10 February 2021
Visiongain has published a new report on Ventricular Assist Device Market Report 2021-2031: Forecasts by Product (LVAD, RVAD, BiVAD, TAH), By Type of Flow (Pulsatile, Continuous), By Design, By Application. PLUS Profiles of Leading Pharma Contract Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
GlobalVentricular Assist Device market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031.
The ventricular assist devices are primarily used for patients that have weak heart or are suffering from heart failure. These devices can be placed in either left, right or both ventricles of the heart, however, it is most commonly used in the left ventricle. The major applications of ventricular assist devices are when the patient is about to undergo heart transplant (short-term treatment) surgery or when the patient is not entitled for heart transplant but needs circulatory support (long-term treatment). The procedure involving ventricular assist device implantation often requires open heart surgery and does have numerous risks associated with it. However, the use of ventricular assist devices can be life saving for a person suffering from several heart failure and other cardiovascular disease.
COVID-19 Impact on Ventricular Assist Device Market
The impact of COVID-19 on Ventricular Assist Device market is observed and also predicted to be positive during the forecast period. The panic and fear regarding the pandemic spread among the masses has also given rise in the number of heart patients globally which in turn is boosting the Ventricular Assist Device Market growth.
Rising prevalence of heart failure cases & other cardiovascular diseases and shortage of heart donors across the world are some of the factors contributing to the growth of the market.
Nevertheless, certain risk with the implantation of ventricular assist device procedure such as infection, blood clotting, problems with device such as power failure or pumping issues and high cost of the device are expected to hinder the growth of ventricular assist devices market.
Implantable devices accounted for the largest market share and this trend is expected to continue through the forecast period. Increasing preference for long-term treatment methods by patients who are not eligible for a heart transplant is expected to drive the revenue generation of the segment. Thus, growth in the implantable devices segment is paving the way as a growth opportunity for ventricular assist devices market towards growth.
The destination therapy segment led the ventricular assist devices market in 2019. The growth in the market is contributed by an increase in occurrences of end-stage cardiac failures and cardiovascular diseases. Left ventricular assist devices find application in destination therapy for heart patients who cannot undergo heart transplant surgery. Key players in the market are Abbott; Medtronic; and Jarvik Heart, Inc. Many of these enterprises’ products are in work in progress for FDA approval. Along with this, in October 2018, Abbott received FDA approval for its HeartMate 3 LVAD for destination therapy.
The companiesemploy strategies such as mergers, acquisitions, product launches, and geographical expansion. Several market players engage in acquisitions to strengthen their market position. This strategy facilitates companies to increase their competences and multiply their product portfolios. Some of the companies mentioned- Medtronic; Abbott; Berlin Heart GmbH; ReliantHeart Inc.; Abiomed Inc.; CHF Solutions, Inc.; Cardiac Assist Inc.
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