The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Ventricular Assist Device Global Market Report 2023, the ventricular assist device market is expected to show significant growth in the forecast period.

The global ventricular assist device (VAD) market has witnessed remarkable growth, surging from $1.71 billion in 2022 to $1.92 billion in 2023, with a robust compound annual growth rate (CAGR) of 12.3%. As the market continues its ascent, it is anticipated to reach $3.02 billion in 2027, projecting a sustained CAGR of 12.0%. Let’s delve into the key factors propelling this growth, major players shaping the industry, and the innovative trends steering the ventricular assist device market.

1. Prevalence of Cardiovascular Disorders: A Driving Force

• The ventricular assist device market is experiencing substantial growth due to the increasing prevalence of cardiovascular disorders.
• Cardiovascular disorders, including heart diseases caused by various factors such as high blood pressure, smoking, high cholesterol, and inactivity, are on the rise.
• Noncontagious diseases like diabetes, chronic respiratory illness, and heart attacks resulting from hypertension contribute significantly to the surge in cardiovascular disorders.
• The alarming increase in cardiovascular disorders is driving demand for ventricular assist devices, offering crucial support to severely ill cardiac patients.

2. Global Impact and Statistics

• In 2021, the World Health Organization reported that India would account for one-fifth of total deaths from stroke and ischemic heart disease, primarily affecting younger adults.
• The Center for Disease Control and Prevention in the US noted that approximately 697,000 people in the US died from heart disease in 2020, translating to almost 1 in 5 deaths.
• These statistics underscore the global impact of cardiovascular disorders, emphasizing the critical need for advanced medical interventions like ventricular assist devices.

3. Industry Leaders: Pioneering Innovation

• Major players in the ventricular assist device market include Berlin Heart GmbH, Abiomed Inc., ReliantHeart Inc., CorWave SA, Cirtec, Abbott, Cardiac Assist Inc., Jarvik Heart Inc., Bivacor Inc., Calon Cardio, Terumo Medical Corporation, Syncardia Systems LLC, Boston Scientific Corporation, Heart Ware International, and LivaNova PLC.
• These industry leaders are at the forefront of innovation, focusing on developing next-generation ventricular assist devices to enhance blood circulation functionality.

4. Innovative Trend: Technological Advancement

• Technological advancement is a key trend gaining popularity in the ventricular assist device market, with a focus on developing cutting-edge devices.
• Companies are concentrating on incorporating new technologies to gain a competitive edge and strengthen their market position.
• For instance, CorWave, a France-based medical technology company, has developed left ventricular assist device (LVAD) membrane pump technology, offering a pulsatile pumping action closely resembling the native heart.

5. Market Segmentation: Tailored Solutions for Diverse Needs

• The ventricular assist device market is strategically segmented to address diverse product types, technologies, applications, and end-users.
• By Product:
  • Left Ventricular Assist Devices (LVADs)
  • Right Ventricular Assist Devices (RVADs)
  • Biventricular Assist Devices (BIVADs)
• By Type:
  • Pulsatile Flow
  • Continuous Flow
• By Design:
  • Transcutaneous Ventricular Assist Devices
  • Implantable Ventricular Assist Devices
• By Application:
  • Bridge-to-Transplant (BTT) Therapy
  • Destination Therapy
  • Bridge-to-Recovery (BTR) Therapy
  • Bridge-to-Candidacy (BTC) Therapy
• By End User:
  • Hospitals
  • Ambulatory Surgical Centers
  • Cardiology Centers

6. Regional Dynamics: North America Leads, Asia-Pacific Emerges

• In 2022, North America claimed the largest share in the ventricular assist device market, showcasing the region’s proactive approach to cardiovascular health.
• As the market advances, Asia-Pacific is poised to be the fastest-growing region, driven by increasing awareness, technological advancements, and a burgeoning healthcare sector.

View More On The Ventricular Assist Device Market Report 2023 – https://www.thebusinessresearchcompany.com/report/ventricular-assist-device-global-market-report

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The Ventricular Assist Device Global Market Report 2023  provides an in-depth analysis on the ventricular assist device market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the ventricular assist device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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