Market Trends of Global Ventricular Assist Device Industry
This section covers the major market trends shaping the Ventricular Assist Device Market according to our research experts:
Left Ventricular Assist Device (LVAD) is Expected to Hold the Major Share in the Type of Ventricular Device Segment
LVAD is implanted during an open heart surgery, where it receives blood from the left ventricle and delivers it to the aorta. It works along with the patient's own heart. It is mostly given as a treatment option for patients with end-stage heart failure. There are a number of international hospitals and research centers that widely used VAD programs over the past two decades, particularly in the developed markets, as well as for help with new investigational devices.
Abbott (Thoratec), Berlin Heart, and Medtronic are among the top players in this segment that are well established in the developed market. Moreover, new product launches and continuous government support are projected to boost segment growth. For instance, in February 2020, Abbott received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its in-development Fully Implantable Left Ventricular Assist System (FILVAS).
Furthermore, with the increased utilization of durable mechanical support devices, it is important for all emergency departments of hospitals to have a well-written protocol to provide optimal care for patients with VADs.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the rising prevalence of cardiac diseases, is expected to propel the high growth of the ventricular assist device in the North American region. In the North American region, the United States holds the largest share. This is due to the presence of a large population with heart disease. In the United States, cardiovascular diseases and hypertension cases account for a major share of the people that require surgery.
According to the Center for Disease Control and Prevention in 2021, about 600,000 Americans die of heart disease annually. This represents almost 25% of all U.S. deaths. To raise awareness of this disease, February has been recognized as 'American Heart Month' . Thus, the growing burden of heart failure and growing initiatives and awareness regarding cardiovascular diseases
A large number of cardiac considerations and systemic considerations are taken into account, as there are several factors associated with preoperative, perioperative, and postoperative complications. Additionally, according to the American Heart Association, statistics published in January 2021, the prevalence of Cardiovascular Diseases in adults above 20 years of age was 49.2% overall and increases with age in both males and females. The prevalence of cardiac diseases generates a need for cardiovascular devices monitoring and diagnostic devices. The global high burden of cardiac diseases and heart failures has been one of the major factors for the growing demand and growth of the segment over the period.
