Ensuring that cardiac
patients have a comfortable lifestyle led to the ventricular assist device
market. A ventricular assistance device is a medical support system primarily
used for people suffering from heart disease. This mechanical circulatory
support device helps the lower core chamber pump blood to the rest of the body.
It is placed into the heart's left ventricle during severe cardiac damage by
open-heart surgery. A person undergoing treatment for a heart transplant may
take advantage of this medical device for regular blood flow. In some extreme
cases, VAD is used permanently for patients who cannot undergo cardiac transplantation
due to other health-related factors.
Ventricular Assist Devices Market Size
It has been estimated that
the ventricular assist devices market is expected to grow at the
rate of CAGR 8% from the year 2023 to 2032.
This has risen from $ 1.8 billion in the year 2020.
Ventricular Assist Devices Market Share
The U.S. market is driven by
a surge in obesity and diabetes, thus resulting in high rates of heart failure.
However, the availability of life-saving treatments and insurance coverage has
jumped on the market of ventricular support devices to regulate blood flow. North
America too is a key player when it comes to this medical device market;
advancement in medical collaborations, bridge-to-transplant and impetus towards
destination therapies have given rise to the ventricular assist device market.
Asia-Pacific regions also
have the highest CAGR rate of 19.3%. Medical tourism promoted by Asian medical
systems has stimulated the outpatient experience in developing
countries—particularly patients requesting medical aid from Middle East
countries in India.
The key companies investing
in ventricular assist devices are – Medtronic, Cardiac Assist Inc., Abbott,
Berlin Heart, Abiomed, Jarvik Heart, Inc., and Sun Medical Technology Research
Corp.
Ventricular Assist Devices Market Growth
Daily stress and living in the
fast lane have given rise to chronic ailments that have in turn crippled the
health of the working population. Younger generations with sedentary lifestyles
and an ageing population have resulted in individuals suffering from hereditary
diseases, diabetes, obesity and chronic anxiety, resulting in early organ
failure. The shortage of donors and inadequate organ storage facilities have
resulted in the manufacture of medical devices, life-saving treatments for
heart failure patients.
It has been estimated that
nearly 20 million Americans and Europeans are waiting for a healthy heart transplant. Due to which the
capital venture market is investing in the manufacturing of VAD. The total
artificial heart is a new medical miracle device that can imitate the functions
of a healthy human heart. It can increase blood flow, regulate heartbeat, and
improve cardiac patients' life expectancy. In 2020, it was reported that the
left ventricular assist device market surged towards 80.5% revenue. The
Biventricular assist device market is also set to rise within the coming years
since they have partially replaced the left ventricular assist devices due to accuracy
and efficiency.
Ventricular Assist Devices Market Value
Innovations are underway in
ventricular support devices to make them more prone to human biological
functions. In the year 2020, the non-pulsatile assist devices have emerged as
market winners due to their ability to function noiselessly, operate with fewer
rotating parts, rare replacement techniques and fewer care.
Many manufacturers like the
FineHeart SARL have successfully created a miniature embedded pulsatile flow
VAD that can easily regulate the flow of blood through the pumps without much
damage to the device functioning. The market for implantable devices is
likewise increasing because patients ineligible for a cardiac transplant seek
long-term clinical therapy.
Industry News
Thus with the advancement of
medical technology, there will be a surge in ventricular assist devices to aid
heart patients. Since medical facilities are becoming accessible and the
overall lifestyle of the average population has gone up, this device market
will experience an upward trend among those looking for a permanent solution
towards heart treatments.
Key Players
The Ventricular
Assist Devices Market players are Medtronic plc ,
Abbott ,Berlin Heart GmbH, ReliantHeart Inc. ,Abiomed Inc. ,Cardiac Assist
Inc.,Cirtec, CorWave SA ,Fineheart
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