The global Ventricular Assist Device Market size is expected to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.6% from 2021 to 2028. The rapidly growing global geriatric population is susceptible to chronic medical ailments such as diabetes, neurological disorders, cardiovascular diseases, stroke, and end-stage cardiac failure. The rising risks of organ failures and the growing demand for organ transplants due to these chronic ailments are contributing to the growth of the market for Ventricular Assist Devices (VADs). The development of innovative products and sophisticated miniature devices incorporated with features, such as infection control techniques, is expected to provide an impetus to the growth. The numerous benefits associated with the use of VADs, such as increased survival rate, durability, and functionality, are supporting the growing rate of adoption, and thereby boosting the market for VAD.
The
growing rate of globalization, increasing pursual of unhealthy lifestyle
habits, minimal physical activity, increased consumption of junk food and
beverages, and tobacco and alcohol consumption if leading to the high
global prevalence of cardiovascular diseases. The prevalence of rising
cardiovascular diseases has been witnessed in developed countries of North
America and Europe. Congenital heart diseases, heart failure, hypertension,
ventricular septal defect, and stroke are among the major cardiovascular
diseases. According to the CDC, in September 2020, nearly 6.7% or 18.2 million
adults have critical congenital artery disease, and it has been estimated that
approximately 2 in 10 adults aged 65 and below are likely to die from this
disease.
In
addition, the demand for VADs is primarily driven by the increasing prevalence
of congenital heart disease, especially cyanotic congenital heart disease in
adults. As per multiple population studies on heart failure and stroke, it has
been recorded 65-70% of the cases are due to left ventricular systole
dysfunction, which is boosting demand for ventricular assist devices. As per
VAD procedure data it has been witnessed that hospitalization, in-hospital
mortality, and hospital expenses have declined with the use of VAD. As per the
American Heart Association estimates, U.S. annually spends USD 26 billion on
heart failure patients.
Furthermore,
technological advancements in the development of miniature devices with
infection control technologies are expected to boost the growth of the market
for VAD. The introduction of novel VADs for complex surgical procedures in the
pediatric population is expected to support market growth over the forthcoming
years. For instance, in 2011 the U.S. FDA approved the continuous-flow LVADs,
Micromed HeartAssist 5TM Pediatric VAD, and the Berlin HeartTM EXCOR pediatric
VAD, for pediatric patients. Berlin HeartTM EXCOR is approved for use as a
bridge-to-transplantation device. The continuously evolving and innovating
market of VADs is attracting investments for new product development.
Related Press
Release@ Ventricular
Assist Device Market Report
Ventricular Assist Device Market Report Highlights
- The market
for VADs is expected to witness significant growth over the forecast
period owing to the increasing prevalence of cardiovascular diseases and
shortage of transplant organs
- The Left
Ventricular Assist Devices (LVAD) product segment dominated the market in
2020 due to shortage of organ donors and increased demand of LVADs for the
bridge to transplantation in end-stage heart failure patients
- The
non-pulsatile or continuous flow type segment dominated the market for
VADs in 2020 due to the multiple mechanical benefits compared to pulsatile
flow devices such as longer endurance, minimal noise, compact size, and
simplicity
- The
implantable ventricular assist devices in the design segment dominated the
market in 2020 due to increasing preference for long-term treatment
methods and the growing development of innovative products
- The
destination therapy application segment dominated the market for VADs in
2020 due to the increasing incidence of end-stage heart failure and
cardiovascular diseases
Ventricular Assist Device Market Segmentation
Grand
View Research, Inc. has segmented the global ventricular assist device market
on the basis of product, type of flow, application, design, and region:
VAD Product Outlook (Revenue, USD Million, 2016 -
2028)
- Left
Ventricular Assist Device
- Right
Ventricular Assist Device
- Bi-Ventricular
Assist Device
- Total
Artificial Heart
VAD Type Of Flow Outlook (Revenue, USD Million, 2016
- 2028)
- Pulsatile
Flow
- Continuous
Flow
VAD Application Outlook (Revenue, USD Million, 2016
- 2028)
- Bridge to
Transplant
- Destination
Therapy
- Others
(Bridge to Recovery, Bridge to Candidacy, and Others)
VAD Design Outlook (Revenue, USD Million, 2016 -
2028)
- Implantable
Ventricular Assist Device
- Transcutaneous
Ventricular Assist Device
VAD Regional Outlook (Revenue, USD Million, 2016 -
2028)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Russia
- Asia Pacific
- Japan
- China
- India
- Singapore
- Australia
- South Korea
- Latin
America
- Brazil
- Mexico
- Argentina
- MEA
- South
Africa
- Saudi
Arabia
- UAE
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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