Ventricular Assist Devices Market
Ventricular Assist Devices Market is segmented By Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Biventricular Assist Device), By Design (Implantable Ventricular Assist Devices, Transcutaneous Ventricular Assist Devices), By Application (Bridge to candidacy therapy, Bridge to transplant therapy, Bridge to recovery therapy, Destination therapy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Ventricular Assist Devices Market is expected to grow at a CAGR of 12% during the forecasting period (2022-2029).
Ventricular Assist Devices Market
Metrics |
Details |
Market CAGR |
12% |
Segments Covered |
By Product Type, By Application, By Design, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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A ventricular assist device (VAD) is an electromechanical device for assisting cardiac circulation that is used either partially or to replace the function of a failing heart completely. Ventricular assist devices are mechanical pumps that support cardiac circulation in patients with weakened hearts. The roles of VADs are different. Some are for short-term use, typically for patients recovering from a heart attack and for patients recovering from cardiac surgery; some are for long-term use, usually for patients suffering from advanced heart failure.
Market Dynamics
The Ventricular Assist Devices market growth is driven by the rising prevalence of chronic CNS disorders, globally aging population and increased adoption of minimally invasive neurological.
The increasing cardiac disease and heart failure burden are expected to drive market growth.
According to the World Health Organization 2021, an estimated 17.9 million people die annually from cardiovascular illnesses worldwide. This accounts for 35% of all deaths worldwide. Furthermore, heart attacks and stroke account for 85% of all cardiovascular disease mortality. Furthermore, according to a July 2020 article published in Cureus Journal of Medical Science, ischemic heart disease (IHD) is a leading cause of death worldwide. Ischemic heart disease affects roughly 126 million people (1,655 per 100,000), or about 1.72% of the world's population. By 2030, the global prevalence of ischemic heart disease is anticipated to approach 1,845 per 100,000 people. Therefore, VAD implantations are life-saving devices for people suffering from severe heart failure. They can help patients resume their every day activities by reducing the symptoms of heart failure. Coronary heart disease caused by hypertension is a leading cause of persistent heart failure. Aside from that, some heart diseases, such as ischemic and dilated cardiomyopathies, necessitate extensive surgical intervention. Heart transplantation is a successful long-term surgery for all patients requiring advanced heart failure-related therapy. Thus, from the above statements, the market is expected to drive market growth.
Restraint:
However, factors such as high cost and serious complications involved with usage of ventricular assist devices such as blood clots and bleeding, are restricting the global ventricular assist devices market growth.
Industry Analysis
The ventricular assist devices market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.
Segment Analysis
Left Ventricular Assist Device segment is expected to hold the largest market share in the ventricular assist devices market.
The left ventricular assist device segment accounted for the largest market share in 2021. Left Ventricular Assist Devices (LVADs) are surgically implanted devices that accept blood from the left ventricle and send it to the aorta. It collaborates with the patient's own heart. It is typically used to treat people with end-stage heart failure. Bridge-to-Transplant (BTT) Therapy is the most commonly used therapy for Left Ventricular Assist Devices (LVADs) to repair heart failure and eliminate the need for a transplant, aiding the market growth. Moreover, an increasing number of left ventricular device implantations, the incidence and prevalence rate of heart failure and cardiovascular diseases are approaching epidemic proportions. Therefore, it has increased the adoption of left ventricular assist devices. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.
Geographical Analysis
North American region is expected to hold the largest market share in the global ventricular assist devices market.
The North American region accounted for the largest market share in 2021. The rising prevalence of heart failure and other cardiovascular diseases, the growing number of patients waiting for organ transplantation, favorable government policies, the development of technologically developed healthcare facilities and increasing FDA approvals in the region are some of the major factors driving the market growth in the forecast period. For instance, heart disease is the leading cause of death for both sexes and members of most racial and ethnic groups in the United States. Cardiovascular disease claims one life in the United States every 36 seconds. One in four deaths in the US is caused by heart disease, which affects about 659,000 people annually.
Moreover, according to the American Heart Association, at least 48 percent of adults in the United States had the cardiovascular disease in 2019. In contrast, the Centers for Disease Control and Prevention predicts that by 2021, approximately 600,000 Americans will die from heart disease. This accounts for over a quarter of all deaths in the United States. In addition, Abbott got FDA clearance in December 2020 for the amended labeling for the company's HeartMate 3 heart pump for pediatric patients with advanced refractory left ventricular heart failure. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.
Competitive Landscape
Major key players in the ventricular assist devices market are Abiomed Inc, Terumo Medical Corporation, Cardiokinetix, Inc., Calon Cardio-Technology Ltd, Corassist Cardiovascular Ltd., Jarvik Heart, Inc, Syncardia Systems, Berlin Heart GmbH, Evaheart, St. Jude Medical, Inc, and others.
Terumo Medical Corporation:
Terumo Corporation is a Japan-based public company. It develops, manufactures, and distributes medical devices and services worldwide. The company operates through three segments: Cardiac and Vascular Company, General Hospital Company, and Blood and Cell Technologies Company. The Blood and Cell Technologies Company segment offers blood bags, component collection systems, automated blood processing systems, pathogen reduction technology, centrifugal apheresis systems, cell expansion systems, etc. The company operates in over 160 countries and regions worldwide, providing patients, a variety of medical settings, and the pharmaceutical industry with over 50,000 products and services.
Product Portfolio:
DuraHeart II: DuraHeart II is a compact centrifugal flow chronic VAD using a technology Terumo calls force balance suspension, designed to minimize hemolysis, bleeding, and thrombosis, a claim that Terumo says has been borne out in preclinical tests.
The global ventricular assist devices market report would provide an access to an approx. 45+market data table, 40+figures