Left Ventricular Assist Device (LVAD) Market Size Was Valued At USD 1,492.7 million in 2021 Owing To Rising Frequency Of Chronic Illnesses

According to Precision Business Insights (PBI) latest report the global left ventricular assist device (lvad) market is valued at USD 1,492.7 million in 2021. The global left ventricular assist device (lvad) market segmented into following types: By Product Type (Heart Pump, Controller, Batteries, and Wires), By Age Group (Adult and Paediatric), By Indication (Congestive Heart Failure, Congenital Heart Disease, Myocarditis, Cardiac Arrest, Familial Arrhythmias, Cardiomyopathies, Advanced Heart Failure, and Others), By End User (Hospitals, Cardiac Cath Laboratories, Specialty Clinics, and Others), By Application (Destination therapy, Bridge-to-candidacy (BTC) therapy, Bridge-to-transplant (BTT) therapy, Bridge-to-recovery (BTR) therapy, and Others), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East Africa) Forecast to 2028. Key player's profiles in the LVAD market report are AbioMed, Abbott (Thoratec), Medtronic (Heart Ware), Berlin Heart, Jarvik Heart, Sun Medical Technology Research, ReliantHeart. The LVAD market is continually changing, and the major manufacturers are investing in product research and innovation. The market for LVADs is projected to be driven by technological improvements along with timely government clearances in the form of small-size devices with features such as infection control. However, there are several restraints that could limit the market's growth, including as the high prices of LVAD implantation in comparison to alternative CVD therapies.

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Destination therapy Segment Dominates the LVAD Market:
Over the forecast period, the destination therapy market is expected to develop at a substantial CAGR. For patients with end-stage cardiac failure, heart transplantation is regarded as one of the gold standard treatments. However, since the quantity of cardiac donor organs has decreased, ventricular assist devices for destination therapy has increased significantly. Medtronic also announced in 2017 that the FDA had approved its left ventricular assist device as a destination therapy for patients who are unable to receive a heart transplant. As a result, destination therapy with left ventricular assist devices has emerged as a new era for heart failure therapeutic strategy, boosting the market growth in the following years.

North America Leads LVAD Market:
North America's LVAD market share is projected to record commendable growth through 2028. The U.S. dominated the North American ventricular assist devices market. The rising number of patients with cardiovascular illness, recent technical breakthroughs, and favorable reimbursement regulations in the country would promote demand and acceptance of ventricular assist devices, boosting the market growth. Because of developments in healthcare facilities and favorable government policies, the market in the Asia Pacific grew at a faster rate. Medical device businesses are investing in the region to expand the use of these products in the market, which is expected to boost the market growth.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global LVAD market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In April 2020, Abiomed maker of the Impella heart pump, has acquired Breethe, developer of a novel extracorporeal membrane oxygenation (ECMO) system that will complement and expand Abiomed's product portfolio to serve the needs of patients whose lungs more comprehensively can no longer provide sufficient oxygenation, including patients suffering from cardiogenic shock or respiratory failure such as due to ARDS, H1N1, SARS, or COVID-19. In Feb 2021, Terumo and Corazon Sign Collaboration and Co-Marketing Agreement. Alignment signals recognition of Terumo Health Outcomes' proprietary ePRISM® technology using precision medicine to improve outcomes for cardiac patients and Corazon accreditation to monitor and recognize such improvements.

Detailed Segmentation:
Based on the Product Type, the market is segmented into the following:
• Heart Pump
• Controller
• Batteries
• Wires

Based on the Age Group, the market is segmented into the following:
• Adult
• Pediatric

Based on the Indication, the market is segmented into the following:
• Congestive Heart Failure
• Congenital Heart Disease
• Myocarditis, Cardiac Arrest
• Familial Arrhythmias
• Cardiomyopathies
• Advanced Heart Failure
• Others

Based on the End User, the market is segmented into the following:
• Hospitals
• Cardiac Cath Laboratories
• Specialty Clinics
• Others

Based on the Application, the market is segmented into the following:
• Destination therapy
• Bridge-to-candidacy (BTC) therapy
• Bridge-to-transplant (BTT) therapy
• Bridge-to-recovery (BTR) therapy
• Others

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