According to MRFR analysis, the Global Ventricular Assist Device Market is expected to register a CAGR of 11.2% during the forecast period of 2020 to 2027 and accounted for USD 1,726 Million in 2019.
A ventricular assist device (VAD) is a miniaturized mechanical pump used to support heart function and maintain blood flow to vital organs in patients with weakened hearts. This device can be used if one or both the heart's ventricles don't function properly. The growth of the global ventricular assist device market can be attributed to factors such as the increasing prevalence of cardiovascular disorders, rising cases of patients with heart failure, shortage of heart donors, development of technologically advanced products, increasing number of government initiatives to support medical device manufacturers, and a large number of clinical trials to develop advanced VADs.
However, risks associated with VAD implantation procedures, and unfavorable reimbursement framework are likely to thwart the growth of the global ventricular assist device market during the forecast period.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been segmented into North America and Latin America, with the North American market being divided into the US and Canada. The Americas is projected to hold the largest market share owing to the increasing number of patients with heart failure, and growing presence of major market players.
The European ventricular assist devices market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The ventricular assist devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The ventricular assist devices market in the Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The global ventricular assist devices market has been segmented based on product type, type of flow, design, and application.
The market based on product type has been divided into left ventricular assist device, right ventricular assist device, and biventricular assist device.
Based on the type of flow, the market is segmented into Continuous Flow and Pulsatile Flow.
Based on the design, the market is segmented into implantable ventricular assist device and transcutaneous ventricular assist device
The application segment of the market consists of destination therapy and bridging therapy.
Key Players
Some of the key players in the global ventricular assist devices market are Medtronic plc (Ireland), Abbott (US), Berlin Heart GmbH (Germany), ReliantHeart Inc. (US), Abiomed Inc. (US), Cardiac Assist Inc. (US), Cirtec (US), CorWave SA (France), and Fineheart (France) among others.
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