Reports
Reports
The global ventricular assist devices market is expected to witness strong growth during the forecast period between 2021 and 2031.
Ventricular assist devices are deployed to pump blood from the lower chambers of the heart to the rest of the human body.
In the last few years, they have been extensively deployed in patients suffering from minor or major cardiovascular diseases, especially with patients suffering from ailments to their left ventricles.
Some of the commonly-deployed devices include left ventricular assist devices, right ventricular assist devices, and bi-ventricular assist devices.
The COVID-19 pandemic had a positive impact on the global ventricular assist devices market. As per reports, 1307 bariatric surgeries were conducted during the peak pandemic phase, leading to a large demand for ventricular assist devices and helping the market grow at a steady pace.
Rising geriatric population worldwide suffering from cardiovascular diseases is the key growth driver for the ventricular assist devices market.
Also, surge in demand for ventricular devices due to a reduced number of organ donors is expected to drive the growth in the ventricular assist devices market.
In addition to this, rising number of approvals for ventricular assist devices is expected to contribute to market growth, in the upcoming years.
The left ventricular assist devices are expected to contribute the most to the overall market owing to increased research and development undertakings to produce improved quality of products in the pharmaceutical and medical industries.
Bridge-to-transplant application segment is anticipated to make the largest contribution to the overall market due to factors such as increase in the number of cardiac diseases and a rise in the number of heart failures, among patients.
The global ventricular assist devices market is extremely competitive with the presence of several well-established players. Many of them are expected for a large share in the overall market, in the years ahead.
Research and development activities to produce improved quality of products is expected to be a key growth strategy for the prominent players, in the years ahead.
Growth strategies such as novel product launches could help the leading players gain a competitive edge over the other market players.
In 2018, Medtronic launched a new product called HVAD Systems, which has proven beneficial for healthcare personnel in the last few years, owing to their minimally-invasive nature.
Collaborations with the smaller players could help the well-established players expand their market presence and improve their revenue share.
A few leading players in the global market include ReliantHeart Inc., Berlin Heart GmbH, Boston Scientific Corporation, Terumo Medical Corporation, and Abbott Laboratories.
The global ventricular assist devices market is divided into four regions, globally, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to be the dominant region in the global ventricular assist devices market in the years ahead. Rising prevalence of cardiac diseases in countries such as US and Canada and a high per capita healthcare expenditure are expected to be the key growth drivers for the market in North America.
Europe is anticipated to witness substantial growth in future due to improved healthcare infrastructure facilities in countries such as UK, Germany, and Italy.
Asia Pacific is expected to witness strong growth opportunities in the overall ventricular assist devices market in future due to increased product deployment for life support purposes in countries such as India and Japan.
Leading players could establish R&D centers in countries such as India due to the ease of availability of key resources such as India.
The rest of the world is expected to witness moderate growth in the overall ventricular assist devices market, in the coming years.
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Ventricular Assist Devices Market
