Ensuring that cardiac patients have a comfortable lifestyle led to the ventricular assist device market. A ventricular assistance device is a medical support system primarily used for people suffering from heart disease. This mechanical circulatory support device helps the lower core chamber pump blood to the rest of the body. It is placed into the heart's left ventricle during severe cardiac damage by open-heart surgery. A person undergoing treatment for a heart transplant may take advantage of this medical device for regular blood flow. In some extreme cases, VAD is used permanently for patients who cannot undergo cardiac transplantation due to other health-related factors.
Ventricular Assist Devices Market Size
It has been estimated that the ventricular assist devices market is expected to grow at the rate of CAGR 11.2% from the year 2020 to 2027. This has risen from $ 1.8 billion in the year 2020.
Ventricular Assist Devices Market Share
The U.S. market is driven by a surge in obesity and diabetes, thus resulting in high rates of heart failure. However, the availability of life-saving treatments and insurance coverage has jumped on the market of ventricular support devices to regulate blood flow. North America, too is a key player when it comes to this medical device market; advancement in medical collaborations, bridge-to-transplant and impetus towards destination therapies have given rise to the ventricular assist device market.
Asia-Pacific regions also have the highest CAGR rate of 19.3%. Medical tourism promoted by Asian medical systems has stimulated the outpatient experience in developing countries—particularly patients requesting medical aid from Middle East countries in India.
The key companies investing in ventricular assist devices are – Medtronic, Cardiac Assist Inc., Abbott, Berlin Heart, Abiomed, Jarvik Heart, Inc., and Sun Medical Technology Research Corp.
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Ventricular Assist Devices Market Growth
Daily stress and living in the fast lane have given rise to chronic ailments that have in turn crippled the health of the working population. Younger generations with sedentary lifestyles and an ageing population have resulted in individuals suffering from hereditary diseases, diabetes, obesity and chronic anxiety, resulting in early organ failure. The shortage of donors and inadequate organ storage facilities have resulted in the manufacture of medical devices, life-saving treatments for heart failure patients.
It has been estimated that nearly 20 million Americans and Europeans are waiting for a healthy heart transplant. Due to which the capital venture market is investing in the manufacturing of VAD. The total artificial heart is a new medical miracle device that can imitate the functions of a healthy human heart. It can increase blood flow, regulate heartbeat, and improve cardiac patients' life expectancy. In 2020, it was reported that the left ventricular assist device market surged towards 80.5% revenue. The Biventricular assist device market is also set to rise within the coming years since they have partially replaced the left ventricular assist devices due to accuracy and efficiency.
Ventricular Assist Devices Market Value
Innovations are underway in ventricular support devices to make them more prone to human biological functions. In the year 2020, the non-pulsatile assist devices have emerged as market winners due to their ability to function noiselessly, operate with fewer rotating parts, rare replacement techniques and fewer care.
Many manufacturers like the FineHeart SARL have successfully created a miniature embedded pulsatile flow VAD that can easily regulate the flow of blood through the pumps without much damage to the device functioning. The market for implantable devices is likewise increasing because patients ineligible for a cardiac transplant seek long-term clinical therapy.
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Industry News
Thus with the advancement of medical technology, there will be a surge in ventricular assist devices to aid heart patients. Since medical facilities are becoming accessible and the overall lifestyle of the average population has gone up, this device market will experience an upward trend among those looking for a permanent solution towards heart treatments.
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