular care and medical advancements in these regions. Key participants to the market's growth in these areas encompass Brazil, Mexico, the United Arab Emirates, and South Africa.
Artificial Blood Pump Market Growth Drivers
The rising prevalence of cardiovascular diseases, inclusive of coronary heart failure and cardiogenic shock, drives the demand for superior cardiac aid systems like synthetic blood pumps. As the global burden of heart-associated illnesses escalates, healthcare vendors increasingly undertake artificial blood pumps to improve affected person consequences and survival costs.
The aging population is a significant growth driver. With increasingly aged people susceptible to coronary heart illnesses, there is a higher demand for synthetic blood pumps as a bridge-to-transplant solution and vacation spot therapy for affected person’s ineligible for coronary heart transplants.
Technological advancements in artificial blood pump design and capability have played a vital function in market expansion. Innovations together with miniaturization, wireless monitoring, and progressed biocompatibility have better patient comfort and device efficacy, in addition boosting market adoption.
The development of less invasive implantation techniques and decreased adverse cases associated with artificial blood pumps have elevated their attractiveness among each healthcare companies and sufferers. The growing awareness of artificial blood pumps is a good sized component driving the increase of the market. As the awareness of artificial blood pumps continues to develop, its predicted that extra patients and healthcare companies will apprehend the ability of these devices in improving affected person outcomes and enhancing the quality of life for people with excessive cardiac conditions.
Artificial Blood Pump Market Challenges
High device costs and reimbursement complexities are hindering the growth of market. In developing regions, this factor has resulted in limited demand for product. Moreover, the risk of adverse events like device-related infections and thrombosis is also restricting the growth of market.
Artificial Blood Pump Market Key Companies
The artificial blood pump market is poised by several main corporations, each making big contributions to the industry through their sturdy market presence and progressive product offerings. Among these primary players are ABIOMED, NIKKISO Co Ltd, Medtronic, Abbott, TERUMO, BIOTRONIK, Boston Scientific Corporation, Mindray Medical, Baxter, Braile Biomedica, LivaNova, CorWave, And other players. These essential players constantly try and revamp their marketplace percentage and meet the desires of a diverse investor base. Their competitive techniques encompass product innovation, forging strategic partnerships, undertaking mergers and acquisitions, and increasing their distribution networks.
July 2023, ABIOMED, announced the successful implantation of its latest artificial blood pump, the Impella ECP. This innovative device offers enhanced portability and ease of use, providing patients with advanced cardiac support.
September, 2022, Medtronic, launched its next-generation artificial blood pump, the HeartWare HVAD System. With cutting-edge design and performance improvements, the HVAD System aims to improve patient outcomes and enhance quality of life.