Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product, By Type Of Flow (Pulsatile Flow, Continuous Flow), By Application, By Design, By Region, And Segment Forecasts, 2021 - 2028
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product, By Type Of Flow, By Application, By Design, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129577/?utm_source=GNW
Ventricular Assist Device Market Growth & Trends
The global ventricular assist device market size is expected to reach USD 7.5 billion by 2028. 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.
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
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