According to a recent study by Growth Plus Reports, the global ventricular assist device market is estimated to hit US$ 2.52 billion by 2030, with a revenue CAGR of 8.50%. The study analyzes the key strategies, drivers and opportunities, competitive circumstances, shifting market dynamics, market size, data and forecasts, and important regions.
Key Takeaways:
- The increasing prevalence of coronary artery diseases, congestive heart failure, and other cardiovascular diseases will drive market revenue growth.
- An increase in the adoption of novel devices will drive demand for ventricular assist devices.
- North America dominates the global ventricular assist device market.
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Ventricular Assist Device Market Scope
| Report Attribute | Details |
| Market size value in 2021 | US$ 1.21 billion |
| Revenue forecast in 2030 | US$ 2.52 billion |
| Growth Rate | CAGR of 8.50% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Forecast period | 2022-2030 |
| Segments covered | product, type, application, and region. |
| Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers
The growing prevalence of cardiovascular diseases will drive the revenue growth of the ventricular assist device market. Furthermore, the increasing adoption of novel devices and a shortage of transplant organs are expected to boost the market revenue growth rate. Apart from this, technological advancements, favorable reimbursement policies, and increasing investment in research and development are expected to support the market’s revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the global ventricular assist device market from four perspectives: Product, Type, Application, and Region.
Product Segmentation: Based on the product, the global ventricular assist device market is segmented into right ventricular assist devices, bi-ventricular assist devices, left ventricular assist devices, and a total artificial heart. The left ventricular assist devices segment dominates the market with the largest revenue share because it is a lifesaving therapy used in the last stage of heart failure.
Type Segmentation: Based on the type, the global ventricular assist device market is segmented into the continuous and pulsatile flow. The continuous flow segment dominates the market because of its low maintenance costs, better odds of survival for heart attack patients, and significant demand for continuous flow segments.
Application Segmentation: Based on the application, the global ventricular assist device market is segmented into destination therapy (DT), bridge to recovery (BTR), bridge to transplant (BTT), and bridge to candidacy (BTC). The bridge to transplant (BTT) segment dominates the market because of the rising heart failure cases, increasing prevalence of serious cardiovascular diseases, technological advancements, increasing adoption of novel treatments, lack of organ donors, and the increasing geriatric population.
Regional Growth Dynamics
Based on the region, the global ventricular assist device market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global ventricular assist device market with the largest revenue share. The high adoption of novel technology, the growing prevalence of cardiac diseases, favorable reimbursement policies, developed healthcare infrastructure, high healthcare expenditure, and the presence of the key players in the region are responsible for North America’s large revenue share in the global market.
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Competitive Landscape
The prominent companies in the global ventricular assist device market are:
- Abiomed, Inc
- Berlin Heart GmbH
- Boston Scientific Corporation
- Calon Cardio, Jarvik Heart, Inc
- LivaNova PLC
- Medtronic Plc
- ReliantHeart Inc
- Abbott Laboratories
- Terumo Medical Corporation
The market for ventricular assist devices is moderately competitive, with several international companies involved. The prominent players focus on technological advancements, R&D activities, and mergers and acquisitions to enhance their market position.
Recent developments:
- The Indian Institute of Technology Kanpur launched an initiative in June 2022 to build a left ventricular assist device for a patient with end-stage heart failure.
- Medtronic recalled the HeartWare heart ventricular assist device in June 2022 due to battery electrical faults and device failure. This issue resulted in roughly 1,159 complaints and one fatality for Medtronic.
- IIT Kanpur’s School of Medical Research and Technology (SMRT) launched Hridyantra in January 2022, a challenge-based initiative to build an improved artificial heart, commonly known as a Left Ventricular Assist Device (LVAD), for patients with end-stage heart failure.
Table of Content
- INTRODUCTION
-
- Market Ecosystem
- Timeline Under Consideration
- Currency Used in the Report
- RESEARCH METHODOLOGY
-
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
-
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
-
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL VENTRICULAR ASSIST DEVICES MARKET – ANALYSIS & FORECAST, BY PRODUCT
-
- Right Ventricular Assist Device
- Bi-Ventricular Assist Device
- Left Ventricular Assist Device
- Total Artificial Heart
- GLOBAL VENTRICULAR ASSIST DEVICES MARKET – ANALYSIS & FORECAST, BY Type
-
- Continuous Flow
- Pulsatile Flow
- GLOBAL VENTRICULAR ASSIST DEVICES MARKET – ANALYSIS & FORECAST, BY APPLICATION
-
- Destination Therapy (DT)
- Bridge to Recovery (BTR)
- Bridge to Transplant (BTT)
- Bridge to Candidacy (BTC)
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VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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