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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.
Market Summary:
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.
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