Ventricular Assist Device Market Size Is Projected To Touch USD 4.1 Billion By 2027 | Grand View Research Inc.

August 26 10:37 2020
Ventricular Assist Device Market Size Is Projected To Touch USD 4.1 Billion By 2027 | Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,The increasing prevalence of cardiovascular disorders, mainly hypertension, ventricular septal defect, heart failure, and stroke, is one of the key factors driving ventricular assist device market growth.

According to a report, “Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product (LVAD, RVAD, BiVAD, TAH), By Type Of Flow (Pulsatile, Continuous), By Design, By Application, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,As per the report by Grand View Research Inc., the global ventricular assist device market estimated to value at USD 4.1 Billion by 2027. It is expected to witness an 11.7% CAGR in the period of forecast.

Ventricular Assist Device is furthermore recognized as VAD. It is an automatically supported pump that is utilized to help the functioning of the heart and the flow of blood in those persons, who possess the cardiac disease. This device provides support to the hearts of the patients, during or after the surgery, till the recovery.  At the same time it also supports the patients those are undergoing the heart transplantation procedures. Furthermore, the ventricular assist device can be a long standing way out for those patients, suffering with cardiac complaints. 

Growth in the occurrences of cardiovascular sicknesses for example stroke, hypertension, hereditary sickness of heart, failure of heart and ventricular sepal imperfection, unhealthy way of life, and the smoking habits and other such as consumption of alcohol, physical idleness boosts the demand for the ventricular assist device.

Global rise in the geriatric population, together with their vulnerability to the cardiovascular sickness, is the most important factor powering the development of the market for ventricular assist device. As per the approximations, published by the United Nations in 2012, the geriatric population of the world was almost 809.4million and is predicted to rise double by 2050.  The geriatric population possess a greater possibility of a various cardiovascular illnesses and most of the population are likely to experience the stroke otherwise failure of heart.

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On the other hand, high prices of these products, inadequate coverage of insurance and stringent structure of rules for their authorization, are the few hurdles, restricting the development of the market for ventricular assist device.

U.S. ventricular assist device market size

Effect of Covid-19:

The growing financial encouragement and the support from the various governments, all over the world, are driving the market growth. At present, due to the pandemic of Covid-19, the utility owned ventricular assist devices are affected. The majority of the projects in South Korea, the U.S., Germany and China are belated and the businesses are facing temporary problem of running the operations because of the disruption and the limitations of the supply chain due to the Covid-19. Because of the consequences of the pandemic in Japan, India and China, the Asia Pacific is extremely affected. As China was the epicenter of this deadly disease, it had also been the most important nation for the chemical business and hence the business is drastically affected.

Further findings from the report suggest:

Due to the growing cases of obese in the North America, it dominated the global market for ventricular assist device; in 2019. Overweight population is the most important reason for the cardiac sickness in the population.

As a result of growing inclination for the methods of long term treatment, the implantable ventricular assist device appeared as the most important category of the design, in 2019.

In 2019, left ventricular assist device appeared as the biggest sector of the product. It was having a share of 76.9% in the global market for ventricular assist device. This is credited to the growing demand for LVADs, in bridge to the transplantation for the patients, affected by the failure of heart at last stage.

Owing to the rise in cases of cardiovascular sickness, the desired therapy is projected to record a considerable rate of development during the period of forecast.

Based on the category of flow, the continuous flow detained the biggest share in 2019.It is additionally estimated to record the maximum CAGR, during the period of the forecast. These devices need a very small maintenance and the substitution.

Companies

Some of the important companies for Ventricular Assist Device Market are:

  • Cardiac Assist, Inc.
  • Abiomed, Inc.
  • Berlin Heart GmbH
  • Medtronic
  • CHF Solutions, Inc.
  • Reliant Heart Inc.
  • Abbott

Application Insights

The destination therapy segment dominated the VAD market in 2019. This can be attributed to an increase in incidences of end-stage heart failures and cardiovascular diseases. Left ventricular assist devices find application in destination therapy for heart patients who cannot undergo heart transplant surgery. Key players in the market are Abbott; Medtronic; and Jarvik Heart, Inc. Many of these companies’ products are in the pipeline for FDA approval. In line with this, in October 2018, Abbott received FDA approval for its HeartMate 3 LVAD for destination therapy.

Global ventricular assist device market share

The bridge to transplantation segment is expected to grow at a significant rate over the forecast period. Ventricular assist devices in bridge to transplantation are used for a short-term period (2 to 6 months only) to help patients stabilize their physiological stress during transplantation surgeries. Moreover, the use of VAD as a bridge to transplantation is gaining immense popularity due to improvements in device technology and reduction of VAD-associated complications. Bridge to recovery and bridge to candidacy are other application segments. VADs can be used as a bridge to recovery, wherein it provides initial support to the patient to ensure healing during recovery time.

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Ventricular Assist Device Market Segmentation

Grand View Research has segmented the global ventricular assist device market on the basis of product, type of flow, design, application, and region:

Ventricular Assist Devices Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Left Ventricular Assist Device (LVAD)

  • Right Ventricular Assist Device (RVAD)

  • Biventricular Assist Device (BiVAD)

  • Total Artificial Heart (TAH)

Ventricular Assist Devices Type of Flow Outlook (Revenue, USD Million, 2016 – 2027)

  • Pulsatile Flow

  • Non-pulsatile or Continuous Flow

Ventricular Assist Devices Design Outlook (Revenue, USD Million, 2016 – 2027)

  • Implantable

  • Transcutaneous

Ventricular Assist Devices Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Bridge to Transplant

  • Destination Therapy

  • Bridge to recovery & bridge to candidacy

Ventricular Assist Devices Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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