New York, March 15, 2023 (GLOBE NEWSWIRE) -- The Ventricular Assist Devices Market revenues were estimated at US$ 2.3 Billion in 2022 and are anticipated to grow at a CAGR of 22.8% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach US$ 20.6 Billion. The revenue from the US market was around US$ 1.3 Billion in 2022 and accounts for an absolute dollar opportunity of US$ 7.2 Billion from 2023 to 2033.
Ventricular assist devices are expected to be highly sought-after among cardiac assist devices, where the former accounts for more than 62% worldwide revenue share of the latter. The rise of VAD is being aided by the rising need for left ventricular assist devices.
They are predicted to gain popularity as healthcare experts and engineers work on next-generation devices that can be implanted on both sides of the heart. Technological developments have increased cardiac arrest rates, and a scarcity of organ donors is contributing to the market growth.
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According to the World Health Organization, some 17.9 million people die every year from cardiovascular illnesses, with heart failure being one of the leading causes of death. According to the Centers for Disease Control and Prevention, about 6.2 million adults in the United States suffer from heart failure, with 379,800 people dying of it in 2018. (CDC). The adoption of ventricular assist devices, particularly left ventricular assist devices, has increased as the frequency of heart failure has increased.
The demand for VADs is increasing due to advancements in technology and the availability of innovative products such as miniaturized VADs and continuous-flow devices. Moreover, the rise in healthcare expenditure and awareness about the benefits of VADs is also contributing to the growth of the market.
In addition, the COVID-19 pandemic has also increased the demand for VADs, as patients with heart failure are at a higher risk of developing severe symptoms and complications if they contract the virus. This has led to an increased demand for VADs in hospitals and healthcare facilities.
Overall, the ventricular assist devices market is expected to continue to experience demand and growth in the coming years. the VAD market is highly competitive, and companies need to have a well-defined strategy to succeed. By investing in product innovation, collaboration, marketing, geographic expansion, and cost optimization, companies can gain a competitive edge and succeed in this market.
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Competitive Landscape
The key players in the global Ventricular Assist Devices Market are Abiomed, Medtronic, Abbott, Berlin Heart, and Cardiac Assis Inc.
- In June 2020, the FDA approved Abiomed's Impella ECP First-in-Human Trial in high-risk percutaneous coronary intervention patients. Furthermore, they are pursuing various methods like mergers and acquisitions and increasing their manufacturing facilities in order to enhance their business and broaden the reach of their technology.
- In June 2021, Abbott increased its manufacturing capacity and supplies to meet the rising demand for mechanical circulatory support (MCS) devices, which are used to treat severe heart failure.
- In February 2021, CARMAT gained FDA approval to utilize a new version of their artificial heart in a US Early Feasibility Study (EFS).
- In October 2019, Medtronic obtained the FDA's breakthrough device designation for the 'HVAD,' an implantable heart pump designed to treat patients with severe heart failure.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Ventricular Assist Devices Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
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The study reveals essential insights
- by Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, Total Artificial Heart),
- by Flow Type (Pulsatile Flow, Continuous Flow),
- by Application (Bridge to Transplant, Destination Therapy, Other Applications)
- by Design Type (Implantable Ventricular Assist Device, Transcutaneous Ventricular Assist Device),
- across five regions (North America, Latin America, Europe, Asia Pacific and the Middle East & Africa).
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