The global ventricular assist devices market is evaluated at US$1.941 billion for the year 2022 and is projected to grow at a CAGR of 10.40% reaching the market size of US$3.880 billion by the year 2029.
The ventricular assist device or VAD is a mechanical device that is used on patients with extreme heart-related conditions or whose heart is prone to failure at times to help their heart pump blood to the rest of their body and keep functioning. These devices can either be used to partially support a failing heart to pump the blood from the lower chamber of the heart to the rest of the body or can be used as a replacement for a fully functioning heart.
These VADs or ventricular assist devices can be categorized based on which type of disease the patient has and which ventricle support the patient needs for their heart condition. For instance, if the heart needs support for the left ventricle the patient can use LVAD or left ventricular assist device, if the heart needs support for the right ventricle then they can use RVAD or right ventricular assist device, and if both ventricles need support then they can use BiVAD for that specific heart condition.
INTRODUCTION:
The ventricular assist device market is driven by the growing developments in healthcare and medical technology over the years which has increased the overall efficiency and reliability of these devices for patients of severe heart diseases. The growth in the technological developments in ventricular assist devices has led several governments and private organizations across the globe to invest in research and development of more effective, accurate, safe, and reliable ventricular assist devices that can be used on patients and increase their lifetime significantly if their heart has failed due to some diseases.
The growth in several heart-related patients across different regions is contributing to the development and expansion of effective ventricular assist device manufacturing that can solve the patient's issue effectively and meet the rising demand for these devices globally. Also, the growing number of deaths that are occurring due to heart failures coupled with significant advancements in technology like artificial intelligence that can improve risk prediction of cardiovascular diseases is anticipated to propel growth in the ventricular assist device market.
MARKET DRIVERS:
The demand for ventricular assist devices is significantly rising among the general public with the growing number of death cases due to heart failure. These devices are used to pump blood across the whole body artificially instead of the real heart in case of heart failure or at risk of heart failure. These devices can also be used by patients who are waiting for a total heart transplant and need a total artificial heart to pump blood across the whole body. Thus, the growing number of cases of heart failure across the globe is expected to boost the ventricular assist device market growth over the forecast period.
The significant technological advancements made in the field of medical technology are a contributing factor resulting in the growth of the ventricular assist device market. These technological advancements are happening with growing economies and GDPs of several countries across the globe which is further letting different governments and private organizations heavily invest in research and development of these helpful medical devices like ventricular assist devices. Hence, these significant improvements in medical technology are projected to boost the ventricular assist device market over the forecast period.
MARKET RESTRAINT:
The ventricular assist device market despite having an important role in helping failing heart patients to recover or save the lives of patients can lead to various challenges that can be faced by the manufacturers of these ventricular assist devices that may impact the ventricular assist devices market negatively over the forecast period.
For instance, the high-cost requirement for the development of these advanced technology medical devices with their high-tech and expensive components to manufacture this product. The cases of heart-related diseases are constantly increasing among the general public but the thought of the risk involved of infection and error during surgery for the replacement of an artificial heart among the general public can hinder the ventricular assist devices market.
The growth is projected to be prominent in the North American region.
The North American region is expected to show major growth in the ventricular assist devices market due to the rapid growth in the need for efficient heart-failure solutions in several countries in the region with the growing number of heart-disease cases among the general public across the North American region.
The government and private medical organizations across the North American region from several countries are making heavy investments to expand the research and development projects related to heart diseases and replacing the heart with ventricular assist devices. The technological advancements are significant in the healthcare industry due to the presence of several key market players which has contributed to boosting the ventricular assist device market in the North American region.
Products Offered by Key Companies:
Key Developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$1.941 billion |
| Market Size Value in 2029 | US$3.880 billion |
| Growth Rate | CAGR of 10.40% from 2022 to 2029 |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation: