Ventricular Assist Device Market was valued at US$ 2.55 Bn in 2021 and is expected to reach US$ 5.56 Bn by 2029, at a CAGR of 10.24% during the forecast period.
Ventricular Assist Device Market Overview:
The Ventricular Assist Device Market report offers a thorough analysis of the opposition, together with information on Market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Ventricular Assist Device Market as well as the factors influencing regional variations in the growth of the sector.
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Market Scope:
AfterMarket engineering was completed, which included Market statistics calculations, Market size estimations, Market projections, Market breakdown, and data triangulation, and significant primary research was conducted to acquire data and check and validate essential figures. Top-down, bottom-up, and other data triangulation approaches were consistently used throughout the Market engineering process to conduct Market estimates and projections for the general Market segments and sub-segments detailed in this research. All data acquired during the Market engineering process is subjected to extensive qualitative and quantitative analysis in order to give essential information throughout the analysis.
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Ventricular Assist Device Segmentation Analysis
The market for ventricular assist devices is anticipated to be led by left ventricular assist devices. The market leader's position can be attributable to the rising number of patients with end-stage heart failure, technological advancements such as effectiveness, a high survival rate, and lower risk associated with the devices. Heart transplants are increasingly likely to be required for patients with cardiac problems such cardiomyopathy, stroke, and class III and class IV heart failure.
The worldwide ventricular assist device market is anticipated to have significant expansion in the destination therapy sector. One of the most popular treatments for people with heart failure, it produces a significant and increasing number of cardiac implants. The expansion of the global ventricular assist device market is anticipated to be driven by the rising use of destination therapy for ventricular assist devices in patients with end-stage heart failure.
Key Players:
Primary and secondary research is used to identify industry leaders and forecast Market revenue. CEOs, Marketing executives, and experienced front-line staff are just a few of the major thought leaders and subject matter experts interviewed for the primary study. Extensive interviews with major thought leaders and business professionals, such as CEOs, Marketing executives, and seasoned front-line personnel, were done as part of the primary study. A review of the annual and financial reports of the major manufacturers was also conducted as part of the secondary research. To compute percentage splits, Market shares, growth rates, and global Market breakdowns, secondary data is used. These calculations' outcomes are then compared against primary data. The following companies dominate the Ventricular Assist Device Market:
• CardiacAssist, Inc.
• Berlin Heart GmbH
• Jarvik Heart, Inc.
• ABIOMED, Inc.
• Medtronic plc.
• Abbott Laboratories
• ReliantHeart Inc.
• Teleflex Incorporated
• Carmat SA
• Sun Medical Technology Research Corp.
• Bivacor
• Calon Cardio-Technology Ltd.
• LivaNova PLC
• Terumo Medical Corporation.
• Evaheart Medical USA, Inc.
• Fresenius Medical Care AG & Co. KGaA
• Maquet GmbH
• HeartWare International, Inc.
• Thoratec
• Cardiac Assist
Regional Analysis:
The regional Market research analysis for Ventricular Assist Device also covers particular Market driving forces and changes in Market laws affecting current and future Market trends. Current and upcoming trends are studied in order to evaluate the potential Market as a whole and find profitable patterns to establish a better foundation. The appraisal of the geographic Market is built on the basis of the current environment and expected tendencies.
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COVID-19 Impact Analysis on Ventricular Assist Device Market:
Due to a halt in operations, the growth of end-user industries using Ventricular Assist Device decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the Market for Ventricular Assist Device manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the Market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Ventricular Assist Device has been severely decreased.
Key Questions Answered in the Market Report are:
- Which Market segment accounted for the most percentage of Ventricular Assist Device in 2022?
- How competitive is the Market environment?
- What are the primary factors influencing the Ventricular Assist Device Market's growth?
- Which region dominates the Market in terms of Market share?
- What will be the Market's expected CAGR from 2022 to 2029?
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The global ventricular assist device market size is expected to reach USD 4.1 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 11.7% over the forecast period.
Increase in prevalence of cardiovascular diseases such as congenital heart diseases, heart failure, hypertension, ventricular septal defect, and stroke due to rise in adoption of unhealthy lifestyle habits such as physical inactivity, smoking, and alcohol consumption drives the demand for ventricular assist devices (VADs).
According to estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to witness a twofold increase by 2050 with an estimated population of over 2,000 million.
Geriatric population has a high risk of various cardiovascular diseases and a majority of them are expected to suffer from heart failure or stroke.
For instance, the United Kingdom National Health Service (UK NHS) financed a bridge-to-transplant (BTT) program in which left ventricular assist devices (LVADs) such as HeartMate II and HeartWare are used for treating patients.
The increasing patient pool for cardiovascular disorders, coupled with growing demand for mechanical assist devices, is expected to drive the demand for VADs over the forecast period.
