Increasing prevalence of cardiovascular diseases,
technological advancements and shortage of donor organs for
transplantation drive the growth of the global ventricular assisted
devices market.
PORTLAND, Ore., May 14, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Ventricular Assist Devices
Market By Product (Left Ventricular Assist Devices (LVADs), Right
Ventricular Assist Devices (RVADs), and Biventricular Assist
Devices (BIVADs)), Application (Bridge-To-Transplant (BTT),
Destination Therapy, Bridge-To-Recovery (BTR), and Bridge To
Candidacy Therapy), Design (Transcutaneous Ventricular Assist
Devices and Implantable Ventricular Assist Devices), and
Age (Adults and Pediatrics): Global Opportunity Analysis And
Industry Forecast, 2024-2035". According to the report, the
global ventricular assisted devices market was valued at
$1.6 billion in 2023 and is
estimated to reach $4.1 billion by
2035, exhibiting a CAGR of 8.1% from 2023 to 2035.
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Market Forecast 2035-
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Prime determinants of growth
Rise in adoption of ventricular assisted devices, advancements
in technologies, and presence of key players are factors that
drive the growth of the global ventricular assisted devices market.
However, high cost of devices and procedures is anticipated to
hinder the market growth. Moreover, rise in healthcare
expansion is expected to offer remunerative opportunities for the
ventricular assisted devices market during the forecast
period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base Year
|
2023
|
Market Size in
2023
|
$1.6 billion
|
Market Size in
2035
|
$4.1 billion
|
CAGR
|
0.081
|
No. of Pages in
Report
|
275
|
Segments
covered
|
Product, Application,
Design, Age, and Region
|
Regional
scope
|
North America, Europe,
Asia Pacific, and LAMEA
|
Drivers
|
Miniaturization and
portability
|
|
Advancements in
technology
|
|
Improved clinical
outcomes
|
Opportunities
|
Growth opportunity in
emerging markets
|
Restraints
|
High cost associated
with devices and procedures
|
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The left ventricular assist devices (LVADs) segment
to maintain its lead position during the forecast period.
By product, the left ventricular assist
devices segment registered the largest share in 2023,
accounting for more than three-fourths of the global ventricular
assisted devices market revenue and is projected to
register the highest CAGR of 8.2% during the forecast period. This
increase in adoption of LVADs is mainly attributed as it is used
more commonly than RVADs for several reasons such as the left
ventricle is the main pumping chamber of the heart and providing
support to the left ventricle can have a significant impact on
overall heart function. Furthermore, heart failure is typically
caused by dysfunction in the left ventricle, so LVAD can address
the root cause of the condition. In addition, the availability of
LVADs and the preference over RVAD device owing to their safety and
efficacy is further contributing to the segment growth.
The bridge-to-transplant (BTT) segment to maintain its lead
position during the forecast period.
By application, the bridge-to-transplant
(BTT) segment registered the largest share in 2023,
accounting for nearly two-fifths of the global
ventricular assisted devices market revenue, owing to rise in
awareness among people regarding bridge-to-transplant therapy,
which has significantly increased the success rate of transplant
surgeries.
However, the destination therapy segment is projected to
register the highest CAGR of 9.3% during the forecast
period as VADs have become a prominent solution for people
with heart failure and for those who are ineligible for heart
transplantation.
The implantable ventricular assist devices segment to
maintain its lead position during the forecast period.
By design, the implantable ventricular assist
devices segment accounted for the largest share in 2023,
accounting for more than 90% of the global ventricular
assisted devices market revenue and is projected to
register highest CAGR of 8.1% during the forecast period owing
to the rising prevalence of epilepsy worldwide and
increasing adoption of deep brain stimulation as an effective
treatment option for drug-resistant epilepsy, contributing to the
segment's accelerated growth trajectory.
The adults segment to maintain its lead position
during the forecast period.
By age, the adults segment accounted for the largest
share in 2023, accounting for more than 90% of the
global ventricular assisted devices market revenue and is
projected to register the highest CAGR of 8.2% during the forecast
period owing to technological advancements in the field of
VADs and development of pediatric VADs that are highly efficient in
treating heart failure in pediatric patients.
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North America to maintain
its dominance by 2035
Region-wise, North America held
the highest market share in terms of revenue in 2023, accounting
for nearly half of the global ventricular assisted devices market
revenue. This is primarily attributed to rise in prevalence of
heart failure, high adoption of technologically advanced
ventricular assist devices, developed healthcare infrastructure,
and increase in patient awareness about the availability of
treatment options for heart failure.
However, the Asia-Pacific
segment is projected to register the highest CAGR of 10.7% during
the forecast period. This is attributed to the surge in demand
for sophisticated ventricular assist devices, large number of
healthcare reforms, high prevalence of cardiac disorders, and
increase in focus of key players to develop technologically
advanced & cost-effective devices.
Leading Market Players: -
- Evaheart Inc.
- Abiomed Inc.
- Abbott Laboratories
- CH Biomedical Inc.
- Carmat SA
- Bivacor Inc.
- LivaNova PLC
- Berlin Heart GmbH
- Fineheart
- AdjuCor GmbH
The report provides a detailed analysis of these key players of
the global ventricular assisted devices market. These players
have adopted different strategy such product launch, product
development, and product approval to increase their market
share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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