Ventricular Assist Device Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

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Ventricular Assist Device Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030

Status : December, 2022 | Medical Devices

Report Digest

Ventricular Assist Device Market: Overview

The ventricular assist device market is anticipated to observe extensive growth during the forecast period of 2020-2030. The rising incidences of chronic disorders and the expanding geriatric population are the prominent factors that will mold the ventricular assist device market growth trajectory.

A ventricular assist device is a mechanical pump that helps transport blood from the lower heart chamber to the rest of the body. It has three components, namely electronic controller, tubes, and power source. It is also known as a mechanical pump device. The emergence of ventricular assist devices as a short-term treatment for supporting heart functions will bring tremendous growth opportunities for the ventricular assist device market.

The cases of cardiovascular diseases, such as ventricular septal defect, hypertension, heart stroke, heart failure, etc. are increasing at a rapid rate around the world. Cardiovascular diseases are the leading cause of death worldwide according to the World Health Organization (WHO). These statistics highlight the growing need for ventricular assist devices.

On the basis of product, the ventricular assist device market can be segmented into right ventricular assist device, total artificial heart, left ventricular assist device, and bi-ventricular assist device. These devices are available in tow design types: Transcutaneous ventricular assist device and implantable ventricular assist device. Based on flow, the ventricular assist device market can be classified into continuous flow and pulsatile flow. The utilization of these devices in destination therapy, bridge to candidacy, bridge to transplant, and others will bring immense growth prospects for the ventricular assist device market.

Ventricular Assist Device Market: Competitive Insights

The ventricular assist device market is highly fragmented. The players indulge in fierce competition for increasing their consumer base. The players also invest expansively in research and development activities. These activities lead to discovery of insights that help in upgrading the devices, thus assisting in boosting the revenues of the players in the ventricular assist device market.

Strategic collaborations form an important part of the ventricular assist device market growth structure. The players are involved in mergers, acquisitions, joint ventures, and partnerships for increasing their influence across the ventricular assist device market. These activities eventually help in increasing the growth rate.

Some well-entrenched players in the ventricular assist device market are Sun Medical Technology Research Corp, Medtronic, Jarvik Heart, Inc., Abbott, Abiomed, ReliantHeart, Inc., and Berlin Heart.

Ventricular Assist Device Market: Recent Developments

The ventricular assist device market is always bustling with developments. Some prominent developments are as follows:

  • The FDA recently granted ‘breakthrough device’ designation for Abiomed’s Impella ECP heart pump, affirming the clinical benefits of its Impella technology.
  • Ancora Heart, a medical device company involved in ventricular assist technologies secured funding of US$ 80 mn in equity financing.

Such developments help in the development of the ventricular assist device market.

Ventricular Assist Device Market: Regional Aspects

North America’s ventricular assist device market may hold a dominant position during the forecast period of 2020-2030. The presence of key players in the region and the extensive technological developments will serve as vital growth factors for the ventricular assist device market in North America. Further, a well-developed health infrastructure adds to the value. Europe’s ventricular assist device market will also observe stable growth due to the advancements in the devices across the region. Asia Pacific will observe rapid growth due to the rising awareness of ventricular assist devices among the individuals.

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