The Global Left ventricular assist device (LVAD) Market is forecast to reach USD 3,014.1 Million by 2032, LVAD is a type of mechanical pump that is primarily used for enhancing the operation and capacity of the functioning of a heart that is not able to perform its function effectively in an independent manner. In the last decade, the Left ventricular assist device (LVAD) market is experiencing rapid expansion. This expansion of the market has been a result of a combination of various factors.
In recent years, the rate of occurrence of cardiovascular diseases like heart failures, coronary heart disease, and hypertension has been on a continuous rise. Every year, 18 million deaths occur due to these cardiovascular diseases that form 32% of all deaths across the globe. It is due to the high prevalence of these conditions across the globe, LVAD has gain relevance like never before that is resulting in boosting the market.
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In addition to the factor mentioned above, the rise in cardiovascular diseases has also resulted in an increase in demand but lack of availability of heart donors. To manage this situation of high demand and low availability of heart donors, LVAD has become a necessity in cardiovascular treatment, which has resulted in its increased application of LVAD in cardiovascular care services. This rise in the use of LVAD in cardiovascular care services has a positive impact on the growth rate of this market.
Another driving factor that promoted the expansion of the market is changing the lifestyle that is the basis for negative habits like alcohol consumption and smoking. Due to such a changing lifestyle and associated adverse habits, there has been a rise in the prevalence rate of cardiovascular disease that results in further promoting the growth of this sector.
Though LVAD has become a necessity in cardiovascular services for practical reasons; however, restraints like the high cost of implantation of LVAD as compared to other cardiovascular therapies and mechanical challenges associated with this assist device like the need to recharge it may result in adversely affecting the growth rate of this market.
In context to region analysis, North America dominates the industry. Factors that contributed to the market share of this region are a rise in the prevalence of cardiovascular diseases, a rise in investment in research and development, and the presence of advanced technologies in this region.
Key Coverage of the Report
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of Left ventricular assist device (LVAD) has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Left ventricular assist device (LVAD) Market
- The Left ventricular assist device (LVAD) market is forecasted to grow at a rate of 11.3% and reach USD 32 Billion in 2032.
- The rise in life expectancy associated with increase in geriatric population has resulted in positively impacting the market. Change in the population structure is one of the significant factors that has led in promoting the expansion of the market.
- Changing lifestyle is another factor that has a positive impact on the growth rate of the sector. It is due to the change in the lifestyle and associated change in eating habits; alcohol consumption has resulted in the rise in obesity that has resulted in a significant increase in the occurrence rate of cardiovascular diseases, which in turn boosts the industry growth.
- In regards to the type of LVAD, Implantable LVAD segment can be seen to be dominating the market. In the year 2023, it occupied 60% of the market with a growth rate of 11.7% during the forecast period. Cardiovascular conditions usually require long term support. As this type of LVAD is effective in catering to this requirement of cardiovascular care and provides with a long term solution, results in its market dominance.
- In context to the age group, 60-79 years segment can be seen to lead the market that occupied 47% of the market share in the year 2023 with a growth rate of 11.6% during the forecast period. Factors like increase in life expectancy and a high prevalence of cardiovascular diseases among this section of the population are the main reasons for this segment to lead the market.
- In context to pump types in LVAD, Continuous Centrifugal Pumps segment can be seen to be dominating the market. It occupied 89% of the market in 2023 with a growth rate of 11.9% during the forecast period. Traits like easy placement through surgery, long durability as compared to other types of pumps and reduced risk of thrombosis results in its increased preference that has contributed to its present market share.
Companies considered and profiled in this market study
CorWave, Apaxis Inc., Sunshine Heart, Evaheart, Sun Medical Technology Research, Abiomed, Jarvik Heart, HeartWare International, HeartWare International, Reliantheart, Transonic, Thoratec, Terumo.
The companies are focusing on diverse strategies, like acquisitions and mergers, to maintain its present market share and launch enhanced products in the market.
- The valuation for the Left ventricular assist device (LVAD) market was USD 1,329.2 Million in 2023, and it is forecasted to observe a CAGR of 11.3% by 2032.
- Changing lifestyle, eating habits, and rise in obesity rate has been a major contributing factor for market expansion of this segment. There are more than 3 billion individuals across the globe who are affected by obesity. Obesity is a primary reason for the occurrence of cardiovascular diseases. Such changes in lifestyle and eating habits have a positive impact on the growth of the industry.
- In regards to the application of LVAD, it can be seen to be mostly applied in the segment Bridge-to-Recovery (BTR) Therapy. This segment occupied 33% of the market in the year 2023, with a growth rate of 12.1% during the forecast period. The reason for this segment to dominate the market is because of the rise in the occurrence rate of traumatic cardiac failure. Followed by traumatic cardiac failure, a care user require constant cardiac support and monitoring that can be addressed by BTR. The mentioned application of BTR in these cardiovascular conditions has contributed to its market share.
- In the context of end users, the hospital segment can be seen to lead the market that occupied 60% of the market share in 2023 with a growth rate of 11.5%. The fact that care users with diverse healthcare conditions avail care services from the hospital that requires cardiac support and application of LVAD have resulted in this segment to dominate the industry.
- In regards to region, North America occupies the largest market share of 33% in 2023, with a growth rate of 11.7% during the forecast period. Factors like rise in investment in research and development, availability of advanced technology, the high occurrence rate of cardiovascular diseases, and rise in geriatric population in this region have resulted in this region to lead the market.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented the global Left ventricular assist device (LVAD) Market based on Type, Age group, Pump type, Application, End-user, and Region:
Left Ventricular Assist Device (LVAD) Market Report Scope
Segments covered By Type Outlook, Age group Type Outlook, Pump type Outlook, Regional Outlook
By Type Outlook
By Age group Type Outlook
By Pump type Outlook
Pulsatile volume-displacement pumps
Axial flow pumps
Continuous flow centrifugal pumps
By Application Type Outlook
Bridge-to-Recovery (BTR) Therapy
Bridge-to-Transplant (BTT) Therapy
Bridge-to-Candidacy (BTC) Therapy
By End-user Outlook
Middle East & Africa
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