The global ventricular assist device market size was estimated to be US$ 1.45 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
In patients with a weak heart and are also suffering from serious conditions like high blood pressure, diabetes and lung disease need a specially designed mechanical pump. This pump is called as a ventricular assist device and it functions as a supporting device to their heart for regulating the flow of blood.
Rising geriatric population and the rise in incidents of cardiovascular diseases are key drivers of growth of the ventricular assist device market. The rapid growth in technological advancements and development are other important factors escalating this market’s growth. Additionally, the expansion of market players across emerging geographies and the increase in the number of product approvals by government regulators will further create new opportunities for ventricular assist device market during the forecasted period.
Ventricular assist device market is expected to gain growth during 2022 and 2032. insightSLICE analyses the market to grow at a CAGR of 15.5% in the above-mentioned forecast period. Spreading awareness about the heart failure treatment among population drives the ventricular assist device market
Ventricular assist device market dynamics
Increase in patient population
This is mainly because of factors such as degenerative diseases due to old age, growing number of cardiovascular diseases and also due to post-disease complications in COVID-19 patients.
Technological advancements
Efforts made to spread awareness on the newest technology used in ventricular assist devices by public and private organizations has also led to an increase in demand and also considerably reduced patient mortality. Increase in the use of latest technology has also led to the increase in the number of product approvals by government regulators and has positively impacted patient quality of life.
Challenges in the ventricular assist device market
The lack of skilled super specialists needed to properly implant the device and the adverse effects/reactions owing to incorrect implantations are the major factors which restrain the global market growth. Unless these factors are addressed by healthcare authorities the global market growth will be hindered even during the forecast period.
The major companies operating in the global ventricular assist device markets are Abbott, ABIOMED, Berlin Heart, BiVACOR, CardiacAssist, Evaheart, Jarvik Heart, Medtronic, Terumo Corporation, ReliantHeart, Calon Cardio-Technology Ltd, LivaNova PLC, HeartWare, Thoratec Corporation, Getinge AB, SynCardia Systems, CHF Solutions, Cardiobridge GmbH and others.
Global ventricular assist device market segmentation
By Product Type
- Left Ventricular Devices
- Right Ventricular Devices
- Biventricular Devices
By Application
- Bridge-to-transplant (BTT) therapy
- Destination therapy
- Bridge-to-recovery (BTR) therapy
- Bridge-to-candidacy (BTC) therapy
By Design
- Transcutaneous ventricular assist devices
- Implantable ventricular assist devices
By Type
- Pulsatile flow
- Continuous flow
By Age
- 18, 19-36
- 40-59
- 60-79
- Above 80
By End-use
- Hospitals
- Home care setups
- Other healthcare providing facilities
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
