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Increasing efforts to minimize cardiovascular disease-related deaths is expected to boost industry growth during the forecast period.
NEW YORK, NY, UNITED STATES, December 6, 2021 /EINPresswire.com / -- According to a new report by Reports and Data, the Global Left ventricular assist device (LVAD) Market size was valued at USD 1,329.2 Million in 2020 and is forecast to reach USD 3,014.1 Million, at a CAGR of 11.3% through 2028. The market growth is driven by changing lifestyle habits, rise in geriatric population, and technological advancements in the healthcare sector.
The global geriatric population base in expanding a faster pace. This section of the population is highly prone to cardiovascular diseases, which has resulted in an increased demand for cardiovascular care. This, in turn is positively impacting LVAD market growth.
Nearly 18 million deaths occur annually across the globe due to cardiovascular diseases. Such high death rate associated with cardiovascular diseases have promoted increased investment in the healthcare sector to minimize the number of deaths related to the condition. The shortage of a suitable heart donor is fuelling the adoption of ventricular assist devices (VADs) among CVD patients. Favorable outcomes associated with LVAD, such as improved survival rate, longevity, durability, and functionality of these devices are anticipated to boost Left Ventricular Assist Device Market size through 2028
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Key Offerings of the Global Left Ventricular Assist Device (LVAD) Market Report:
•Deep insights into the Left Ventricular Assist Device (LVAD) market landscape
•Key details about the regional segmentation of the Left Ventricular Assist Device (LVAD) market
•Analysis of the crucial market trends with regards to both current and emerging trends
•Extensive overview of the key manufacturers and prominent players of the industry
•Comprehensive study of the market segmentation and recent developments
Market Dynamics:
Ongoing efforts of key players to develop advanced therapeutics and drugs, rapid adoption of advanced technologies such as artificial intelligence, additive manufacturing, ad blockchain technologies, among others, and growing focus on precision medicine have led to rapid changes in the pharma and healthcare industry. Legalization and acceptance of medical marijuana, rising focus on connected devices in healthcare sector, and popularization of beyond-the-pill have further revolutionized the healthcare industry. The emergence of COVID-19 pandemic has played a crucial role in the progress of healthcare industry with rapid shift in focus on preventive healthcare, increasing awareness about health and wellness, growth of telemedicine and teleconsultation, and rapid adoption of advanced technologies to cater to the growing patient pool.
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Competitive Landscape:
The report offers a comprehensive overview of the competitive landscape of the market to offer key insights about the key companies operating in the market. The section discusses in detail the initiatives and innovations adopted by the key players to gain a strong foothold in the market. It also provides insights into mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others to offer a better understanding of the market.
Key companies in the market include:
Sunshine Heart, Sun Medical Technology Research, CorWave, Apaxis Inc., Evaheart, Abiomed, Jarvik Heart, HeartWare International, Reliantheart, Transonic, Thoratec, Terumo, and HeartWare International among others.
Further key findings from the report suggest
•Based on type, the Left ventricular assist device (LVAD) segment is expected to observe a CAGR of 11.3% during the forecast period. Cardiovascular conditions require continuous support and Implantable LVAD are efficient in providing long term solutions, which is resulting in high product demand.
•Based on pump type, the Continuous Centrifugal Pumps segment is estimated to grow at 11.9% over the projected timeline. The robust growth can be attributed to the advantageous features associated with these pumps, including durability, simple placement process through surgery and minimal risk of thrombosis as compared to other types of pumps.
•Based on application, the Bridge-to-Recovery (BTR) Therapy segment is estimated deliver a notable growth rate of 12.1% during the analysis period. The segment's growth is driven by rising incidence of traumatic cardiac failure and the associated need for continuous cardiac support.
•Based on end-user, the hospitals segment generated significant revenue in 2020 and is forecast to observe a CAGR of 11.5% during the forecast period. The segmental growth is driven by increasing need for care services for health conditions that require cardiac support.
•North America holds is forecast to showcase a CAGR of 11.7% during the forecast period on account of high occurrence rate of CVDs, availability of advanced technology, and expansion of the geriatric population base in the region.
For the purpose of this report, Reports and Data has segmented the global left ventricular assist device market on the basis of Type, Age group, Pump type, Application, End-user, and Region:
Type Outlook (Revenue, USD Billion; 2020-2028)
•Transcutaneous LVAD
•Implantable LVAD
Age group Type Outlook (Revenue, USD Billion; 2020-2028)
•20-39 years
•40-59 years
•60-79 years
Pump type Outlook (Revenue, USD Billion; 2020-2028)
•Pulsatile volume-displacement pumps
•First-Generation Devices
•Axial flow pumps
•Second-Generation Devices
•Continuous flow centrifugal pumps
•Third-Generation Devices
Application Type Outlook (Revenue, USD Billion; 2020-2028)
•Bridge-to-Recovery (BTR) Therapy
•Bridge-to-Transplant (BTT) Therapy
•Destination Therapy
•Bridge-to-Candidacy (BTC) Therapy
End-user Outlook (Revenue, USD Billion; 2020-2028)
•Cardiology Centers
•Hospitals
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Regional Analysis:
The section covers a comprehensive analysis of key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and presence of prominent players in each region. The regional analysis segments also offers a country-wise analysis to offer panoramic view of the market and help investors, clients, stakeholders, and businesses better understand the opportunities and growth scope of the Left Ventricular Assist Device (LVAD) market.
The regional analysis covers:
•North America (U.S., Canada, Mexico)
•Europe (U.K., Italy, Germany, France, Rest of Europe)
•Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
•Latin America (Chile, Brazil, Argentina, Rest of Latin America)
•Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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