Global Ventricular Assist Devices Market Key Insights
During the forecast period of 2023-2033, the global ventricular assist devices market is expected to reach an estimated value of ~USD 4 billion by 2033, by expanding at a CAGR of ~9%. The market further generated a revenue of ~USD 1 billion in the year 2022. Major key factors propelling the growth of the ventricular assist devices market worldwide are the increasing prevalence of cardiovascular diseases and the rising penetration of artery diseases.
Market Definition of Ventricular Assist Devices
A ventricular assist device (VAD) is an electromechanical device, which supports cardiac circulation and can either entirely or partially replace the function of a failing heart. A VAD pumps blood, but a pacemaker stimulates the cardiac muscle with electrical impulses, hence their functions in the body are distinct. For patients with severe heart failure, some VADs are intended for long-term usage (months to years to infinity) while Some VADs are intended for short-term usage, usually by people who are recovering from myocardial infarction (heart attack) or cardiac surgery.
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Global Ventricular Assist Devices Market: Growth Drivers
The growth of the global ventricular assist devices market can majorly be attributed to the rising incidence of cardiovascular disorders across the world. According to information from the World Health Organization (WHO), around 17.9 deaths worldwide were attributed to cardiovascular illnesses in 2019. Trends in the global ventricular assist device market, including the rising incidence of congenital heart disease, ongoing technological advancements in medical equipment, and a significant rise in healthcare spending worldwide, are anticipated to positively impact the market's growth over the forecast period. It has been noted that only in the USA, congenital heart disease (CHDs) affects over 38,000 babies each year.
The global ventricular assist devices market is also estimated to grow majorly on account of the following:
• Increasing cases of heart attacks
• Rising prevalence of coronary artery diseases
• Technology advancement in the assist devices
• Growing healthcare expenditure
Global Ventricular Assist Devices Market: Restraining Factor
The need for heart transplants has grown dramatically but the shortage crisis caused by a lack of sufficient cardiac donors to meet demand has spread globally and is expected to impede the market's expansion. About 3900 people are waiting for heart transplants, according to one of the reports. Hence this factor is expected to be the major hindrance for the growth of the global ventricular assist devices market during the forecast period.
Global Ventricular Assist Devices Market Segmentation
• By End-User (Hospitals, Specialty Clinics, ASCs, and Others)
The hospitals segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The increasing patient populace in hospitals over the past few decades can be attributed to the segment's rise. About 100 million individuals visited the emergency room as of 2018, and it is anticipated that this number will rise sharply over the forecast period owing to the growing penetration of chronic diseases including heart failure and others.
• By Product Type {Biventricular Assist Devices (BIVADs), Right Ventricular Assist Devices (RVADs), and Left Ventricular (LVADs)}
• By Design (Transcutaneous Ventricular Assist Devices and Implantable)
• By Application {Bridge-to-Transplant (BTT), Bridge-to-Candidacy (BTC), Bridge-to-Transplant (BTT), and Destination Therapy}
• By Region
The North America ventricular assist devices market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The rise of cardiac arrests in the region is accountable for the market's expansion. Additionally, in the region, one of the main causes of death is cardiac arrest. It was noted that one person dies from a heart attack in the region every 40 seconds, while the annual rate of out-of-hospital cardiac arrests in the United States is estimated to be close to 0.03 million. Furthermore, the increasing healthcare infrastructure and the rising healthcare spending in the region are predicted to boost the market growth.
The market research report on global ventricular assist devices also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Ventricular Assist Devices Market
Some of the key players of the global ventricular assist devices market are Sun Medical Technology Research Corp., Berlin Heart GmbH, Abiomed, Inc., ReliantHeart, Inc., Jarvik Heart, Inc, LivaNova, Inc., Boston Scientific Corporation, Calon cardio-Technology Ltd., Medtronic plc, and others.
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