(MENAFN- EIN Presswire) Ventricular Assist Devices Market Size
Ventricular assist devices market is estimated to reach $2825.94 million by 2030, growing at a CAGR of 8.6% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, February 23, 2023 /einpresswire.com / -- ventricular assist devices market size was valued at $1237.74 million in 2020, and is estimated to reach $2825.94 million by 2030, growing at a CAGR of 8.6% from 2021 to 2030. Ventricular assist devices are the mechanical pump, which is implanted in patients with heart failure. The main purpose of the ventricular assist device is to unload the failing heart and help maintain blood flow to vital organs. In case of bridge-to-transplant therapy or destination therapy, ventricular assist devices are typically placed through a chest incision after the patient has been placed on the bypass machine.
List of Key Players :
Abiomed, Inc., Berlin Heart GmbH, Boston Scientific Corporation, Calon Cardio, Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc., Abbott Laboratories, and Terumo Medical Corporation
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The major factors that contribute to the ventricular assist devices market growth include, technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and treatment options for management of cardiac disorders. In addition, rise in concerns to decrease surgical injuries propels the growth of the market. Furthermore, as per iData Research, approximately 13 million laparoscopic surgeries were performed globally every year. Further, the FDA aims to enhance availability of appropriate, reliable, and accurate ventricular assist devices to meet public health needs and increase access to treatments for consumers.
Moreover, advancements in ventricular assist devices have led to higher success rates in treatment of heart failures. Earlier, the devices that were used had certain shortcomings, such as high risk of infection, thrombus formation, and blood trauma. To address such complications, modifications were done in VADs to improve efficiency and durability. The devices, such as the second-generation device, HeartMate II, displayed increased functional capacity and performance. Third-generation devices, such as DuraHeart and HeartMate III were further developed that incorporated features such as smaller size, lower rotational speeds, higher efficiency, and enhanced anatomic design. Thus, with the development of more effective VADs, the market is expected to witness significant growth in the near future, thereby propelling growth of the ventricular assist devices market.
Moreover, rise in awareness among patients about monitoring of heart and treatment options for cardiac disorders plays a vital role in the growth of the ventricular assist device market. Several educational and awareness programs have been initiated by the government and key players to increase the awareness of the treatment of cardiac disorders among patients, doctors, and healthcare providers, which boost the growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic and cardiovascular diseases led to increase in number of surgeries, which propels the growth of the market.
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The ventricular assist device market is segmented on the basis of product, application, design, and region. By product, it is divided into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). The XXX segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of cardiac surgeries, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of ventricular assist devices.
On the basis of application, the ventricular assist device market is classified into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy. By design, the market is bifurcated into transcutaneous and implantable ventricular assist devices. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for a majority of the global ventricular assist devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular surgeries, increase in number of approvals for ventricular assist products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in organ transplantation procedures, rise in number of geriatric populations, and growth in the healthcare industry.
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KEY FINDINGS OF THE STUDY
By type, the left ventricular assist devices segment was the highest contributor to the ventricular assist devices market in 2020.
On the basis of indication, the bridge-to-transplant dominated the market in 2020, and is expected to continue this trend during the forecast period.
On the basis of Application, the transcutaneous ventricular assist devices segment dominated the ventricular assist device market in 2020, and is expected to continue this trend during the forecast period.
Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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