$ USD 1,957.56 million Left Ventricular Assist Device (LVAD) Market is Likely to grow at 9.6%CAGR during the Period of 2029
The left ventricular assist device (LVAD) market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 9.6% in the forecast period of 2022 to 2029 and is expected to reach USD 1,957.56 million by 2029. Increasing geriatric population along with rising prevalence of cardiac disease and presence of favorable reimbursement policies among others are acting as driver for the left ventricular assist device (LVAD) market growth.
· Left ventricular assist device (LVAD) is a pump that we use for patients who have reached end-stage heart failure. Left ventricular assist device is surgically implanted and it’s a battery operated, mechanical pump that helps the left ventricle pump blood to the rest of the blood. LVADs can be used as bridge-to-transplant, destination therapy, bridge-to-candidacy therapy and bridge-to-recovery therapy.
· Changing lifestyle triggers the development of cardiovascular diseases which has enhanced the requirement of left ventricular assist device (LVAD) products which improves patient outcomes and allows them to lead a better life hence acts as driver for the left ventricular assist device (LVAD) market. The complications and risks associated with LVAD and high cost of LVAD implantation and treatment is expected to hinder the growth of left ventricular assist device (LVAD) market growth. Increase in healthcare expenditure and increase in minimally invasive procedure, thus acts as an opportunity for the left ventricular assist device (LVAD) market. Increase in product recall pose a serious safety risk to the public restrict the product manufacturers to earn potential benefit in the market and impacts the overall market size, hence acts as challenge for the left ventricular assist device (LVAD) market growth.
Left Ventricular Assist Device (LVAD) Market Scope and Market Size
· The left ventricular assist device (LVAD) market is segmented on the based on the product type, therapy, age group, indication, generation, durability, design, pulse type, end user and distribution channel. The growth among segments helps you analyses niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
· On the basis of product type, the left ventricular assist device (LVAD) market is segmented into heart pump, controller, batteries and wires. In 2022, heart pump segment is expected to dominate the market as it is one of the major component of left ventricular assist device and continuous technological advancements is expected to accelerate the market growth.
· On the basis of therapy, the left ventricular assist device (LVAD) market is segmented into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-candidacy (BTC) therapy, bridge-to-recovery (BTR) therapy. In 2022, bridge-to-transplant (BTT) therapy segment is expected to dominate the market as it provides circulatory support to patients eligible for transplant until a donor heart becomes available.
· On the basis of age group, the left ventricular assist device (LVAD) market is segmented into adult and pediatric. In 2022, adult segment is expected to dominate the market as heart failure mostly affects adults population lying in between the age of 55 years to 75 years.
· On the basis of indication, the left ventricular assist device (LVAD) market is segmented into congestive heart failure, congenital heart disease, myocarditis, cardiac arrest, familial arrhythmias and arrhythmic, cardiomyopathies, advanced heart failure and others. In 2022, congestive heart failure segment is expected to dominate the market as it is the most common heart failure across the world and leads to complete heart failure too, hence affected people provided with LVAD in order to prevent increasing incidence of mortality.
· On the basis of generation, the left ventricular assist device (LVAD) market is segmented into second generation devices, third generation devices and first generation devices. In 2022, second generation devices is expected to dominate the market as these smaller devices with easy implantation with low rates of driveline infections as compared to first generation devices.
· On the basis of durability, the left ventricular assist device (LVAD) market is segmented into long-term, intermediate-term and short-term. In 2022, long-term segment is expected to dominate the market as these devices have improved the care of patients awaiting heart transplantation and acts as an alternative therapy to prevent patients suffering from heart failure.
· On the basis of design, the left ventricular assist device (LVAD) market is segmented into axial and centrifugal. In 2022, axial segment is expected to dominate the market as these have been first approved in the market and still used by several manufacturers while designing LVAD. Moreover, it enhances the life status and improves quality of life especially in patients who survive the perioperative period. On the contrary centrifugal pumps are fastest growing in the market due to
· On the basis of pulse type, the left ventricular assist device (LVAD) market is segmented into nonpulsatile and pulsatile. In 2022, nonpulsatile segment is expected to dominate the market as these are continuous-flow LVAD pumps and confers cardiac functional benefits to patients suffering from end-stage heart failure in order to derive improved exercise capacity and are widely used for destination therapy and bridge-to-transplant therapy.
· On the basis of end user, the left ventricular assist device (LVAD) market is segmented into hospitals, specialty clinics, cardiac cath laboratories and others. In 2022, the hospitals segment is expected to dominate the market because of the surging pool of cardiovascular patients due to changing lifestyles and growing elderly population. Moreover, presence of trained healthcare professionals is also accelerating the market growth.
· On the basis of distribution channel, the global left ventricular assist device (LVAD) market is segmented into direct tender, retail sales and others. In 2022, the direct tender segment is expected to dominate the market as direct tender provides better quality of left ventricular devices at reduced cost in less time which boosts the demand for these products.
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Left Ventricular Assist Device (LVAD) Market Country Level Analysis
· The left ventricular assist device (LVAD) market is analysed and market size information is provided by the country, product type, therapy, age group, indication, generation, durability, design, pulse type, end user, and distribution channel as referenced above.
· The countries covered in the left ventricular assist device (LVAD) market report are the U.S., Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Ireland, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel And Rest of Middle East And Africa, Brazil, Argentina and Rest of South America.
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Competitive Landscape and Left Ventricular Assist Device (LVAD) Market Share Analysis
· Left Ventricular Assist Device (LVAD) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to left ventricular assist device (LVAD) market.
The major companies which are dealing in the Left Ventricular Assist Device (LVAD) are
· Abbott, Evaheart, Inc, Saft (A Subsidiary of TotalEnergies),
· ABIOMED,
· Berlin Heart,
· CorWave SA,
· Jarvik Heart
For instance,
· In March 2021, Berlin Heart achieved the CE approval and first implantation of an innovative bridging solution for single-ventricle patients. This innovative bridging therapy was developed to improve the end-organ function and hemodynamics of these patients with univentricular physiology through the support of the sub-pulmonary circulation. This has enhanced credibility of the company in left ventricular assist device market.
· In January 2020, Abbott LVAD achieved FDA approval for implantation without open surgery. This approval allowed patients to receive LVAD implantation via lateral thoracotomy. This significant advancement allowed patients to receive life-saving LVAD which has improved overall recovery rate among patients.
· Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company footprints in the left ventricular assist device (LVAD) market which also provides the benefit for organization’s profit growth.
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MAJOR TOC OF THE REPORT
· INTRODUCTION
· MARKET SEGMENTATION
· EXECUTIVE SUMMARY
· PREMIUM INSIGHTS
· MARKET OVERVIEW
· QUESTIONNAIRE
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