Ventricular assist devices (VADs) are life-saving mechanical pumps that help weakened hearts pump blood from the lower chambers of the heart to the rest of the body. Left ventricular assist devices (LVADs) are commonly used for patients with heart failure. These devices can improve quality of life and overall survival. The increasing prevalence of heart failure and shortage of donor organs have boosted the demand for LVADs as a long-term therapy.
The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the Ventricular Assist Devices market is majorly driven by the rising demand for LVADS. LVADs are compact mechanical pumps placed inside the chest to help the weakened left ventricle pump blood to the body and allow the heart to rest. Compared to right VADs (RVADs), LVADs are more commonly used for long-term cardiac support as they can significantly improve the quality of life of patients with severe heart failure. With the increasing cases of heart failure and lack of donor organs, LVADs are emerging as the standard of care for long-term heart failure treatment. The development of next-generation minimally invasive implantable LVADs with features like transcutaneous energy transmission systems and implantable drivers will further boost the adoption of these life-saving devices.
Segment Analysis
The global ventricular assist devices market is dominated by the left ventricular assist devices(LVAD) segment due to the rising cases of heart failure. LVAD helps improving the pumping function of the weakened left ventricle and reduces the workload on the heart. The continuous technological advancements in LVAD devices in order to optimize therapeutic intervention for advanced heart failure patients further contributes to the largest share of this segment.
Key Takeaways
The Global Ventricular Assist Devices Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 1.37 Bn in 2023 to cross US$ 6 Bn by 2030, registering a CAGR of 3.3%.
Regional analysis
North America is currently the largest and also the fastest growing regional market for ventricular assist devices. The higher adoption rates of innovative cardiac assist devices along with the increasing prevalence of heart failure are the major factors driving the market in the region. Moreover, favorable reimbursements policies supporting the treatment of patients with advanced heart failure using ventricular assist devices also contribute to its large share.
Key players
Key players operating in the ventricular assist devices market are Graincorp, Rahr Corporation, Soufflet Group, Malt Products Corporation, Barmalt, Muntons plc, Viking Malt PureMalt, Imperial Malt Ltd, Malteurope, BOORTMALT, Maltexco S.A., Holland Malt, IREKS GmbH, and Simpsons Malt.
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