Ventricular Assist Devices Market Global Trends, Size, Share, Growth Advancements in Technology, Current Scenario & Forecast 2027

Ventricular Assist Devices Market Global Trends, Size, Share, Growth Advancements in Technology, Current Scenario & Forecast 2027

Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Allied Analytics :Globally, there is a shortage of heart donors due to which VADs have emerged as a reliable option as bridge-to-transplant therapy or as destination therapy. Moreover, advent of technically advanced ventricular assist devices further boosts the market growth.

Ventricular Assist Devices Market by Product, Application, and Design: Global Opportunity Analysis and Industry Forecast, 2019-2027, the global ventricular assist devices market was valued at $809 million in 2016, and is estimated to reach $1,773 million by 2023, growing at a CAGR of 11.8% to 2027

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Ventricular assist device (VAD) is used to assist a damaged or weakened heart in pumping blood. The device is surgically attached to one or both intact ventricles and thus assists cardiac circulation.

Ventricular Assist Devices MarketCompetitive Analysis:

The major companies profiled in the report are Abiomed, Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Abbott Laboratories (St. Jude Medical, Inc.), Berlin Heart GmbH, Calon Cardio-Technology Ltd., CardiacAssist Technologies, Jarvik Heart, Inc., Medtronic plc, ReliantHeart, Inc., and Terumo Medical Corporation

COVID-19 Scenario:

Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

The major factors that contribute to the market growth include technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and treatment options for management of cardiac disorders. Moreover, increased presence unmet medical needs in the developing and the under developed regions of the world is anticipated to provide lucrative opportunities for the market growth. However, the main challenge in the market is high cost of the VAD procedure. Also, bleeding complications and other associated risks hamper the growth of the ventricular assist devices market.

By product, LVADs accounted for the major share of the global ventricular assist devices market in 2016. By application segment, bridge-to-transplant generated the maximum revenue, thus accounting for more than 49% of the global ventricular assist devices market in 2016. In addition, destination therapy segment is expected to witness the highest CAGR of 13.4% during the forecast period. By design, implantable ventricular assist device dominated the market with three-fourths share in the global ventricular assist devices market.

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