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Global Ventricular Assist Device Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Design, Application & Region – Industry Forecast (2021 to 2026)
The global ventricular assist device market size is expected to expand at a CAGR of 16.23% from 2021 to 2026 and be worth USD 5.03 billion by 2026 from USD 2.37 billion in 2021.
The ongoing COVID-19 pandemic has negatively impacted the studied market with temporary closures and travel restrictions, resulting in fewer surgeries. In addition, the declining patient hospitalization rate, elective medical procedures, and lack of product supply have decreased sales in many regions. The persistent stress of the pandemic has resulted in the postponement of elective surgeries and has negatively impacted the growth of the global ventricular assist device market.
The market's significant factors include the growing geriatric population suffering from the increasing prevalence of chronic diseases such as diabetes, cardiovascular disease, hypertension, neuromuscular disorders, and strokes. For example, according to the World Health Organization, around 17.8 million people die from cardiovascular disease worldwide each year. This represents 36% of deaths across the globe, with more than 85% deaths due to heart attacks and strokes.
According to the American Heart Association 2017report, approximately 92.9 million American adults are living with some form of cardiovascular disease or the after-effects of stroke, owing to ill effects of rapid globalization, along with the pursuit of unhealthy lifestyles, which has increased the risk of chronic disease prevalence across many regions of the world.
In addition, these diseases increase the risk of organ failure and, due to the shortage of organ donors and the delay in organ transplants, the demand for VAD is estimated to grow in the coming years. According to the United Network for Organ Sharing, over 121,100 people require organ transplants, and around 77,800 people are on the active waiting list. According to the Organ Supply and Transplantation Network, by 2020, nearly 3,600 applicants will be on the waiting list for a heart transplant. In addition, an estimated 20 million Americans and Europeans suffer from degenerative heart disease. The rapidly growing group of patients with end-stage irreversible heart failure waiting for a heart transplant has increased the demand for VADs.
However, some limitations of these devices, such as the high cost and serious risks associated with a VAD implantation procedure, such as blood clots and bleeding, are expected to negatively impact the growth of the global ventricular assist device market.
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