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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Ventricular Assist Device Global Market Report 2022' -
The global ventricular assist device market is expected to grow from $1.51 billion in 2021 to $1.70 billion in 2022 at a compound annual growth rate (CAGR) of 13.01%. The ventricular assist device market is expected to reach $2.69 billion in 2026 at a CAGR of 12.16%.
The ventricular assist device market consists of sales of ventricular assist devices by entities (organizations, sole traders, and partnerships) that refer to an implantable mechanical circulatory device used to treat heart failure by pumping blood from the heart to the rest of the body, improving circulation to vital organs. A wide range of ventricular assist devices are approved by the US FDA to provide long-term or permanent support to patients with end-stage heart failure.
The main types of ventricular assist devices include left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs).The left ventricular assist devices refer to a battery-operated mechanical pump that helps in pumping blood from the left ventricle to the vital organs of the body.
They are differentiated based on design into transcutaneous ventricular assist devices and implantable ventricular assist devices, and they operate on different flows which include pulsatile flow and continuous flow. they are used in hospitals, ambulatory surgical centers, and cardiology centers for bridge-transplant therapy, destination therapy, bridge-to-recovery therapy, and bridge-to-candidacy therapy.
North America was the largest region in the ventricular assist device market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the ventricular assist device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The ventricular assist device market research report is one of a series of new reports that provides ventricular assist device market statistics, including ventricular assist device industry global market size, regional shares, competitors with a ventricular assist device market share, detailed ventricular assist device market segments, market trends and opportunities, and any further data you may need to thrive in the ventricular assist device industry. This ventricular assist device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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, according to the World Health Organization (WHO), in 2019, 17.9 million people died from cardiovascular diseases accounting for 32% of all global deaths. Of these, 85% of deaths were due to stroke and heart attack. Therefore, the increase in the prevalence of cardiovascular disorders is expected to boost demand for ventricular assist devices during the forecast period.
The rise in awareness regarding heart failure treatment is driving the growth of the ventricular assist device market.Heart failure is a disorder or set of symptoms that cause the heart to weaken or harden.
Heart failure is defined by the heart's inability to provide enough blood to the body, and coronary artery disease, heart attack, high blood pressure, and damage to the heart muscle are some causes of heart failure.The rapid rise in awareness regarding heart failure treatments is expected to boost the utilization of ventricular assist devices to treat heart failure.
For instance, according to the digital health service company VPG Medical Inc, around 670,000 people are diagnosed with heart failure each year in the USA. Additionally, according to the study published by the Heart Failure Society of America (HFSA), the occurrence of heart failure is expected to rise from 6.5 million Americans to more than 8 million by 2030. Thus, the rise in awareness regarding heart failure treatment will drive the growth of the ventricular assist device market.
Technological advancement is a key trend gaining popularity in the ventricular assist device market.The company operating in the ventricular assist device sector are 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, CorWave, a France-based medical technology company has developed left ventricular assist device (LVAD) membrane pump technology.
This LVAD based on 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 countries covered in the ventricular assist device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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