Heart Pump Devices Market Forecast (2024-2031)
The Heart Pump Devices Market is expected to register a CAGR of 17.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Product (Ventricular Assist Devices, Intra-Aortic Balloon Pumps, and Total Artificial Heart), Type (Implantable Heart Pump Devices and Extracorporeal Heart Pump Devices), Therapy [Bridge-To-Candidacy (BTC), Bridge-To-Transplant (BTT), Destination Therapy (DT), and Others]
Purpose of the ReportThe report Heart Pump Devices Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Heart Pump Devices Market Segmentation
Product- Ventricular Assist Devices
- Intra-Aortic Balloon Pumps
- Total Artificial Heart
- Implantable Heart Pump Devices
- Extracorporeal Heart Pump Devices
- Bridge-To-Candidacy
- Bridge-To-Transplant
- Destination Therapy
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Heart Pump Devices Market Growth Drivers- Rising Incidence of Cardiovascular Diseases: Major drivers of the market for heart pump devices are increased cases of heart failure and coronary artery diseases. Cases relating to unhealthy lifestyles, obesity, and diabetes have led to an increase in such diseases. Therefore, providers are increasingly using heart pump technologies in managing conditions and are not pressing for urgency in surgeries. Manufacturers gain high market opportunities while providing positive patient outcomes.
- Aging Population: The geriatric population is suffering extensively due to heart conditions, which further fuels the rising demand for heart pumps. If the percentage of the elderly is increasing with regard to life expectancy, then so are instances of heart conditions throughout the population, which need effective treatment. This demographic shift necessitates innovative cardiac support solutions and, thus, exerts pressure upon healthcare providers to spend on heart pump devices to better the quality of life among geriatric patients.
- Technological Advancements: Technological advancements are the principal drivers in this heart pump devices market as these develop more efficient and better performing devices. Innovations in miniaturization, biocompatibility, and toughness enhance the performance of heart pumps, making it safer to apply them and make them easier to use. Such advancements enable healthcare professionals to provide better treatment options, which increases patients' adoption rates and grows the cardiac support technology market.
- Shift Towards Minimally Invasive Procedures: The heart pump devices market is gradually moving to a preference for less invasive procedures since they prefer faster healing and fewer hospitalisation days — which is the way to go, aiming to decrease the cut related injuries and their dangers, while cardiac assistance is effectively given. The use of less invasive heart pump technologies has been on the upward trend which is beneficial to the patients and also improving treatment options.
- Rise of Wearable Technology: The heart pump devices market is not left behind when it comes to the influence of wearables since patients are also looking for systems that are very much everyday life. Therefore, there is always real-time monitoring of heart health with the help of wearables that patients can venture into. This addresses the issue of patient’s attachment to the treatment, as well as the treatment insights within the treatment for patients which lowers the need for seasonable treatment cardiologists, hence new cardiac supportive interventions.
- Focus on Patient-Centric Solutions: Heart pump devices market is evolving with growing demand for patient-centric solutions as more emphasis is being placed on comfort, usability and lifestyle. There are also devices which are designed with the characteristics of the patients in mind and this is improving the quality and satisfaction levels of the people. This is driving the changes in the way devices are designed and their capabilities, especially the remote management of the devices, which is in turn improving their compliance and health outcomes for patients with cardiovascular diseases over time.
- Emerging Markets: There is a considerable demand for heart pump devices in undeveloped countries; primarily due to rising disposable income and accessibility of medical services. Increasing attention towards heart diseases is a sign of market potential which allows local producers to create relevant products and establish effective supply chains. Such investment in emerging markets carries profitability potential not only economically but socially by promoting health to marginalized people.
- Telemedicine and Remote Monitoring: Another potential appealing opportunity in the market for heart pump devices is telemedicine and remote monitoring whereby patients are under constant care of health care givers. Thus, connecting devices can be used to monitor the patients in real time, highly engage the patients, and adhere to the treatment regimens. This can establish companies developing advanced heart pump technologies that can be equipped with telehealth technology to establish leadership of a promising business line through the patient-centric approach and efficient resource management.
- Partnerships and Collaborations: Partnerships and collaborations in the market are a significant opportunity for heart pump devices. A partnership with health institutions, technology firms, and a research organization can pool collective strength for quick progression of products and better clinical outcomes. The partnerships foster inventions that help create easier access to specialized care in cardiology, so the partners are empowered to prosperity in the competitive environment.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Heart Pump Devices Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Heart Pump Devices Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The heart pump devices market is estimated to grow with a CAGR of 17.2% from 2023 to 2031.
Asia Pacific region is likely to witness fastest growth rate during the forecast period.
The heart pump devices market majorly consists of the players such as Medtronic, Getinge AB, and TERUMO CORPORATION among others.
Rise of wearable technology are likely to remain the key trend during the forecast period
The market drivers include rising incidence of cardiovascular diseases and aging population are driving the heart pump devices market
North America dominated the heart pump devices market in 2023
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1. Heart Pump Devices Market- By Product
1.3.2. Heart Pump Devices Market- By Type
1.3.3. Heart Pump Devices Market- By Therapy
1.3.4. Heart Pump Devices Market- By Region
1.3.4.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HEART PUMP DEVICES MARKET LANDSCAPE
4.1. MARKET OVERVIEW
4.2. PEST ANALYSIS
4.2.1. North America - PEST Analysis
4.2.2. Europe - PEST Analysis
4.2.3. Asia Pacific - PEST Analysis
4.2.4. Middle East & Africa - PEST Analysis
4.2.5. South and Central America - PEST Analysis
5. HEART PUMP DEVICES MARKET- KEY INDUSTRY DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. HEART PUMP DEVICES MARKET- GLOBAL ANALYSIS
6.1. HEART PUMP DEVICES MARKET - GLOBAL MARKET OVERVIEW
6.2. HEART PUMP DEVICES MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. HEART PUMP DEVICES MARKET REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. VENTRICULAR ASSIST DEVICES MARKET
7.3.1. Overview
7.3.2. Ventricular Assist Devices Market Forecast and Analysis (US$ Mn)
7.3.3. Left Ventricular Assist Devices Market
7.3.3.1. Overview
7.3.3.2. Left Ventricular Assist Devices Market Forecast and Analysis (US$ Mn)
7.3.4. Right Ventricular Assist Devices Market
7.3.4.1. Overview
7.3.4.2. Right Ventricular Assist Devices Market Forecast and Analysis (US$ Mn)
7.3.5. Bi-Ventricular Assist Devices Market
7.3.5.1. Overview
7.3.5.2. Bi-Ventricular Assist Devices Market Forecast and Analysis (US$ Mn)
7.3.6. Percutaneous Ventricular Assist Devices Market
7.3.6.1. Overview
7.3.6.2. Percutaneous Ventricular Assist Devices Market Forecast and Analysis (US$ Mn)
7.4. INTRA-AORTIC BALLOON PUMPS MARKET
7.4.1. Overview
7.4.2. Intra-Aortic Balloon Pumps Market Forecast and Analysis (US$ Mn)
7.5. TOTAL ARTIFICIAL HEART MARKET
7.5.1. Overview
7.5.2. Total Artificial Heart Market Forecast and Analysis (US$ Mn)
8. HEART PUMP DEVICES MARKET REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. IMPLANTABLE HEART PUMP DEVICES MARKET
8.3.1. Overview
8.3.2. Implantable Heart Pump Devices Market Forecast and Analysis (US$ Mn)
8.4. EXTRACORPOREAL HEART PUMP DEVICES MARKET
8.4.1. Overview
8.4.2. Extracorporeal Heart Pump Devices Market Forecast and Analysis (US$ Mn)
9. HEART PUMP DEVICES MARKET REVENUE AND FORECASTS TO 2028 - THERAPY
9.1. OVERVIEW
9.2. THERAPY MARKET FORECASTS AND ANALYSIS
9.3. BRIDGE-TO-CANDIDACY (BTC) MARKET
9.3.1. Overview
9.3.2. Bridge-To-Candidacy (BTC) Market Forecast and Analysis (US$ Mn)
9.4. BRIDGE-TO-TRANSPLANT (BTT) MARKET
9.4.1. Overview
9.4.2. Bridge-To-Transplant (BTT) Market Forecast and Analysis (US$ Mn)
9.5. DESTINATION THERAPY (DT) MARKET
9.5.1. Overview
9.5.2. Destination Therapy (DT) Market Forecast and Analysis (US$ Mn)
9.6. OTHERS MARKET
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis (US$ Mn)
10. HEART PUMP DEVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA HEART PUMP DEVICES MARKET
10.1.1. North America Heart Pump Devices Market Forecasts and Analysis (US$ Mn)
10.1.2. North America Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.2.1. North America Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.3. North America Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.4. North America Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.1.5. North America Heart Pump Devices Market Forecasts and Analysis - By Country
10.1.6. US Market Overview
10.1.6.1. US Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.6.1.1. US Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.6.2. US Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.6.3. US Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.1.7. Canada Market Overview
10.1.7.1. Canada Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.7.1.1. Canada Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.7.2. Canada Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.7.3. Canada Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.1.8. Mexico Market Overview
10.1.8.1. Mexico Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.1.8.1.1. Mexico Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.8.2. Mexico Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.1.8.3. Mexico Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2. EUROPE HEART PUMP DEVICES MARKET
10.2.1. Europe Heart Pump Devices Market Forecasts and Analysis (US$ Mn)
10.2.2. Europe Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.2.1. Europe Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.3. Europe Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.4. Europe Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2.5. Europe Heart Pump Devices Market Forecasts and Analysis - By Country
10.2.6. UK Market Overview
10.2.6.1. UK Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.6.2. UK Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.6.3. UK Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.6.4. UK Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2.7. Germany Market Overview
10.2.7.1. Germany Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.7.1.1. Germany Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.7.2. Germany Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.7.3. Germany Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2.8. France Market Overview
10.2.8.1. France Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.8.1.1. France Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.8.2. France Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.8.3. France Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2.9. Italy Market Overview
10.2.9.1. Italy Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.9.1.1. Italy Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.9.2. Italy Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.9.3. Italy Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.2.10. Spain Market Overview
10.2.11. Spain Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.2.11.1.1. Spain Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.12. Spain Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.2.13. Spain Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3. ASIA PACIFIC HEART PUMP DEVICES MARKET
10.3.1. Asia Pacific Heart Pump Devices Market Forecasts and Analysis (US$ Mn)
10.3.2. Asia Pacific Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.2.1. Asia Pacific Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.3. Asia Pacific Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.4. Asia Pacific Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3.5. Asia Pacific Heart Pump Devices Market Forecasts and Analysis - By Country
10.3.6. China Market Overview
10.3.6.1. China Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.6.1.1. China Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.6.2. China Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.6.3. China Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3.7. Japan Market Overview
10.3.7.1. Japan Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.7.1.1. Japan Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.7.2. Japan Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.7.3. Japan Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3.8. India Market Overview
10.3.8.1. India Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.8.1.1. India Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.8.2. India Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.8.3. India Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3.9. South Korea Market Overview
10.3.9.1. South Korea Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.9.1.1. South Korea Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.9.2. South Korea Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.9.3. South Korea Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.3.10. Australia Market Overview
10.3.10.1. Australia Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.3.10.1.1. Australia Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.10.2. Australia Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.3.10.3. Australia Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.4. MIDDLE EAST AND AFRICA (MEA) HEART PUMP DEVICES MARKET
10.4.1. Middle East and Africa (MEA) Heart Pump Devices Market Forecasts and Analysis (US$ Mn)
10.4.2. Middle East and Africa (MEA) Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.2.1. Middle East and Africa Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.3. Middle East and Africa Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.4. Middle East and Africa (MEA) Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.4.5. Middle East and Africa (MEA) Heart Pump Devices Market Forecasts and Analysis - By Country
10.4.6. UAE Market Overview
10.4.6.1. UAE Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.6.1.1. UAE Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.6.2. UAE Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.6.3. UAE Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.4.7. Saudi Arabia Market Overview
10.4.7.1. Saudi Arabia Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.7.1.1. Saudi Arabia Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.7.2. Saudi Arabia Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.7.3. Saudi Arabia Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.4.8. South Africa Market Overview
10.4.8.1. South Africa Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.4.8.1.1. South Africa Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.8.2. South Africa Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.4.8.3. South Africa Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.5. SOUTH AND CENTRAL AMERICA HEART PUMP DEVICES MARKET
10.5.1. South and Central America Heart Pump Devices Market Forecasts and Analysis (US$ Mn)
10.5.2. South and Central America Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.5.2.1. South and Central America Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.3. South and Central America Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.4. South and Central America Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.5.5. South and Central America Heart Pump Devices Market Forecasts and Analysis - By Country
10.5.6. Brazil Market Overview
10.5.6.1. Brazil Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.5.6.1.1. Brazil Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.6.2. Brazil Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.6.3. Brazil Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
10.5.7. Argentina Market Overview
10.5.7.1. Argentina Heart Pump Devices Market Forecasts and Analysis - By Product (US$ Mn)
10.5.7.1.1. Argentina Ventricular Assist Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.7.2. Argentina Heart Pump Devices Market Forecasts and Analysis - By Type (US$ Mn)
10.5.7.3. Argentina Heart Pump Devices Market Forecasts and Analysis - By Therapy (US$ Mn)
11. INDUSTRY LANDSCAPE
11.1. ORGANIC GROWTH STRATEGIES
11.1.1. New Product Launches
11.1.2. Marketing & Promotional Activities
11.2. INORGANIC GROWTH STRATEGIES
11.2.1. Partnerships, Collaborations, and Joint Ventures
11.2.2. Mergers & Acquisitions
12. HEART PUMP DEVICES MARKET, KEY COMPANY PROFILES
12.1. ABBOTT
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ABIOMED
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. MEDTRONIC
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. GETINGE AB
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. SYNCARDIA SYSTEMS, LLC
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. TELEFLEX INCORPORATED.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Financial Overview
12.6.4. Product Portfolio
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. TERUMO CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Financial Overview
12.7.4. Product Portfolio
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. RELIANCHEART INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. BERLIN HEART
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. CARDIACASSIST, INC.
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Abbott
2. ABIOMED
3. Medtronic
4. Getinge AB
5. SynCardia Systems, LLC
6. Teleflex Incorporated.
7. TERUMO CORPORATION
8. ReliantHeart Inc.
9. Berlin Heart
10. CardiacAssist, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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