The new report by Expert Market Research titled, ‘Global Ventricular Assist Device Market Size, Share, Report and Forecast 2023-2031’, gives an in-depth analysis of the Global Ventricular Assist Device market, assessing the market based on its segment like product type, application, design, and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): 1.46 billion
- Forecast CAGR (2023-2031): 11.6%
- Forecast Market Size (2031): USD 3.9 billion
The global Ventricular Assist Device market witnessed decent growth in the historical period, due to an increase in lifestyle related diseases and rising incidences of chronic diseases like diabetes, hypertension, cardiovascular diseases etc.
Ventricular Assist Device Industry Definition and Major Segments
Ventricular Assist Device functions as a mechanical circulatory support device, that is, as an implantable mechanical pump that aids in pumping blood from the lower chambers of the heart to the rest of the body. These devices are important in several treatment approaches for heart-related ailments. These life saving devices can be used to replace the function of a failing heart, either partially or totally.
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By product type, the market is segmented into:
- Left Ventricular Assist Devices (LVADs)
- Right Ventricular Assist Devices (RVADs) Silicon
- Biventricular Assist Devices (BIVADs)
By application, the market is bifurcated into:
- Bridge-To-Transplant (BTT) Therapy
- Destination Therapy
- Bridge-To-Recovery (BTR) Therapy
- Bridge-To-Candidacy (BTC) Therapy
By design, the market is split into:
- Transcutaneous Ventricular Assist Devices
- Implantable Ventricular Assist Devices
The regional market for Ventricular Assist Device includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Ventricular Assist Device Market Trends
Geographically, North America held the largest market in the historical period. The availability of regulated reimbursement policies and coverages, as well as increased awareness of VADs such as bridge-to-recovery, destination therapies, and bridge-to-transplant, are expected to drive the VAD industry in the forecast period. The United States has the largest number of obese citizens, putting them vulnerable to cardiovascular disease.
In addition, the development of technologically advanced healthcare facilities in the United States is predicted to raise treatment numbers and provide impetus to market expansion. However, Asia Pacific is anticipated to register the highest CAGR growth in the forecast period. Advancement in healthcare facilities and favourable initiatives from the region’s governments are boosting the public and private partnerships and investments in countries like China, India, etc.
One of the important factors driving the growth of the VAD market is the rise in the incidence of chronic illnesses and the drop in organ transplantation, due to long waiting times for receiving the transplant. Furthermore, growing geriatric population and rising natality are significant impact-rendering drivers for the market over the projected period.
The VAD market is continually changing, and the major companies are investing in product innovation and development. The market for VAD is projected to be driven by technological improvements along with timely regulatory approvals in the form of small-size devices with features such as infection control. These factors are expected to propel the market in the forecast period.
Key Market Players
The major players in the global market involve Terumo Corporation (OTCMKTS: TRUMY), ReliantHeart, Inc., Medtronic Plc., Jarvik Heart, Inc., CardiacAssist Technologies, Calon Cardio-Technology Ltd., Abbott Laboratories , Asahi Kasei Corporation, Abiomed, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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