According to the latest report by IMARC Group, titled “Ventricular Assist Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global ventricular assist devices market reached a value of US$ 1.56 Billion in 2021. Ventricular assist devices (VADs) are circulatory support equipment that ensures the proper flow of blood in one’s body. They function by pumping blood from the lower chambers of ventricles to the rest of the organs. They are equipped with an electronic controller, tubes and a power source that assist in cardiac circulation among patients with heart failure. As a result, they are considered to be a preferred therapeutic solution for patients suffering from end-stage heart failure as VADs help increase their life expectancy with an improved quality of life
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Ventricular Assist Devices Market Trends:
The global market is primarily driven by the increasing prevalence of cardiovascular diseases among the masses. In line with this, the changing lifestyle patterns of individuals and the busy schedules led by working professionals are providing an impetus to the market growth. Moreover, the rising geriatric population, which is more susceptible to developing medical ailments, is providing an impetus to the market growth. Furthermore, various technological advancements across the healthcare sector, along with the miniaturization of VADs, are significantly contributing to the market growth across the globe. Additionally, increasing funding and investments by public and private firms to upgrade the existing healthcare infrastructure are positively influencing the market growth. Other factors, including rising healthcare expenditure, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors,?the market is anticipated to reach a value of US$ 2.80 Billion by 2027, growing at a CAGR of 10.09% during 2022-2027.
On the basis of the product, the market has been segregated into left ventricular assist device (LVAD), right ventricular assist device (RVAD), biventricular assist device (BiVAD) and others.
- Based on the flow type, the market has been bifurcated into pulsatile flow and non-pulsatile or continuous flow.
- Based on the product type, the market has been segmented into implantable and non-implantable ventricular assist devices.
- Based on the application, the market has been categorized into bridge-to-transplant (BTT) therapy, destination therapy and bridge to recovery, and bridge to candidacy.
- On the basis of the end-user, the market has been classified into ambulatory surgery centers, hospitals and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Abbott Laboratories, Abiomed Inc., Berlin Heart GmbH (Syscore GmbH), Bivacor Inc., Calon Cardio, Cardiacassist Inc. (LivaNova PLC), CHF Solutions Inc., Jarvik Heart Inc., MAQUET GmbH (Getinge), Medtronic Inc., Syncardia Systems LLC (Versa Capital Management LLC), TandemLife (LivaNova PLC) and Terumo Corporation.
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