Ventricular Assist Devices Market to Reach $2.88 Billion, Globally, by 2031 at 7.9% CAGR: Allied Market Research
The increase in prevalence of heart failure, technological advancements in the field of medical devices, the surge in patient awareness about ventricular assist devices, and the new product launches and approvals in VADs drive the global ventricular assist devices market.
PORTLAND, Ore., March 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ventricular Assist Devices Market by Product (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BIVADs)), by Application (Bridge-To-Transplant (BTT), Destination Therapy, Bridge-To-Recovery (BTR), Bridge To Candidacy Therapy), by Design (Transcutaneous Ventricular Assist Devices, Implantable Ventricular Assist Devices), by Age (Adults, Pediatrics): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global ventricular assist devices industry was valued at $1.33 billion in 2021 and is estimated to generate $2.88 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The increase in prevalence of heart failure, technological advancements in the field of medical devices, and the surge in patient awareness about ventricular assist devices drive the ventricular assist devices market. However, the high cost of devices and procedures hinder the global market growth. On the other hand, growth & innovations in the healthcare industry, significant investments by government to improve healthcare infrastructure, development of the medical tourism industry in emerging countries, a rise in incidence of cardiovascular diseases, and the new product launches and product approvals in VADs by the public and private players will present new growth opportunities for the global ventricular assist devices market in the coming years.
Impact of Covid-19 on Ventricular Assist Devices Market:
- The COVID-19 pandemic outbreak had a negative impact on the global ventricular assist devices market. It had a significant effect on patients, including those who were waiting for transplantation. The number of surgeries performed during the pandemic came down due to reduced patients visits to hospitals for diagnosis and treatment of diseases other than COVID-19.
- These challenges regarding survival and safety also impacted the recovery teams, organ procurement organizations, and donors as well as the recipients.
- However, the ventricular assist devices market has recovered post the pandemic.
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The left ventricular assist devices (LVADs) segment to dominate the market during the forecast period
Based on product, the left ventricular assist devices (LVADs) segment contributed to the largest share of more than three-fourths of the global ventricular assist devices market in 2021 and would dominate the market during the forecast period. The same segment is expected to witness the fastest CAGR of 8.3% from 2022 to 2031. This is because these devices are used more commonly than right ventricular assist devices (RVADs), as the left ventricle is the main pumping chamber of the heart and providing support to it can have a significant impact on the overall heart function.
The implantable ventricular assist devices segment to achieve the highest revenue during the forecast period
Based on design, the implantable ventricular assist devices segment grabbed the highest share of more than 90% of the overall ventricular assist devices market in 2021 and is projected to maintain its dominance in 2031. The same segment is expected to witness the fastest CAGR of 8.1% from 2022 to 2031. This growth is attributed to the technological advancements in the field of VADs and a rise in research activities to develop efficient and high quality implantable ventricular assist devices.
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North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global ventricular assist devices market and is expected to dominate the market through 2031. This is owing to the rise in prevalence of heart failure, high adoption of technologically advanced ventricular assist devices, and developed healthcare infrastructure in the region. However, the market in Asia-Pacific is likely to dominate in terms of revenue and show the fastest CAGR of 11.1% during the forecast period. This is owing to the surge in demand for sophisticated ventricular assist devices, large number of healthcare reforms, high prevalence of cardiac disorders, and increase in focus of key players to develop technologically advanced & cost-effective devices in the region.
Leading Market Players
- Evaheart Inc.
- Abiomed Inc.
- Abbott Laboratories
- CH Biomedical Inc.
- Carmat SA
- Calon Cardio-Technology Ltd.
- Bivacor Inc.
- LivaNova PLC
- Berlin Heart GmbH
- Fineheart
- AdjuCor GmbH
- NuPulseCV Inc.
- Jarvik Heart Inc.
- SynCardia Systems LLC
- Corewave SA
- Windmill Cardiovascular Systems
The report analyzes these key players of the global ventricular assist devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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