The Ventricular Assist Device by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ventricular Assist Device, The ventricular assist device market size has grown rapidly in recent years. It will grow from $1.92 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to an increase in the prevalence of heart failure and a rise in demand for organ transplantation procedures..
The ventricular assist device market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to the increasing need for destination therapy, aging population, increasing healthcare expenditure and a rise in awareness regarding heart failure treatment. Major trends in the forecast period include focus on lengthening effective life of vads, miniaturization of vads, advanced pump technologies, increased focus on vad safety and effectiveness, focus on reduction in side effects of vads and percutaneously inserted ventricular assist devices..
The increase in the prevalence of cardiovascular disorders is driving the growth of the ventricular assist device market. Cardiovascular disorders are heart diseases caused by high blood pressure, smoking, high cholesterol, inactivity, and other factors. The increase in the prevalence of cardiovascular disorders is also due to noncontagious diseases such as diabetes, chronic respiratory illness, and heart attacks due to hypertension. The significant increase in cardiovascular disorders is expected to boost demand for ventricular assist devices as they act as a vital support system for severely ill cardiac patients. For instance, in 2021, according to the World Health Organization, a Switzerland-based government agency, India would account for one-fifth of the total deaths occurring from stroke and ischemic heart disease, mainly in younger adults. In addition, around 12.1 million people in the U.S. are expected to suffer from atrial fibrillation (A-Fib) by 2030. Therefore, the increase in the prevalence of cardiovascular disorders is expected to boost demand for ventricular assist devices during the forecast period.
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The ventricular assist device market covered in this report is segmented –
1) By Product: Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BIVADs).
2) By Type: Pulsatile Flow, Continuous Flow
3) By Design: Transcutaneous Ventricular Assist Devices, Implantable Ventricular Assist Devices
4) By Application: Bridge-To-Transplant (BTT) Therapy, Destination Therapy, Bridge-To-Recovery (BTR) Therapy, Bridge-To-Candidacy (BTC) Therapy
5) By End Users: Hospital, Ambulatory Surgical Centres, Cardiology Centres
Technological advancement is a key trend gaining popularity in the ventricular assist device market. The company operating in the ventricular assist device sector is focusing on developing next-generation ventricular assist devices to improve the function of blood circulation. Key players are focusing on developing ventricular assist devices with new technology to gain a competitive edge and strengthen their position in the market. For instance, in 2021, CorWave, a France-based medical technology company developed left ventricular assist device (LVAD) membrane pump technology. This LVAD based membrane pump technology utilizes a pulse pump (electromagnetic pulses) instead of a rotary pump to move blood and more closely encourages the movement of blood in a heart. It creates a pulsatile pumping action much more similar to the native heart.
The ventricular assist device market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- biomed
- Abbott Laboratories
- Medtronic
- LivaNova PLC
- Terumo Corporation
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