The left ventricular assist device (LVAD) market offers life-changing benefits with its advanced features. LVADs are mechanical heart pumps designed to assist patients with heart failure by improving blood circulation. They enhance patients' quality of life by reducing heart failure symptoms, such as fatigue and shortness of breath, and increasing survival rates. LVADs feature durable components, sophisticated monitoring systems, and compact designs, making them suitable for long-term use. These devices significantly alleviate the burden of heart failure and improve overall cardiac health.
According to Data Bridge Market Research, the Global 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.
“Escalating healthcare expenditure boosts the market’s growth”
The escalating healthcare expenditure serves as a significant driver for the Left ventricular assist device (LVAD) market. As healthcare budgets increase, there's greater capacity to invest in advanced medical technologies such as LVADs. This enables improved access to life-saving devices and therapies for patients with heart failure. The substantial financial support for healthcare infrastructure, research, and innovation propels the LVAD market forward, offering hope for patients and contributing to enhanced cardiac care globally.
What restraints the growth of the global left ventricular assist device (LVAD) market?
“High-cost restraints the market’s growth”
The high cost associated with left ventricular assist devices (LVADs) serves as a notable restraint in the market. These devices are sophisticated and costly, making them less accessible to a broader patient population. The expense includes the device itself, surgical procedures, and post-implantation care. Affordability issues hinder their widespread adoption and limit the market's growth potential, necessitating efforts to reduce costs and increase affordability to address this restraint effectively.
Segmentation: Global Left Ventricular Assist Device (LVAD) Market
The global left ventricular assist device (LVAD) market is segmented into product type, therapy, age group, indication, generation, durability, design, pulse type, end user, and distribution channel.
- On the basis of product type, the left ventricular assist device (LVAD) market is segmented into heart pump, controller, batteries, and wires.
- 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
- On the basis of age group, the left ventricular assist device (LVAD) market is segmented into adult and pediatric.
- 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.
- 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.
- On the basis of durability, the left ventricular assist device (LVAD) market is segmented into long-term, intermediate-term and short-term.
- On the basis of design, the left ventricular assist device (LVAD) market is segmented into axial and centrifugal.
- On the basis of pulse type, the left ventricular assist device (LVAD) market is segmented into nonpulsatile and pulsatile.
- On the basis of end user, the left ventricular assist device (LVAD) market is segmented into hospitals, specialty clinics, cardiac cath laboratories, and others.
- On the basis of distribution channel, the global left ventricular assist device (LVAD) market is segmented into direct tender, retail sales, and others.
Regional Insights: Asia-Pacific dominates the Global Left Ventricular Assist Device (LVAD) Market
Asia-Pacific dominates the left ventricular assist device (LVAD) market particularly, Japan is at the forefront of Asia-Pacific's LVAD market growth, with the heart pump segment taking the lead. The surge in LVAD adoption and continuous technological advancements contribute to this dominance. As Japan's healthcare landscape embraces innovative cardiac solutions, the heart pump segment thrives, offering patients advanced treatment options and improved quality of life, while bolstering the overall growth of the healthcare industry in the region.
The North American region is poised for significant growth from 2022 to 2029, primarily due to the escalating prevalence of cardiac diseases and a parallel increase in healthcare spending. As heart-related conditions become more common, there is a greater demand for advanced cardiac treatments and devices, including left ventricular assist devices (LVADs). The commitment to healthcare investment and technological advancements position North America as a key driver in the global LVAD market.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-left-ventricular-assist-device-lvad-market
Recent Developments
- In March 2021, Berlin Heart obtained CE approval and conducted the first implantation of an innovative bridging solution designed for single-ventricle patients. This pioneering therapy aims to enhance end-organ function and hemodynamics in patients with univentricular physiology by providing support to the sub-pulmonary circulation. This achievement has bolstered Berlin Heart's reputation and credibility in the left ventricular assist device market.
- In January 2020, Abbott LVAD received FDA approval for implantation without the need for open surgery. This milestone enabled patients to undergo LVAD implantation through lateral thoracotomy, a less invasive approach. This significant advancement improved the accessibility of life-saving LVADs and contributed to higher patient recovery rates.
The Prominent Key Players Operating in the Global Left Ventricular Assist Device (LVAD) Market Include:
- Abbott (U.S.)
- Evaheart, Inc (U.S.)
- Saft (A Subsidiary of TotalEnergies) (France)
- ABIOMED (U.S.)
- Berlin Heart (Germany)
- CorWave SA (France)
- Jarvik Heart, Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global left ventricular assist device (LVAD) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Left Ventricular Assist Device (LVAD) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
