Increasing efforts to minimize cardiovascular disease-related deaths is expected to boost industry growth during the forecast period.
According to a new report by Reports and Data, the Global Left ventricular assist device (LVAD) Market size was valued at USD 1,329.2 Million in 2020 and is forecast to reach USD 3,014.1 Million, at a CAGR of 11.3% through 2028. The market growth is driven by changing lifestyle habits, rise in geriatric population, and technological advancements in the healthcare sector.
The global geriatric population base in expanding a faster pace. This section of the population is highly prone to cardiovascular diseases, which has resulted in an increased demand for cardiovascular care. This, in turn is positively impacting LVAD market growth.
Nearly 18 million deaths occur annually across the globe due to cardiovascular diseases. Such high death rate associated with cardiovascular diseases have promoted increased investment in the healthcare sector to minimize the number of deaths related to the condition. The shortage of a suitable heart donor is fuelling the adoption of ventricular assist devices (VADs) among CVD patients. Favorable outcomes associated with LVAD, such as improved survival rate, longevity, durability, and functionality of these devices are anticipated to boost Left Ventricular Assist Device Market size through 2028
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Market Overview:
The World Health Organization (WHO) declared the severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) outbreak in Wuhan, China, as a worldwide pandemic in December 2019. SARS-CoV-2 infection is classified as a novel coronavirus disease by the WHO. COVID-19 has infected more than 150 million people worldwide, resulting in more than 3 million deaths. COVID-19 has had a big influence on the healthcare business, causing major disruptions throughout the supply chain, from raw materials to manufacture and delivery. The global demand for medical ventilators has prompted manufacturers to increase demand by up to 40% to 50%. Producers have also collaborated in order to meet rising demand. Governments and a variety of organisations, as well as other industry personnel, are all working hard to address the global problem. Leading personnel are active in research and development operations, strategic alliances and collaborations, and creative product releases in order to meet consumer demands for pharmaceuticals, vaccines, diagnostics, and medical equipment such as ventilators. Without a doubt, this is the first time in contemporary history that the diagnostics industry has been given such prominence. Participants in the healthcare business have abruptly shifted from under the carpet to above the carpet's demand. The world has acknowledged the necessity for early warning systems in the healthcare sector, currently for COVID-19, but this pattern will continue in the future for other sorts of diagnostics.
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Key Players covered in this report are
Sunshine Heart, Sun Medical Technology Research, CorWave, Apaxis Inc., Evaheart, Abiomed, Jarvik Heart, HeartWare International, Reliantheart, Transonic, Thoratec, Terumo, and HeartWare International among others.
Based on Product Type market is segmented into:
Type Outlook (Revenue, USD Billion; 2020-2028)
- Transcutaneous LVAD
- Implantable LVAD
Age group Type Outlook (Revenue, USD Billion; 2020-2028)
- 20-39 years
- 40-59 years
- 60-79 years
Pump type Outlook (Revenue, USD Billion; 2020-2028)
- Pulsatile volume-displacement pumps
- First-Generation Devices
- Axial flow pumps
- Second-Generation Devices
- Continuous flow centrifugal pumps
- Third-Generation Devices
Application Type Outlook (Revenue, USD Billion; 2020-2028)
- Bridge-to-Recovery (BTR) Therapy
- Bridge-to-Transplant (BTT) Therapy
- Destination Therapy
- Bridge-to-Candidacy (BTC) Therapy
End-user Outlook (Revenue, USD Billion; 2020-2028)
- Cardiology Centers
- Hospitals
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Further key findings from the report suggest
- Based on type, the Left ventricular assist device (LVAD) segment is expected to observe a CAGR of 11.3% during the forecast period. Cardiovascular conditions require continuous support and Implantable LVAD are efficient in providing long term solutions, which is resulting in high product demand.
- Based on pump type, the Continuous Centrifugal Pumps segment is estimated to grow at 11.9% over the projected timeline. The robust growth can be attributed to the advantageous features associated with these pumps, including durability, simple placement process through surgery and minimal risk of thrombosis as compared to other types of pumps.
- Based on application, the Bridge-to-Recovery (BTR) Therapy segment is estimated deliver a notable growth rate of 12.1% during the analysis period. The segment’s growth is driven by rising incidence of traumatic cardiac failure and the associated need for continuous cardiac support.
- Based on end-user, the hospitals segment generated significant revenue in 2020 and is forecast to observe a CAGR of 11.5% during the forecast period. The segmental growth is driven by increasing need for care services for health conditions that require cardiac support.
- North America holds is forecast to showcase a CAGR of 11.7% during the forecast period on account of high occurrence rate of CVDs, availability of advanced technology, and expansion of the geriatric population base in the region.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa