New York, US, June 24, 2021 (GLOBE NEWSWIRE) --
Ventricular Assist Devices Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Ventricular Assist Devices Market Information by Product Type, Type of Flow, Design, Application, and Region - Forecast till 2027”, the market accounted for USD 1,726 Million in 2019 and it is projected to grow at 11.2% CAGR during 2020 to 2027.
Market Scope:
Ventricular Assist Devices function as a mechanical circulatory support device i.e., as an implantable mechanical pump that aids in pumping blood from the lower chambers of the heart to the rest of the body, is estimated to be key in several treatment approaches for heart-related ailments. The growing occurrence of cardiovascular disorders has led to cardiovascular diseases becoming the number one cause of deaths worldwide. The weight of CVD on the healthcare system compelled by the scarcity of heart donors has resulted in amplified demand for VADs.
The development of technically advanced products driven by the government initiatives to back medical device manufacturers is estimated to further compel ventricular assist devices market development. Also, a large number of clinical trials are in VAD development, and these clinical trials are being directed by various research organizations, companies, and universities, which will further bolster innovation in the global market.
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Key Players:
The Important Companies in the Ventricular Assist Devices Market are
- Abbott (US)
- ReliantHeart Inc. (US)
- Abiomed Inc. (US)
- Cardiac Assist Inc. (US)
- Cirtec (US)
- CorWave SA (France)
- Medtronic plc (Ireland)
- Fineheart (France)
- Berlin Heart GmbH (Germany)
BGF, a growth capital investor has declared a €6 million equity financing in Vasorum, a Dublin-based medical device corporation. BGF in Ireland is favored by the Ireland Strategic Investment Fund (ISIF) and the chief Irish banks. Vasorum specializes in devices operated to close arterial punctures in vascular, radiology, cardiology, and neuro-radiology techniques. The company advances and markets the CELT Arterial Closure Device ("ACD"), which is utilized to close femoral artery perforations. The company revealed BGF’s financing will be used to hasten the commercial roll-out of CELT ACD in the US and to invest in new product development.
Browse In-depth Market Research Report (120 Pages) on Ventricular Assist Devices: https://www.marketresearchfuture.com/reports/ventricular-assist-devices-market-9777
Market Segmentation:
The Segment Analysis of the Ventricular Assist Devices Market is done by Product Type, Type of Flow, Design, Application.
Left Ventricular Assist Device (LVAD) is likely to account for the principal market portion in the global ventricular assist devices market. This segment is the chief income contributing influence in this market as the quantity of LVAD implantations in heart failure patients is elevated as associated with RVAD. As a result, several companies have advanced products to expand treatment outcomes. Continuous flow left ventricular assist devices (CFVAD) are presently the most extensively used type of VAD. CFVADs present returns of smaller size augmented reliability & stability, and subsequent developments in survival. Thus, accounting for the largest ventricular assist devices market share and is also the fastest-growing segment in the market. U.S. Food and Drug Administration (FDA) has approved restructured labeling for Abbott's HeartMate 3 left ventricular assist device (LVAD) to be utilized in pediatric patients with progressive refractory left ventricular heart failure. With the restructured labeling, physicians now have extra options for treating this underserved population pending a heart transplant or for those not qualified to obtain a transplant as a consequence of potential problems or risk connected to the procedure. The endorsement follows comparable pediatric cardiology innovations for Abbott in recent years.
Pulsatile flow VADs use positive displacement pumps which imitate the usual pulsing action of the heart; thus, they are anticipated to display a reasonable market development throughout the forecast period. Implantable ventricular assist devices or implantable VADs are consumed when a patient is expecting a heart transplant or as a long-term answer if a patient is not qualified for a transplant procedure owing to other medical complications. Destination Therapy which is used as an end-stage therapy where the VADs are implanted in acute heart failure patients is also growing steadily due to growing shortage of heart failure patients and heart donors, leading to this segment contributing to the largest part in the global ventricular assist devices market. CMS has settled Medicare strategies for artificial hearts and ventricular assist devices (VADs) in an apprise to enlarge coverage. The final policy which came from requests by Abbott and SynCardia, cuts compactly to the summary CMS released for consultation in August. CMS has fine-tuned the phrasing of the patient selection standards but otherwise mainly reserved the proposed text. Under the novel policy, Medicare will include artificial hearts outside of clinical studies and support its VAD coverage criteria with present medical practice, aligning more individuals to use products such as Abbott's HeartMate 3.
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Regional Analysis:
The Americas ventricular assist devices market controls the global market owing to the elevated number of patients enduring cardiovascular diseases and limited availability of heart donors. The European regional market is likely to illustrate exponential evolution in the ventricular assist devices market due to prevalence of the cardiovascular disease in the region. Also, in the European regional market, some businesses are concerned with the expansion of new products and delivering treatment choices for diverse age groups. The Asia Pacific ventricular assist devices market is projected to witness a substantial growth rate due to intensifying healthcare spending, collective chronic cardiovascular disease incidence, and a rise in the number of collaborations & strategic agreements among major market players. Furthermore, growing medical travel for cardiac surgeries in nations like Malaysia, India, and Singapore among others is a key issue driving the growth of the ventricular assist devices market in this region. The growing rate of cardiovascular diseases is one of the focal aspects of the market development in the MEA region.
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