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29

Dec-2021

Ventricular Assist Device Market Worth USD 5.03 Bn By 2026

The Asia-Pacific is forecasted to be the fastest-growing regional market worldwide from 2021 to 2026.

As per our research report, the global ventricular assist devices market is estimated to be growing at a CAGR of 16.23% from 2021 to 2026 and worth USD 5.03 billion by 2026.

The Covid-19 pandemic has negatively impacted all the global market sectors, especially the healthcare sector, with temporary closures, travel restrictions, etc. Teleconsultation has been on the rise with the increase in digitalization. However, due to the declining patient hospitalization rates and inadequate product supply, this market has seen a significant decrease in sales across the globe. In addition, the persistent ill-effects of the pandemic have resulted in the postponement of elective surgeries, which has a profound impact on the growth of the ventricular assist devices market.

The significant factors affecting the global ventricular assist devices market include the growing geriatric population suffering from the increasing prevalence of chronic diseases such as diabetes, cardiovascular disease, hypertension, neuromuscular disorder, and stroke. According to the World Bank, the total geriatric population represented 8,500 percent of the total world population in 2017, which grew to 8,900 percent of the total population in 2018. The prevalence of chronic diseases in many parts of the world increases day by day. Based on the data collected from the World Health Organization, around 18 million people die from cardiovascular disease worldwide each year. This represents 37% of worldwide deaths, with more than 84% from heart attacks and strokes.

According to the 2018 American Heart Association report, approximately 92.8 million American adults live with some form of cardiovascular disease or suffer from stroke due to unhealthy lifestyles, which increases the risk of stroke.

In addition, chronic diseases increase the risk of organ failure and, due to the shortage of organ donors and the delay in organ transplants, it is estimated that the demand for VAD accelerates during the forecast period.  According to the United Network for Organ Sharing, more than 121,200 people require organ transplants, and around 77,900 people are on the active waiting list. According to the Organ Supply and Transplantation Network, by 2020, nearly 3,650 candidates are on the waiting list for a heart transplant. In addition, it is estimated that 21 million Americans and Europeans suffer from degenerative heart disease. The rapidly growing group of patients, the development of technologically advanced products, government initiatives to support medical device manufacturers, and the increasing number of clinical trials to develop advanced VADs have increased the demand for VAD.

However, some limitations with the use of ventricular assist devices, such as high cost and severe risks associated with a VAD implantation procedure, like blood clots formation and bleeding, will negatively impact the growth of the studied market. Moreover, unfavorable reimbursement frameworks in underdeveloped and developing regions are likely to thwart the development of this market.

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KEY MARKET INSIGHTS:

  • Based on the product, in 2020, the left ventricular assist device (LVAD) segment accounted for the largest market share of 80%. This growth can be attributed to the high number of LVAD implantation procedures in patients suffering from irreversible heart failure. Furthermore, the bi-ventricular assist device segment will exhibit the highest CAGR in the coming years because of the added benefits seen with the use of BiVADs over LVADs in people diagnosed with severe heart failure.
  • Based on the flow type, in 2020, the non-pulsatile flow segment dominated the VAD market with the highest revenue share due to the advantages of continuous flow VAD over pulsed VAD. However, the pulsatile-flow VAD segment will be growing at the fastest rate due to the increasing incidence of cardiovascular diseases. Based on the data published by the American Heart Association, pulsatile devices are preferred for patients with severe heart failure.
  • Based on the design, in 2020, the implantable device segment dominated the VAD market. Implantable devices with long-term therapy benefit people suffering from co-morbidities. Due to this factor, it is estimated that this segment will grow at a lucrative rate in the coming years.
  • Based on application, in 2020, the target therapy segment dominated the VAD market, which can be attributable to the higher incidence of end-stage heart failure and cardiovascular diseases. In addition, LVADs are used in specific therapeutic applications for heart patients who are not eligible for heart transplantation. However, the bridge graft segment will have the fastest growth rate during the forecast period. There is increasing demand for this segment due to technological improvements.
  • North America is anticipated to hold the largest market share by region due to the growing incidence of cardiovascular disease, increased technological advancements, and the growing popularity of ventricular assist devices across the region, especially in the United States. Europe will be a lucrative region for this market due to the increasing geriatric population and well-developed healthcare infrastructure. Additionally, the Asia-Pacific region is predicted to exhibit high market growth due to the increased complications associated with the growing prevalence of the cardiovascular disease.
  • The ventricular assist devices market is expected to be moderately competitive and share. Some of the major market players are Abiomed Inc., Heart Ware International, Cardiac Assist, Jarvik Heart, Reliant heart, Sun Medical Technology Research, BiVACOR Inc, Abbott Laboratories, Medtronic PLC, and Terumo Corporation, Cardiac Assist Inc., Cirtec, CorWave SA, and Fineheart.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/diabetic-foot-ulcer-treatment-market/customization

MARKET SEGMENTATION:

By Product:

  • Left Ventricular Assist Devices (LVADs)
  • Right Ventricular Assist Devices (RVADs)
  • Biventricular Assist Devices (BIVADs)

By Application:

  • Bridge-to-transplant (BTT) Therapy
  • Destination Therapy
  • Bridge-to-recovery (BTR) Therapy
  • Bridge-to-candidacy (BTC) Therapy

By Design:

  • Transcutaneous Ventricular Assist Devices
  • Implantable Ventricular Assist Devices

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
Automotive

WRITTEN BY: Market Data Forecast

Market Data Forecast