Global Ventricular Assist Devices Market

Ventricular Assist Devices Market Size, Share, Growth Analysis, By Design(Implantable Ventricular Assist Device, and Transcutaneous Ventricular Assist Device), By Product(Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart), By Flow Type(Pulsatile Flow, and Continuous Flow), By Application(Bridge to Transplant, Destination Therapy, Others (Bridge to Recovery, Bridge to Candidacy), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2935 | Region: Global | Published Date: October, 2024
Pages: 212 | Tables: 118 | Figures: 68

Ventricular Assist Devices Market News

  • National Medical Products Administration in China announced the approval of an artificial heart to enter the market back in 2022. The implantable artificial heart called HeartCon was developed by a company called Rocor Medical Technology Co.
  • Another new artificial heart was launched in China much recently in March 2024 by Chongqing Evaheart Medical Equipment Ltd. Weighing just 262 grams the EVA-Pulsar™ Ventricular Assist Device can achieve a pulse pressure difference of 20-30mmHg.
  • Heartmate LVAD communication system was recalled by Abbott in March 2024. The system was made to monitor heart failure in patients fitted with a Heartmate 3 left ventricular assist device but was recalled as it was at risk of starting or stopping the heart pump unexpectedly.
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Global Ventricular Assist Devices Market was valued at USD 1.13 Billion in 2022 and is expected to rise from USD 1.25 Billion in 2023 to USD 2.66 Billion by 2031, at a CAGR of 9.9% during the forecast period (2024–2031).

Investing in the development of affordable and easy to use ventricular assist devices will be the prime focus of all ventricular assist device companies. Use of advanced technologies and growing emphasis on increasing awareness regarding the benefits of the use of ventricular assist devices will also create new opportunities for market players. Collaborations and partnerships will also play a crucial role in augmenting the future of all ventricular assist device suppliers. 'Boston Scientific Corporation', 'ABIOMED', 'Cardiovascular Systems Inc.', 'Medtronic', 'Avinger', 'Koninklijke Philips N.V.', 'BD', 'Abbott', 'Cordis', 'Terumo Medical Corporation', 'Berlin Heart '

Ventricular assist devices have gained substantial attention and popularity in recent years, and this is estimated to favor market growth over the coming years. As patients become more aware of the benefits associated with ventricular assist devices, they are more likely to opt for them to improve their chances of treatment going forward.

Miniaturization of Ventricular Assist Devices: Companies of ventricular assist devices should focus on making their offerings smaller to improve their scope of implantation and thereby boost sales as well. Use of miniaturized components coupled with innovations in design could very well help ventricular assist devices market players achieve this and stand out in the global landscape.

North America is expected to spearhead the global demand for ventricular assist devices across the study period. High healthcare expenditure and availability of advanced ventricular assist devices are primarily helping this region maintain its dominant stance in the global landscape. High availability of favorable reimbursement policies, growing incidence of cardiovascular disorders, rising obesity rates, and expanding geriatric population are other factors that could uplift sales of ventricular assist devices in this region. Canada and the United States are anticipated to be the most opportune markets for ventricular assist device companies in the North American region going forward.

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Global Ventricular Assist Devices Market

Report ID: SQMIG35A2935

$5,300
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