Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The global ventricular assist device market size was USD 1.12 billion in 2020. The market is projected to grow from USD 1.23 billion in 2021 to USD 2.24 billion in 2028 at a CAGR of 8.9% during the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Ventricular Assist Device Market, 2021-2028.”
Industry Development
February 2021: CARMAT has gained sanction for the usage of novel version of its artificial heart in the Early Feasibility Study (EFS). This novel variety comprises specific enhancements in the prosthesis and the wearable system grounded on clinical experience attained in the PIVOTAL study.
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Ventricular Assist Device Market Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 8.9% |
| 2028 Value Projection | USD 2.24 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.23 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | By Type, By Procedure, By Geography |
| Growth Drivers | Based on our analysis, the global market exhibited a stellar growth of -9.19% in 2020 compared to the average year-on-year growth during 2017-2019. |
| The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. | |
| The factors such as the increasing prevalence of heart failure, awareness regarding treatment for heart failure and rising applications of these devices in heart failure are contributing to the growth of the market during the forecast period of 2021-2028. |
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Ventricular Assist Device Market Growth Factors:
- Heart failure is among the dominating reasons of mortality globally, impacting over 1-2% of the population in western nations. As per the American Heart Association (AHA), the occurrence of heart failure is estimated to augment at a substantial development pace by 2030, in the U.S. is expected to reach over 8 million patients.
- Furthermore, in 2020, across the world, over 5.5 million people are predicted to be impacted by heart failure. Mentioning the surging number of patients experiencing the condition, numerous producers are undertaking initiatives for the obtainability of ventricular assist devices.
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Regional Insights
- The Ventricular Assist Device Market size in North America stood at USD 0.45 billion in 2020. The leading nature of this regional market is accredited to the growing implementation of advanced diagnostics for the identification of heart failure and the increasing incidence of cardiovascular diseases in this region.
- Europe held the second-largest ventricular assist device market share and is anticipated to rise at a substantial CAGR owing to the growing investments in the market pooled with fresher product promotions.
- The market in the Asia Pacific displayed a higher CAGR owing to the progressions in the healthcare amenities and encouraging government strategies.
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List of Key Players Covered in the Report
- Abbott Laboratories (U.S.)
- Berlin Heart GmbH (Germany)
- Medtronic (Ireland)
- Cardiac Assist, Inc. (U.S.)
- Jarvik Heart, Inc. (U.S.)
- ReliantHeart (U.S.)
- ABIOMED (U.S.)
- Sun Medical Technology Research Corp (Japan)
Ventricular Assist Device Market Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Cardiac Surgeries, By Region/Country, 2020
- New Product Launches, By Key Players
- Impact of COVID-19 on the Market
- Recent Key Developments, Mergers, and Acquisitions, Key Players
- Global Ventricular Assist Device Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Left Ventricular Assist Device
- Right Ventricular Assist Device
- Bi-Ventricular Assist Device
- Market Analysis, Insights and Forecast – By Type
- Pulsatile Flow
- Continuous Flow
- Market Analysis, Insights and Forecast – By Application
- Bridge to Transplant (BTT)
- Bridge to Candidacy (BTC)
- Destination Therapy (DT)
- Bridge to Recovery (BTR)
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Specialty Clinics & Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Ventricular Assist Device Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Left Ventricular Assist Device
- Right Ventricular Assist Device
- Bi-Ventricular Assist Device
- Market Analysis, Insights and Forecast – By Type
- Pulsatile Flow
- Continuous Flow
- Market Analysis, Insights and Forecast – By Application
- Bridge to Transplant (BTT)
- Bridge to Candidacy (BTC)
- Destination Therapy (DT)
- Bridge to Recovery (BTR)
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Specialty Clinics & Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
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- By Product
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- Canada
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- By Product
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