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Home » Press Releases » Global Ventricular Assist Devices Market worth $2.59 billion by 2030

Global Ventricular Assist Devices Market worth $2.59 billion by 2030


Published Date: Apr-2022 | Report Format:Electronic (PDF)

The report "Global ventricular assist device"  Market by Application (Bridge to transplant therapy (BTT), Destination Therapy, Bridge to recovery therapy (BTR), Bridge to candidacy therapy (BTC)), Product (Left ventricular assist devices (LVADs), Suitable ventricular assist devices (VADs), Biventricular assist devices), Design (Transcutaneous ventricular assist devices, implantable ventricular assist devices), & Region(North America, Europe, Asia Pacific, and Rest of the world)- Global Forecast to 2030. "The Global ventricular assist device Market share was USD 1.3 Bn in 2020. It is predicted to reach USD 2.59 Bn by 2030, representing a CAGR of 7.13 % throughout the forecasted period.

To know more about the report, Click on the link :- https://www.strategicmarketresearch.com/market-report/ventricular-assist-devices-market

 

KEY FACTORS THAT ARE CONTINUOUSLY AUGMENTING THE MARKET GROWTH

Some of the most notable factors that are majorly driving the overall growth of the market worldwide are an increase in the number of CVDs (cardiovascular diseases), A rise in technological advancement, and a continuous rise in the geriatric population across the globe.

 

By Application, the 'Bridge to transplant therapy 'segment held the highest share in 2020

Based on Type, the "Bridge to transplant" segment held the maximum part of the share of the entire market in 2020 due to the increasing awareness about transplantation. In addition, the increase in the availability of VADs for BTT has accounted for the growth of this segment.

 

By Design, the 'Implantable heart pump devices' segment held the most significant share of the market in 2020

Based on Design, the Global ventricular assist device market has been fragmented into Transcutaneous ventricular assist devices and implantable ventricular assist devices. The "Implantable heart pump device" segment comprehensively held the most amount of share of the entire market in 2020 due to the innovative product development by leading players and the increasing need for an effective solution to manage heart failure. Defibrillator-Heart Pump is regarded as one of the most widely used heart pump devices globally.  An Implantable Ventricular Assist Device with Integrated Defibrillator Component-The First In Vitro Testing. Fibrillation causes irregular heart rhythms, and defibrillation is the treatment for life-threatening cardiac diseases.

 

By Product, 'Left Ventricular assist devices' segment held the largest share of the market in 2020

Based on Product, the Global ventricular assist device market has been broadly segregated into Left ventricular assist devices (LVADs), Suitable ventricular assist devices (VADs), and Biventricular assist devices. The Left ventricular assist device held the largest share of revenue in 2020. This growth is because of technological advancements, increasing heart failures, and the shortage of organ donors. As a result, the LVAD market was valued at USD 357 million in 2020.

 

By Region, the "Europe" accounted for the maximum share of the market in 2020

Based on Region, the Global Ventricular assist device market has been broadly segregated into North America, Europe, APAC, and the Rest of the World. "Europe" accounted for the largest share of the market in 2020 because of the increasing adoption of heart pump devices, the number of research activities for improving current technologies, and the increasing number of CVDs.

 

SOME OF THE NOTABLE PLAYERS ARE PREVAILING IN THE MARKET.

Some of the leading players in the Global Intravascular Temperature Management Market include Abbott Laboratories, Abiomed Medtronic, Teleflex Incorporated,  SynCardia Systems, Fresenius Medical Care AG & Co. KGaA, Getinge (Sweden), CardiacAssist Inc., Berlin Heart, Jarvik Heart Inc., SENKO MEDICAL INSTRUMENT Mfg. CO. LTD., CardioDyme, World Heart Corporation.

 

Recent Developments: -

  • In June 2021, Abbott declared that they have the adequate supply and capacity to support the growing demand for mechanical circulatory support (MCS) devices.
  • In February 2021, FDA approved CARMAT's Early feasibility study (EFS) in the US. This version comes with certain improvements for the wearable and prosthesis system.
  • In 2020, Abbott got FDA permission for the HeartMate3 heart Pump to be used for pediatric patients. The heart pump used by pediatric patients with its advanced refractory is used to treat left ventricular heart failure.

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