Ventricular Assist Devices Market to Reach $2.82 Bn, Globally, by 2030 at 8.6% CAGR: AMR
Rise in incidence of health failures, dearth of heart donors, surge in patient awareness about health failure treatment options, and technological advancements have boosted the growth of the global ventricular assist devices market
PORTLAND, Ore., March 31, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Ventricular Assist Devices Market by Product (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), and Biventricular assist devices (BIVADs)), Application (Bridge-to-transplant (BTT) Therapy, Destination Therapy, Bridge-to-recovery (BTR) Therapy, and Bridge-to-candidacy (BTC) Therapy), and Design (Transcutaneous and Implantable Ventricular Assist Devices): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global ventricular assist devices industry was accounted for $1.23 billion in 2020, and is expected to reach $2.82 billion by 2030, growing at a CAGR of 8.6% from 2021 to 2030.
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Drivers, restraints, and opportunities
Rise in incidence of health failures, dearth of heart donors, surge in patient awareness about health failure treatment options, and technological advancements have boosted the growth of the global ventricular assist devices market. However, serious risks involved in the procedure and high cost of devices and procedures hinder the market growth. On the contrary, potential in emerging markets would open new opportunities in the future.
Covid-19 scenario:
- During the Covid-19 pandemic, the demand for bariatric surgery increased, which favored the ventricular assist devices industry.
- Moreover, rise in number of product approvals during the pandemic benefited the market.
- However, the prolonged lockdown and disrupted supply chain presented some challenges to the key market players.
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The left ventricular assist devices (LVADs) segment held the largest share
By product type, the left ventricular assist devices (LVADs) segment held the largest share in 2020, accounting for nearly three-fourths of the global ventricular assist devices market. In addition, the segment is expected to register the highest CAGR of 8.7% during the forecast period, owing to rise in prevalence of cardiovascular surgeries. The report includes analysis of other segments such as right ventricular assist devices (RVADs) and biventricular assist devices (BIVADs).
The hypermarket and supermarket segment dominated the market
By application, the bridge-to-transplant (BTT) segment held the lion's share in 2020, contributing to nearly half of the global ventricular assist devices market. However, the destination therapy segment is estimated to manifest the highest CAGR of 9.0% from 2021 to 2030, due to rise in number of approvals of products.
North America held the largest share
By region, the global ventricular assist devices market across North America dominated in 2020, holding more than two-fifths of the market, due to robust infrastructure provided for research activities and presence of key players across the region. However, the market across Asia-Pacific is projected to portray the highest CAGR of 8.9% during the forecast period, owing to rise in use of ventricular assist devices products, R&D activities for new product launch, and surge in investment in the healthcare sector.
Major market players
- Abiomed, Inc.
- Boston Scientific Corporation
- Berlin Heart GmbH
- Jarvik Heart, Inc.
- Calon Cardio
- Medtronic plc
- LivaNova PLC
- Abbott Laboratories
- ReliantHeart Inc.
- Terumo Medical Corporation
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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