What? When? Why?

Latest Happenings in Business World

Share on

26

Nov-2021

Ventricular Assist Device Market Size To Grow USD 5.03 Bn By 2026

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.

Avail free sample market brochure of the report to evaluate report usefulness, get a copy @ https://www.marketdataforecast.com/market-reports/ventricular-assist-device-market/request-sample

KEY MARKET INSIGHTS:

  • By product, in 2020, the left ventricular assistive device (LVAD) segment accounted for the largest market share of 80.7%. This growth can be attributed to the high number of LVAD implantation procedures in the patients. With the increasing number of patients with irreversible heart failure, the market for VAD is estimated to grow in the coming years. Additionally, market players focus on their fusion and collaboration strategies to address organ donor deficiency and meet the growing demand. As a result, the bi-ventricular assistive device segment is predicted to have the highest CAGR over the forecast period. BiVADs are more effective than LVADs in people diagnosed with severe heart failure because they allow the heart ventricles to function efficiently. This will increase the adaptation of BiVAD in the market, thus boosting the market for VAD.
  • Based on the design, in 2020, the implantable device segment dominated the VAD market with the largest revenue share of 71.8%. Patients who are not eligible for heart transplant procedures chose implantable devices with long-term therapy. Due to this factor, this segment is estimated to grow at a lucrative rate in the coming years.
  • Based on the application, in 2020, the target therapy segment dominated the VAD market and accounted for the largest revenue share of 43.4%. This growth is attributable to the increased incidence of end-stage heart failure and cardiovascular diseases. LVADs are used in targeted therapeutic applications for heart patients who are not eligible for heart transplantation. The bridge-transplant segment is estimated to have the fastest growth rate during the forecast period. The use of VAD to transplantation is increasingly adopted and accepted on a large scale due to improvements in technology and a decrease in complications associated with VAD.
  • North America dominated the ventricular assist devices market based on the region and accounted for the largest revenue share of 55% in 2020. The availability of regulated reimbursement policies and coverages, skilled physicians, availability of advanced products are estimated to drive the VAD market in the years to come. In addition, the US population represents the most significant number of obese citizens, which makes them susceptible to cardiovascular disease.  The VAD market is estimated to experience the highest CAGR of 19.5% during the forecast period in Asia-Pacific.
  • The global ventricular assist device market is moderately competitive. Some of the major market players are Abiomed Inc., BiVACOR Inc, Abbott Laboratories, Medtronic PLC, and Terumo Corporation.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/ventricular-assist-device-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