Vancouver, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Emergen research is one of the pioneers in providing strategic insights for emerging and disruptive technologies which are supposed to show exponential growth in the near future., has released a report that delves deep into the dynamic landscape of the Ventricular Assist Devices Market.
A Ventricular Assist Device (VAD) is a mechanical pump that is implanted in the chest or abdomen and is designed to assist the weakened or failing heart in pumping blood throughout the body. It is used as a treatment option for individuals with severe heart failure or other cardiac conditions that significantly compromise the heart's ability to pump blood effectively. VADs can be used as a bridge to heart transplantation, providing temporary support to patients while they await a suitable donor heart. They can also be used as a long-term solution for patients who are not eligible for heart transplantation but still need assistance to maintain adequate blood circulation and improve their quality of life.
According to Emergen Research report, the global Ventricular Assist Devices Market is projected to reach a market value of USD 3.30 Billion by 2032, growing at a CAGR of 10.7% during the forecast period. The report provides a detailed analysis of the market segmentation, including market size, share, and growth rate for each segment.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 1.19 Billion |
| CAGR (2023–2032) | 10.7% |
| Revenue forecast to 2032 | USD 3.30 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Design, Application, Age, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Medtronic, Abbott., Boston Scientific Corporation, Berlin Heart, Abiomed, LivaNova PLC, JARVIK HEART, INC., BIVACOR, INC., St Jude Medical, and ReliantHeart, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global Ventricular Assist Devices (VAD) market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Ventricular Assist Devices (VAD) solutions. Some major players included in the global Ventricular Assist Devices (VAD) market report are:
- Medtronic
- Abbott.
- Boston Scientific Corporation
- Berlin Heart
- Abiomed
- LivaNova PLC
- Jarvik Heart, Inc.
- BIVACOR, INC.
- St Jude Medical
- ReliantHeart, Inc.
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Strategic Development
- On 3 June 2021, Abbott announced that the company can provide to successfully meet the growing demand for Mechanical Circulatory Support (MCS) devices for the effective treatment of advanced heart failure. Additional doctors who will now be recommending Abbott's HeartMate 3TM heart pumps to their patients will receive support from Abbott in the form of training and education programs.
- On 16 March 2022, Cardiovascular Systems, Inc. (CSI®), a medical device company that creates and markets cutting-edge interventional treatment systems for people with peripheral and coronary artery disease, announced the results of the first in-person trial for PropelTM, its first-generation percutaneous Ventricular Assist Device (pVAD), which provides hemodynamic support for people undergoing High-Risk Percutaneous Coronary Interventions (HR-PCI).
What Drives the Ventricular Assist Devices Market?
The rising prevalence of heart failure and the growing demand for advanced cardiac care solutions are key drivers for the Ventricular Assist Devices Market. With an increasing number of individuals suffering from heart failure, VADs have become a critical treatment option. These devices offer a lifeline to patients who are not eligible for heart transplantation or are awaiting a suitable donor. The ability of VADs to significantly improve survival rates and enhance the quality of life has fueled their adoption across the globe.
Moreover, advancements in technology have led to the development of more efficient and durable Ventricular Assist Devices. Continuous innovation in device design, miniaturization, and improved biocompatibility has made VADs more reliable and safer for long-term use. This has further boosted the market growth, as healthcare providers and patients alike recognize the benefits of these devices.
Additionally, the growing geriatric population, coupled with the increasing prevalence of lifestyle-related diseases such as hypertension and diabetes, has contributed to the rising incidence of heart failure. As a result, there is a growing need for effective treatment options like Ventricular Assist Devices to address the escalating burden of heart failure globally.
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What Challenges Constrain the Ventricular Assist Devices Market?
Despite the significant advancements in Ventricular Assist Devices, there are certain challenges that hinder the market growth. One of the primary challenges is the high cost associated with these devices. The initial implantation procedure, device maintenance, and follow-up care can be expensive, making it less accessible for patients in lower-income brackets. This poses a barrier to the widespread adoption of VADs, particularly in developing regions.
Furthermore, the complex nature of VAD implantation and management requires specialized training and expertise. The limited availability of skilled healthcare professionals proficient in VAD implantation and post-operative care can impede the market growth. Efforts to enhance training programs and increase awareness among healthcare providers are crucial to overcome this challenge.
Unveiling Geographic Patterns in the Ventricular Assist Devices Market
The Ventricular Assist Devices market report provides a detailed analysis of the leading geographies, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America currently dominates the Ventricular Assist Devices market, accounting for the largest share globally. The region's well-established healthcare infrastructure, favorable reimbursement policies, and high adoption of advanced medical technologies contribute to its market dominance. The United States, in particular, has witnessed significant investments in cardiac care and research, driving the demand for Ventricular Assist Devices.
In Europe, countries such as Germany, the United Kingdom, and France are major revenue generators in the Ventricular Assist Devices market. These countries have a robust healthcare system and a strong focus on technological advancements in cardiac care.
Asia Pacific is expected to witness rapid growth in the Ventricular Assist Devices market during the forecast period. The increasing prevalence of heart failure, coupled with improving healthcare infrastructure and rising healthcare expenditure in countries like China, India, and Japan, are driving the market growth in the region.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global Ventricular Assist Devices (VAD) market on the basis of product type, design, application, age, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Left Ventricular Assist Devices (LVADs)
- Right Ventricular Assist Devices (RVADs)
- Biventricular Assist Devices (BIVADs)
- Total Artificial Heart
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Bridge-To-Transplant (BTT)
- Destination Therapy
- Bridge-To-Recovery (BTR)
- Bridge To Candidacy Therapy
- Design Outlook (Revenue, USD Billion; 2019-2032)
- Transcutaneous Ventricular Assist Devices
- Implantable Ventricular Assist Devices
- Age Outlook (Revenue, USD Billion; 2019-2032)
- Adults
- Pediatrics
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Closing Statement
The Ventricular Assist Devices Market is poised for transformative growth, driven by the escalating burden of heart failure and the need for advanced cardiac care solutions. With the potential to significantly improve patient outcomes and enhance quality of life, Ventricular Assist Devices have become indispensable in the field of cardiac care. As global players continue to invest in research and development, the market is projected to reach a value of USD 3.30 Billion by 2032, growing at an impressive CAGR of 10.7%. While challenges such as cost and expertise constraints persist, the benefits of improved survival rates and enhanced quality of life are propelling the Ventricular Assist Devices Market towards a future of advanced cardiac care and improved patient outcomes.
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