Ventricular Assist Devices Market
By Product (Left Ventricular Assistive Device (LVAD), Right Ventricular Assistive Device (RVAD), and Biventricular Assistive Device),
By Application (Bridge To Transplant (BTT), Bridge To Recovery (BTR), Bridget To Candidacy (BTC) and Destination Therapy (DT)),
By Type (Transcutaneous Ventricular Assist Devices and Implantable Ventricular Assist Devices),
By Flow (Pulsatile Flow and Continuous Flow),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global ventricular assist device market will be worth more than USD 4.2 billion by 2033.
Ventricular assist devices are designed to maintain the pumping of a failing heart. These devices are either used as a bridge to heart transplants until a donor is finally available or as a permanent treatment for cases of Heart failure. As per current analysis, Both Heart transplants and heart failure cases are expected to rise in forthcoming years. The rise in unhealthy life patterns coupled with an increasing geriatric population indicates more people being afflicted with failing Heart conditions. Heart transplant success rates are being improvised by continuous efforts to enhance immunosuppression approaches. Similarly, Heart failure is effectively managed by innovative device implants that enhance heart support. Innovations and improvement keep on propelling the market growth by positively impacting the patient's treatment dynamics. For instance, A German-based medical device company, AdjuCor GmbH, announced their innovative project for developing a cardiac supporting device named "rebate." The product is supposed to aid in cases of advanced heart failure and preserve the hope for a quality life. Major pharmaceutical firms like Abbott are also investing in medical device innovations for cardiac ailments.
The Ventricular assist device industry companies are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, Abbott announces approval from U.S. AND EUROPEAN authorities for the development of new technologies that support effective treatment for abnormal heart rhythms. Such initiatives would prevent chronic heart ailments like Arrhythmias from progressing into Heart failure. Furthermore, notable investment towards research and development to launch new and innovative products that support enhanced heart functioning at multiple levels is also practiced by industry stakeholders.
According to the CXOs and primary research conducted, COVID-19 triggered the market growth for ventricular assist devices after the pandemic, while actual heart surgeries declined during the pandemic. The mixed or contrasting dynamics are observed due to the lack of beds or resources during widespread COVID infection to carry out Heart surgeries. Along the same lines, the times during widespread infection also increased stress and disrupted sleep patterns due to excess phone consumption, increasing the prevalence of heart ailments. These increased heart ailments created more market opportunities for post-pandemic times while the actual pandemic faced a decline.
The Ventricular assist device market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-Pacific region will witness the highest market share, followed by Europe, North America, Latin America, and Middle East & Africa. The rise in innovation to develop enhanced products and an increase in initiatives to introduce Artificial heart components and devices, coupled with the presence of major industry players within the region, are primary factors supporting market potential within the Asia-Pacific region. The major companies operating within the market are Abbott Laboratories, Abiomed, Medtronic, Berlin Heart GmbH, Calon Cardio, CardioDyme, Jarvik Heart Inc., Medtronic plc, ReliantHeart Inc., SynCardia Systems and Terumo Medical Corporation. Ltd.