Ventricular Assist Devices Global Market Report 2023: Sector to Reach $2.88 Billion by 2031 at a 7.9% CAGR
Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Ventricular Assist Devices Market by Product, Application, Design, Age: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The ventricular assist devices market was valued at $1,338.53 million in 2021 and is estimated to reach $2,880.66 million by 2031, exhibiting a CAGR of 7.9% from 2022 to 2031.
Key factors driving the growth of the ventricular assist device market include increase in incidence of heart failures, technological advancements, rise in patient awareness about heart failure treatment options and dearth of heart donors. In addition, growing demand for minimally invasive surgical procedures such as VADs is also driving the growth of the market. VADs are becoming increasingly popular due to their minimally invasive nature and their ability to provide a bridge to transplant or recovery.
Compared to traditional open-heart surgeries, VADs can be implanted with a smaller incision and minimal disruption to the surrounding tissues. This further results in a shorter hospital stay, faster recovery, and less pain for the patient having VAD implantation.
Moreover, VADs can be used as a bridge to transplantation, allowing patients to recover and wait for a suitable donor heart without undergoing multiple open-heart surgeries. These advantages are contributing to the growing demand for VADs as a treatment option for heart failure which is boosting the growth of ventricular assist devices market.
Factors such as Expansion into new markets and increasing reimbursement policies is anticipated to offer lucrative opportunities for the growth of ventricular assist devices market. There is an increase in reimbursement for ventricular assist devices by the insurance companies, which makes it possible for the people in developing countries to procure the devices.
In addition, government programs providing greater financial coverage or reimbursement for these devices is also anticipated to increase the adoption of VADs. This can make it easier for patients to access ventricular assist devices as a treatment option for heart failure, which is estimated to boost the market during the forecast period.
Key Market Segments
Left Ventricular Assist Devices (LVADs)
Right Ventricular Assist Devices (RVADs)
Biventricular Assist Devices (BIVADs)
Bridge To Candidacy Therapy
Transcutaneous Ventricular Assist Devices
Implantable Ventricular Assist Devices
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Key Market Players
CH Biomedical, Inc.
Calon Cardio-Technology Ltd
Berlin Heart GmbH
Jarvik Heart, Inc.
SynCardia Systems, LLC
Windmill Cardiovascular Systems
Key Market Insights
By product, the Left Ventricular Assist Devices (LVADs) segment was the highest revenue contributor to the market and is estimated to reach $2298.23 million by 2031, with a fastest rate at a CAGR of 8.3%.
By application, the Bridge-To-Transplant (BTT) segment dominated the global market. However, the Destination Therapy segment is expected to be the fastest-growing segment with a CAGR of 9.1% during the forecast period.
Based on design, the Implantable Ventricular Assist Devices segment was the highest revenue contributor to the market and is anticipated to grow at a fastest rate with a CAGR of 8.1% during the forecast period.
Based on age, the adults segment dominated the market in 2021, and the pediatrics segment is anticipated to grow at a fastest rate during the forecast period.
Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 11.1% during the forecast period
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Intensity of rivalry
3.4. Market dynamics
220.127.116.11. Increase in incidence of heart failures
18.104.22.168. Technological advancements
22.214.171.124. Rise in patient awareness about heart failure treatment options
126.96.36.199. Dearth of heart donors
188.8.131.52. High cost of devices and procedures
184.108.40.206. Serious risks involved in the procedure
220.127.116.11. Lucrative opportunities in the emerging markets
3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: VENTRICULAR ASSIST DEVICES MARKET, BY PRODUCT
CHAPTER 5: VENTRICULAR ASSIST DEVICES MARKET, BY APPLICATION
CHAPTER 6: VENTRICULAR ASSIST DEVICES MARKET, BY DESIGN
CHAPTER 7: VENTRICULAR ASSIST DEVICES MARKET, BY AGE
CHAPTER 8: VENTRICULAR ASSIST DEVICES MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/ipergg
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