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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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