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Ventricular Assist Devices Market 20222, Industry Analysis By Product, Type Of Flow, Application & Forecasts to 2030

Market Overview
The global ventricular assist devices market was estimated to be valued at USD 1.8 billion in 2019 and is projected to grow at a CAGR of 12.1% during forecast period 2020-2027. Rapid increase in the geriatric population prone to medical conditions such as cardiovascular diseases, diabetes, and end stage heart failure are the key factors anticipated to drive the ventricular assist devices market during the forecast period. These diseases are expected to increase the risk of organ failures or damage, thereby promoting the adoption of ventricular assist device. Increasing prevalence of the target diseases and subsequent increase in treatment rate will provide lucrative growth opportunities to the players operating in this space. Furthermore, development of technologically advanced products by Abbott, Abiomed, Reliant heart and new players are expected to positively reinforce ventricular assist device market growth in the next seven years.

Rise in prevalence of cardiovascular diseases such as congenital heart diseases, hypertension, heart failure, ventricular septal defect and stroke due to increasing unhealthy lifestyle is another major factor driving adoption of ventricular assist devices in the near future. In addition, growing geriatric population coupled with the high susceptibility of old age people to cardiovascular disorders is a major factor driving the market growth. According to data published by the United Nations, in 2012, it has been estimated that the global geriatric population is anticipated to reach nearly 1.13 billion by 2022. This population is at a high risk of various cardiovascular disorders with majority of the people expected to suffer with stroke or heart failure.

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Moreover, large number of patients awaiting organ transplantation is a key factor that can be attributed to the growth of ventricular assist device market over the forecast period. As per United Network for Organ Sharing, nearly 121,016 people need organ transplantation and approximately 77,725 people are on the active waiting list. The shortage of donor organs and the growing patient pool waiting for heart transplant have led to an increase in the demand for ventricular assist device.

Developments pertaining to early detection of neonates suffering from CHD in tertiary care centers and availability of sensitive noninvasive diagnostic tools in complicated surgical interventions are expected to drive the demand for VADs during the forecast period. For instance, the U.S. FDA Office of Orphan Products Development in collaboration with the Pediatric Device Consortia and Humanitarian Use Device Designation program has developed new devices for pediatric mechanical circulatory support, which in turn has widened the scope of applications for VADs. Moreover, due to Covid-19 pandemic, the demand for ventricular assist devices has been increasing rapidly.

Product Outlook
Based on product, our scope of study has segmented the market into left ventricular assist device, right ventricular assist device, bi-ventricular assist device, and total artificial heart. As of 2019, left ventricular assist device registered highest market penetration on the account of increasing number of cardiac surgical interventions. Multiple population-based studies conducted on heart failure and stroke indicate that majority of the cases (65 to 70%) are due to left ventricular systole dysfunction, where the left ventricle loses its ability to contract normally and cannot supply the adequate quantity of blood into the body.

Furthermore, the left ventricular assist device market is expected to witness lucrative growth of 11.9% over the forecast period owing to increasing prevalence coronary artery and congenital heart diseases, end stage heart failure and other risk factors such as smoking, alcohol consumption and obesity. Rising demand for miniature devices is expected to further strengthen left ventricular assist device demand over the forecast period.

Type of Flow Outlook
Based on flow type, ventricular assist devices market has been segmented into pulsatile and continuous. In 2019, continuous segment held the largest share in 2019 owing to the fact that around 97% of ventricular devices being implanted are continuous flow devices. Type of flow of ventricular devices has been an important factor that positively influenced the adoption rates. Initially, instruments with pulsatile flow type have been launched, however, they were noisy, huge, and had too many moving parts that needed regular maintenance and replacement due to the wear and tear caused by continuous rotation. This led to the launch of continuous flow type devices with minimal noise and less rotating parts, which made those devices popular among the physicians and researchers.

Application Outlook
Based on application, ventricular assist devices market has been segmented into bridge to transplant, destination therapy, and others. In 2019, bridge to transplantation segment held the largest market share in 2019. However, destination therapy is projected to be the most lucrative segment. Destination therapy was adopted in very few cases previously. However, structural innovations, high success rate, and higher quality of life with ventricular assist device for destination therapy has shifted the trend to these devices being used for destination therapy.

For instance, from 2006 to 2007, more than 42% of VAD patients were listed for transplant and only 14.5% for destination therapy. From 2011 to 2013, this trend reversed with more than 41% implanted devices were for destination therapy and only 21% for transplant. This trend is expected to continue and adoption of VAD for destination therapy is expected to gain more popularity.

Regional Outlook
The ventricular assist devices market study examines the performance of market across six key regions, viz. North America, Western Europe, Eastern Europe, Asia Pacific, Latin America and Middle East & Africa. In 2019, North America accounted for the largest revenue share of 54.1% in ventricular assist devices market. The U.S. accounts for the majority of the global obese population, which is one of the high impact factors attributing to the rise in cardiovascular diseases. High prevalence of cardiovascular disease in the region coupled with presence of technologically advanced healthcare infrastructure is anticipated to boost the treatment rates and consequently the market growth for ventricular assist device in coming years. Furthermore, presence of favorable reimbursement structure is also expected to drive market growth by increasing the treatment rate and significantly reducing out-of-pocket expenditure.

However, Asia Pacific is expected to be the fastest growing regional market developing at a CAGR of over 13.5% over the forecast years. The identified key growth drivers aimed at improving the overall healthcare infrastructure include favorable government initiatives such as the “Make In India” campaign and the increasing public and private investments in countries such as Singapore, India, and Philippines are collectively impact the growth in this region. Furthermore, Asia Pacific is becoming the destination of choice for patients seeking cost-effective and high-quality medical treatment, which is also expected to positively drive market growth.

Competitive Market Outlook
Competitive landscape analysis in the report covers 12-15 key players in global ventricular assist devices market. Some of the leading companies profiled in this study include ABIOMED, Medtronic, Abbott, Berlin Heart, Cardiac Assist, Inc., Jarvik Heart, Inc., ReliantHeart, Inc., Sun Medical Technology Research Corp., and others. The key players operating in this market are continuously investing in R&D for innovative product developments to remain competitive. Ventricular assist device market functions in direct selling sales pattern. The product is also present in healthcare facilities such as hospital and clinics. Many of the ventricular assist device manufactured by key players are in clinical trial phase. Companies tie up with hospital to access patients for clinical trial. This is also a reliable source where in patient can get access to ventricular assist device. For Instance, Jarvik heart Inc., are involved with Saint Luc Hospital and Aristotle University of Thessaloniki for clinical trial studies.

Report Scope
A recent market intelligence report added to the repository of Credible Markets, titled “Ventricular Assist Devices – Market Analysis and Forecast 2016 – 2027”, provides an extensive analysis of the global ventricular assist devices market. The analysis and forecast is backed by the fact-based historic and current growth scenarios of the market. The report offers valued insights on the well-assessed market sizing (value) and growth projections for a stipulated period, 2016 – 2027.

The data has been meticulously gathered from some of the top industry experts and thorough secondary research. This information is authentic and dependable, and enables deeper understanding of nutritional supplement requirements and their market potential at global as well as regional levels. It intends to help potential market entrants with their strategic business planning.

Detailed Analysis of Market Taxonomy:
The global ventricular assist devices market report begins with a brief outline of the market taxonomy covering product, flow type, and application analysis, along with an overview of the scope of its research. Detailed trend and opportunity assessment with respect to each product, flow type, and application segment and associated sub-segments is the highlight of this section of the report. It then provides readers with a summary of the report that offers insights on market outlook and overall competition scenario in the ventricular assist devices landscape. Relevant information and recent developments in ventricular assist devices sector has been covered here. The market study then sheds light on the quick market background and its analysis with respect to ventricular assist devices market research.

The report, in addition to analyzing the various socio-economic, political and technological aspects defining the performance of global ventricular assist devices market, focuses on the overall scope of penetration and market attractiveness. The key market variables and their impact analysis with respect to the growth patterns of global ventricular assist devices market are also evaluated in detail inside the report. It further provides information about the strategic background of market landscape, followed by the analysis of overall impact of the recent, current and upcoming strategic alliances and similar financial deals across the industry on performance of ventricular assist devices market.

Covid-19 Impact Analysis:
Under an exclusive section that unleashes the covid-19 impact analysis on ventricular assist devices market, the report attempts to track the evolution of growth path of market from 2019, through 2020, and post the medical crisis. While the pandemic has compelled entire industry to shift its preferences, it has turned the industry and its sub-sectors upside down within no time. The report covers deep-dive analysis of this impact particularly on the ventricular assist devices market.

Segments Covered in the Report-
Product Type (Revenue, USD Million, 2016 – 2027)
• Left Ventricular Assist Device
• Right Ventricular Assist Device
• Bi-Ventricular Assist Device
• Total Artificial Heart

Type of Flow (Revenue, USD Million, 2016 – 2027)
• Pulsatile
• Continuous

Application Type (Revenue, USD Million, 2016 – 2027)
• Bridge to transplant
• Destination therapy
• Others

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Regions covered in global ventricular assist devices market report-
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• Middle East & Africa

The report typically answers these FAQs-
• What is the market size and growth projections of global ventricular assist devices market?
• What are the top performing segments and regions of ventricular assist devices market?
• What is the market size and growth rate across key countries?
• What factors will influence demand and supply trends in ventricular assist devices market during the forecast period?
• What are the technology trends shaping ventricular assist devices market?
• What are the key opportunities emerging in ventricular assist devices market?
• What are the developmental strategies of key market players?
• What is the COVID-19 impact on the market and how long will it take to recover?

Ventricular Assist Devices Market 20222, Industry Analysis By Product, Type Of Flow, Application & Forecasts to 2030

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Last Updated: 26-Jul-2022