Ventricular Assist Device Market Future Growth Analysis, Business Demand And Opportunities

Ventricular Assist Device Industry Overview

The global ventricular assist device market size is expected to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.6% from 2021 to 2028. The rapidly growing global geriatric population is susceptible to chronic medical ailments such as diabetes, neurological disorders, cardiovascular diseases, stroke, and end-stage cardiac failure. The rising risks of organ failures and the growing demand for organ transplants due to these chronic ailments are contributing to the growth of the market for Ventricular Assist Devices (VADs). The development of innovative products and sophisticated miniature devices incorporated with features, such as infection control techniques, is expected to provide an impetus to the growth. The numerous benefits associated with the use of VADs, such as increased survival rate, durability, and functionality, are supporting the growing rate of adoption, and thereby boosting the market for VAD.

 

Ventricular Assist Device Market Segmentation

Grand View Research, Inc. has segmented the global ventricular assist device market on the basis of product, type of flow, application, design, and region:

 

Based on the Product Insights, the market is segmented into Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart.

  • In 2020, the Left Ventricular Assist Devices (LVAD) segment dominated the market for VAD and accounted for the largest revenue share of 80.5%. This growth is owing to the numerous procedures of LVAD implantations recorded amongst patients.
  • The Bi-ventricular Assist Devices (BiVAD) segment is anticipated to register the fastest growth rate of 18.7% over the forthcoming years. The increased use of pneumatically driven BiVADs in TAH transplantation is expected to boost product demand.

 

Based on the Type Of Flow Insights, the market is segmented into Pulsatile Flow and Continuous Flow.

  • In 2020, the non-pulsatile or continuous flow segment dominated the market for VAD and accounted for the largest revenue share of 92.5% owing to the benefits of the continuous flow VADs over pulsatile VADs.
  • The pulsatile flow VADs segment is anticipated to expand at the fastest rate over the forecast period due to the increasing incidence of heart failure and cardiovascular diseases.

 

Based on the Application Insights, the market is segmented into Bridge to Transplant, Destination Therapy, and Others (Bridge to Recovery, Bridge to Candidacy, and Others).

  • In 2020, the destination therapy segment dominated the market for VAD and accounted for the largest revenue share of 43.1%. This growth is attributable to the increase in end-stage cardiac failure incidences and cardiovascular diseases.
  • the bridge to transplantation segment is expected to record the fastest growth rate over the forecast period. VADs in the bridge to transplantation is used for a brief period (2 to 6 months only) in stabilizing patients from their physiological stress of the transplantation surgical process.

 

Based on the Design Insights, the market is segmented into Implantable Ventricular Assist Device and Transcutaneous Ventricular Assist Device.

  • In 2020, the implantable devices segment dominated the market for VAD and accounted for the largest revenue share of 71.5%. This growth is owing to the rising preference for long-term therapy methods by patients ineligible for heart transplant interventions, and therefore this segment is anticipated to grow at a lucrative rate over the forthcoming years.
  • Transcutaneous VAD compared to an implant device, is a VAD used briefly during or post-cardiac surgery. Patients with transcutaneous VAD are restricted to the clinical facility bed due to the external setup of the VAD control unit and thereby limiting the usage of these devices and restraining growth.

 

Ventricular Assist Device Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

Key market players are continuously investing in the development of advanced ventricular assist devices to gain a competitive edge over others in the market, which is expected to drive the growth of the market for VAD.

Some prominent players in the global ventricular assist device market include

  • Abiomed
  • Medtronic
  • Abbott
  • Berlin Heart
  • Cardiac Assist, Inc
  • Jarvik Heart, Inc.
  • ReliantHeart, Inc.
  • Sun Medical Technology Research Corp

 

Order a free sample PDF of the Ventricular Assist Device Market Intelligence Study, published by Grand View Research.

 

 

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