Ventricular Assist Device Market to achieve CAGR of 7.2% between 2023 and 2032, owing to increasing prevalence of cardiovascular disorders | insightSLICE
The global Ventricular Assist Device market size was estimated to be US$ 1.45 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
A ventricular assist device is an electromechanical apparatus that aids ventricular circulation to minimize or eliminate cardiac failure. It facilitates the blood flow from the heart’s lower chambers (ventricles) to the rest of the body.
Patients with weak hearts who also have significant issues such as high blood pressure, hypertension, and lung disease require a specially constructed mechanical pump to ensure the smooth functioning of their circulatory system.
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The key players of the Global Ventricular Assist Device Market are:
Among the key players covered in the ventricular assist device market report are Abbott, ABIOMED., LivaNova PLC, HeartWare, Thoratec Corporation, Getinge AB, SynCardia Systems, LLC., CHF Solutions, Berlin Heart, BiVACOR Inc., CardiacAssist, Inc, Evaheart, Inc., Jarvik Heart, Inc., Medtronic, Terumo Corporation, ReliantHeart Inc., Calon Cardio Revenue figures for the global ventricular assist devices market are available individually for Global, North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. Our report experts are aware of key advantages and present competitor’s landscape for each company individually.
Driving factors for the growth of Global Ventricular Assist Device Market
An increase in cardiovascular diseases is one of the primary reasons driving the growth of this market. A rise in technical advancement and research is a critical component driving the Ventricular Assist Device market expansion, as is a rise in the elderly population.
Furthermore, an increase in the number of product launches as well as a surge in developing markets will generate new chances for the ventricular assist device market throughout the anticipated period.
Furthermore, the growth of market players into emerging geographies, as well as a rise in the number of product approvals by governmental agencies, will generate new chances for the ventricular assist device market throughout the anticipated period.
The market for ventricular assist devices is predicted to rise between 2022 and 2032. The ventricular assist device market is fuelled by public knowledge of heart failure treatment.
Because of the increasing incidences of CVDs and heart failure, the demand for heart transplantation has surged dramatically in recent years. However, a global scarcity of suitable hearts for transplantation to fulfil current demand has resulted in a scarcity crisis.
Based on the Health Resources and Services Administration’s (US) central registry, there are around 3,980 individuals on the waiting list for heart transplants as of March 2018 and this number of patients is expected to increase over the coming decade.
Due to this, pieces of equipment like ventricular assist devices will be adopted rapidly by clinicians and patients.
Efforts by governmental and private groups to raise knowledge about the latest technology utilized in ventricular assist devices have also increased demand and a significant reduction in patient mortality.
The increased usage of cutting-edge technology has also resulted in a rise in the number of new product clearances by government regulators, which has improved patient quality of life.
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FDA approvals serving as an encouragement for the market participants
Because of the COVID pandemic, the FDA has granted emergency use authorization (EUA) to firms that manufacture ventricular assist equipment to treat COVID patients who have severe heart failure or hypotension, involving pulmonary embolism (PE).
Abiomed got a EUA from the FDA in August 2020 for the left-sided Impella heart pumps, which will offer left ventricular unloading and support COVID-19 patients receiving ECMO treatment. The firm also secured a EUA from the FDA for Impella RP to cover patients with COVID-19-related right heart failure or decompensation.
These breakthroughs supported the company’s significant expansion. Such initiatives will further continue post-Covid and will bring significant growth to the ventricular assist devices market.
Global Ventricular Assist Device Market Key Segments:
Related reports:
By Product Type
- Left Ventricular Devices
- Right Ventricular Devices
- Biventricular Devices
By Application
- Bridge-to-transplant (BTT) therapy
- Destination therapy
- Bridge-to-recovery (BTR) therapy
- Bridge-to-candidacy (BTC) therapy
By Design
- Transcutaneous ventricular assist devices
- Implantable ventricular assist devices
By Type
- Pulsatile flow
- Continuous flow
By Age
- 18, 19-36
- 40-59
- 60-79
- Above 80
By End-use
- Hospitals
- Home care setups
- Other healthcare providing facilities
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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Statistical facts about Ventricular Assist Devices
Ventricular assist devices particularly left ventricular assist devices (LVADs) are commonly utilized for bridge-to-heart transplants. While LVADs are regarded as life-saving equipment, they are not without difficulties. By six months after implantation, up to 60% of individuals have experienced LVAD-related problems.
Approximately 80% of patients had at least one unexpected reaction after two years. Hospital readmissions are frequent when they are anticipated. It has been observed that individuals are readmitted 2.2 times on average over their 11-month average follow-up interval.
Regional performance of Ventricular Assist Device Market
North America maintained its absolute domination with a share of over 51.22% throughout the predicted time range.
The existence of controlled healthcare expenditure and coverage, as well as increased awareness of VADs such as destination treatments, bridge-to-recovery, and bridge-to-transplant, are projected to drive this region’s market in the future years.
The APAC (Asia Pacific) area, on the other hand, exhibited the quickest development rate with a CAGR of 19.62%, due to the rapid expansion of healthcare facilities and favorable government programs such as the “Make in India” push for boosting private and public collaborations in India.
Growth limiting factors for Ventricular Assist Devices Market
The paucity of qualified super specialists required to successfully implant the device, as well as the severe effects/reactions caused by faulty implantations, are important constraints limiting the global market growth.
Unless healthcare regulators solve these challenges, global ventricular assist device market growth would be hampered even over the projection period.
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