Ventricular Assist Devices Market Size (USD 2.88 Bn by 2031): A Growing Industry and Its Impact on Healthcare Systems

Ventricular assist devices market size was valued at $1,338.53 million in 2021, and is projected to reach $2,880.66 million by 2031, growing at a CAGR of 7.9% from 2022 to 2031. Ventricular assist devices market analysis provided from 2021 to 2031 to identify the prevailing market opportunities. Major factors that drive the growth of ventricular assist devices include the increase in prevalence of heart failure, technological advancements in the field of medical devices, and surge in patient awareness about ventricular assist devices.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Abbott Laboratories, Abiomed, Inc., AdjuCor GmbH, Berlin Heart GmbH, Bivacor Inc., Calon Cardio-Technology Ltd, Carmat SA, CH Biomedical, Inc., Corewave SA, Evaheart, Inc., Fineheart, Jarvik Heart, Inc., LivaNova PLC, NuPulseCV, Inc., SynCardia Systems

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/2024

On the basis of product, the ventricular assist devices industry is classified into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). The left ventricular assist devices (LVADs) segment dominated the ventricular assist devices market in the year 2021. This increase in the adoption of Left Ventricular Assist Devices (LVADs) is mainly attributed as it is used more commonly than Right Ventricular Assist Devices (RVADs) for several reasons such as the left ventricle is the main pumping chamber of the heart and provides support to the left ventricle can have a significant impact on overall heart function. Furthermore, heart failure is typically caused by dysfunction in the left ventricle, so LVAD can address the root cause of the condition. LVADs have been available and in use for longer than RVADs, due to their safety and efficacy.

On the basis of application, the ventricular assist devices industry is categorized bridge-to-transplant (BTT), destination therapy, bridge-to-recovery (BTR), and bridge to candidacy therapy. The bridge-to-transplant (BTT) segment exhibited the highest growth in 2021, owing to the rise in awareness among people regarding bridge-to-transplant therapy, which has significantly increased the success rate of transplant surgeries. On the other hand, destination therapy segment is anticipated to grow at a high rate during the forecast period as VADs have become a prominent solution for people with heart failure and for those who are ineligible for heart transplantation.

On the basis of design, the market is segmented into transcutaneous ventricular assist devices and implantable ventricular assist devices. The implantable ventricular assist devices segment held the largest share of revenue in 2021 and is anticipated to grow at a fastest CAGR rate during the forecast period. This growth is attributed to the technological advancements in the field of VADs and rise in research activities to develop efficient and high quality implantable ventricular assist devices.

On the basis of age, the market is bifurcated into adults and pediatric. The adults segment was the largest segment in terms of revenue in 2021, owing to the rise in heart failure in adults due to lifestyle changes such as smoking. On the other hand, pediatrics segment is anticipated to grow at a fastest rate during the forecast period, owing to technological advancements in the field of VADs and development of pediatric VADs that are highly efficient in treating heart failure in pediatric patients.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/2024

Region wise, North America obtained the highest market share in 2021, whereas Asia-Pacific is expected to witness highest growth during the forecast period. In North America, rise in prevalence of heart failure, high adoption of technologically advanced ventricular assist devices, developed healthcare infrastructure, and increase in patient awareness about the availability of treatment options for heart failure are boosting the ventricular assist devices market share. In Asia-Pacific, growth is supplemented by surge in demand for sophisticated ventricular assist devices, large number of healthcare reforms, high prevalence of cardiac disorders, and increase in focus of key players to develop technologically advanced & cost-effective devices.

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