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2022
Ventricular Assist Devices Market

Ventricular Assist Devices Market by Product (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), and Biventricular assist devices (BIVADs)), Application (Bridge-to-transplant (BTT) Therapy, Destination Therapy, Bridge-to-recovery (BTR) Therapy, and Bridge-to-candidacy (BTC) Therapy), and Design (Transcutaneous and Implantable Ventricular Assist Devices): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  A01694
Pages: 209
Feb 2022 | 13751 Views
Author(s) : Divyani Talekar, Swapna Singh , Onkar Sumant
Tables: 107
Charts: 28
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Ventricular Assist Devices Market Overview 2030:

The ventricular assist devices market size was valued at $1237.74 million in 2020, and is estimated to reach $2825.94 million by 2030, growing at a CAGR of 8.6% from 2021 to 2030.Ventricular assist device is known as mechanical circulatory support device. It is a device that helps to pump the blood from the lower chambers of heart to the rest of the human body. There are different types of ventricular assist devices, such as left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and others. Left ventricular assist devices are the most widely used VADs, as the prevalence of weak left ventricle muscles is common among the affected patients. They have been used as a permanent solution in patients who have minor chances of improvement of cardiac muscles. Right ventricular assist devices (RVADs) are used to pump blood to the pulmonary aorta from the right ventricle. Such cases are relatively rare as compared to the cases with need of LVAD. 

However, patients with considerably weak left ventricle usually develop weakness in the right ventricle as well, which is treated by the addition of RVAD or replacement with BIVAD. Growth of the global ventricular assist device market is majorly driven by rise in prevalence of cardiovascular disorders, increase in risk of organ failure, and development of new ventricular assist devices by large number of key players. According to Organ Procurement and Transplantation Network, 3,582 candidates were registered on the waiting list for heart transplant as of June 2020 in the U.S. Thus, rise in number of patient with heart failure have increased the demand for ventricular assist devices, which is anticipated to foster the growth of the ventricular assist devices market. 

Ventricular-Assist-Devices-Market

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Furthermore, rise in geriatric population led to cardiovascular diseases, increase in demand for ventricular assist devices due to shortage of organ donors are the factors that fuel the growth of the ventricular assist devices market. According to World Health Organization, cardiovascular disease is a disorder of the heart. It is estimated that 17.9 million people died from cardiovascular disease in 2019. Thus, rise in burden of cardiovascular diseases and increase in rate of heart failure are factors anticipated to boost the growth of the market. Furthermore, increase in number of product approvals is expected to provide remunerative opportunities for the expansion of the global market during the forecast period.

Impact of COVID-19 Pandemic on Ventricular Assist Device Market:

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the global ventricular assist devices market. According to National Library of Medicine, 1,307 cases of bariatric surgery were reported in India in 2020, out of which, 78% were performed prior to March 31, 2020 and 276 were performed after April 1, 2020. 87 patients were found positive who underwent bariatric surgery. Thus, rise in number of bariatric surgery increased the usage of ventricular assist devices, which is anticipated to drive the market during the forecast period. Thus, new innovations by key players and rise in number of product approvals propel the growth of the market. However, the market is restrained by high cost of the procedure and certain risks associated with the VAD implantation procedure.

Ventricular Assist Devices Market Segmentation

The ventricular assist device market is segmented on the basis of product, application, design, and region. On the basis of product, it is divided into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). 

By application, the market is classified into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy. By design, the market is bifurcated into transcutaneous and implantable ventricular assist devices. 

Region-wise, the ventricular assist devices market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment Review

Depending on product, the left ventricular assist devices segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in R&D activities in the pharmaceutical & medical device industry, rise in demand for ventricular assist devices, and surge in adoption of ventricular assist devices. However, the right ventricular assist device segment is expected to witness considerable growth during the forecast period, owing to increase in number of cardiac surgeries and rise in number of key players for development of ventricular assist and devices in the medical device industry.

Ventricular Assist Devices Market
By Product Type

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Left Ventricular Assist Devices segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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By design, the transcutaneous ventricular assist device segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in number of cardiovascular diseases, rise in number of organ transplantation, and increase in demand for ventricular assist devices in patient with heart failure. However, the implantable ventricular assist device is expected to witness considerable growth during the forecast period, due to increase in number of cardiovascular disorders, rise in use during surgical procedure and development of new ventricular assist products.

By application, the bridge-to-transplant segment was the major contributor in 2020, and is expected to maintain its lead during the forecast period, owing to increase in number heart failure patients, rise in the number of cardiac disorders, and increase in demand ventricular assist devices. However, the destination therapy is expected to witness considerable growth during the forecast period due to increase in number of vascular surgeries, rise in use during surgical procedure, and development of new surgical instruments.

Ventricular Assist Devices Market
By Design

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Transcutaneous Ventricular Assist Devices segment is projected as one of the most lucrative segment.

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North America garnered the major share in the ventricular assist device market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in number of surgeries, presence of key players, development of the healthcare sector, and presence of new innovative ventricular assist and devices products in the region. However, Asia-Pacific is expected to register the highest CAGR of XX% from 2021 to 2030, owing to increase in use for lifetime support and development of healthcare infrastructure.

The key players that operate in the global ventricular assist devices market include Abiomed, Inc., Berlin Heart GmbH, Boston Scientific Corporation, Calon Cardio, Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc., Abbott Laboratories, and Terumo Medical Corporation.

Ventricular Assist Devices Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 8.6% during the forecast period.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the ventricular assist device market and the current trends & future estimations to elucidate imminent investment pockets.
  • It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing ventricular assist devices market opportunities.
  • Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
  • Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the ventricular assist devices market.

Key Market Segments

  • 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
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • Japan
      • China
      • Australia
      • India
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Brazil
      • Saudi Arabia
      • South Africa
      • Rest of LAMEA

  • By Key Market Players
    • Abiomed, Inc.
    • Berlin Heart GmbH
    • Boston Scientific Corporation
    • Calon Cardio,
    • Jarvik Heart, Inc.
    • LivaNova PLC
    • Medtronic plc
    • ReliantHeart Inc.
    • Abbott Laboratories
    • Terumo Medical Corporation

 

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Increase in number of cosmetic surgeries, cardiac surgeries and laparoscopic surgeries, increase in incidences of cardiac surgeries, and advancements in new device launches are all attributed to propel the growth of the ventricular assist devices market.

Greater consumer awareness and demand for preventive healthcare services, escalating demand for healthcare services from overall population, and new advancements are predicted to broaden ventricular assist devices clinical applications and increase the number of product approvals. Furthermore, use of ventricular assist devices for lifetime support contributes toward growth of the market.

The market gains interest of healthcare companies, owing to focus on preventive facilities provided to patients who undergo critical pulmonary surgeries, which are more complex than other health conditions. This leads to increase in utilization for ventricular assist devices; thus creating a great opportunity to further propel the growth of the market.

North America is expected to witness highest growth, in terms of revenue, owing to rise in geriatric population, presence of key players, and advancements in healthcare investments. Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register fastest CAGR during the forecast period, owing to increase in number of cosmetic surgeries and unmet needs for advanced ventricular assist devices. However, high cost associated with ventricular assist devices are expected to restrain the market growth during the forecast period.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. The total market value ofVentricular Assist Devices market is $1237.74 million in 2020.

A. The forecast period for Ventricular Assist Devices market is 2021 to 2030

A. The market value ofVentricular Assist Devices market in 2021 is $1346.66 million.

A. The base year is 2020 in Ventricular Assist Devices market

A. Top companies such as Abiomed, Inc., Berlin Heart GmbH, Boston Scientific Corporation, Calon Cardio, Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc., Abbott Laboratories, and Terumo Medical Corporation held a high market position in 2020.

A. Left Ventricular Assist Devices segment dominated the global market in 2020, and expected to continue this trend throughout the forecast period due to the technological advancements and new product launch and thus is expected to drive the segment

A. Increase in number of surgeries and advanced infrastructure for research & development and investments in healthcare is anticipated to drive the market in the forecast period.

A. North America is projected to account for a major share of the globalVentricular Assist Devices market during the forecast period. U.S. dominated the North America rise in investments for newVentricular Assist Devices system launch in the R & D sector due to presence of key players across the country.

A. Ventricular assist device is a mechanical pump, used to support the function of left, right, or both ventricles.

A. These devices are used to support cardiac circulation in people who have reached the end-stage heart failure.

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