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Left Ventricular Assist Devices Market Outlook: Anticipated $2.3 Billion by 2028 with Key Growth Drivers, Competitive Insights, and Market Segments Analysis
Left Ventricular Assist Devices Market
As per the report, the left ventricular assist devices market size has grown strongly in recent years. It will grow from $1.5 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The left ventricular assist devices market size is expected to see strong growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Elevated Cardiovascular Disease Rates Propel Left Ventricular Assist Device Market
The rising prevalence of cardiovascular diseases is expected to propel the growth of the left ventricular assist device market going forward. Cardiovascular diseases refer to a group of disorders of the heart and blood vessels. It includes coronary heart disease, congenital heart disease, and others. In the case of advanced heart failure, a left ventricular assist device assists the heart's left ventricle, which pumps blood to the body's tissues. For instance, in October 2022, according to the World Heart Federation (WHF), a Switzerland-based non-governmental organization, the number of cardiovascular diseases (CVD) deaths is projected to rise from an estimated 18,9 million in 2020 to over 22,2 million in 2030. Furthermore, in December 2022, according to data published by New York government, in the United States, heart disease claims the lives of about 697,000 people annually, or 1 in every 5 fatalities where around 805,000 Americans experience a heart attack each year among which 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Therefore, the rising prevalence of cardiovascular diseases is driving the growth of the left ventricular assist device market.
Technological Advancements Driving The Left Ventricular Assist Device Market
Technological advancements are a key trend gaining popularity in the left ventricular assist device market. Major companies operating in the left ventricular assist devices market are adopting new technologies to sustain their position in the market. For instance, in January 2021, CorWave SA, a France-based medical device company developing innovative heart pumps, developed left ventricular assist device (LVAD) membrane pump technology. This membrane based LVAD employs a pulse pump (electromagnetic pulses) rather than a rotary pump to flow blood, closely mimicking the action of a heartbeat. It produces a pulsatile pumping activity far more like the natural heart.
The left ventricular assist devices market covered in this report is segmented -
1) By Type: Transcutaneous Left Ventricular Assist Devices, Implantable Left Ventricular Assist Devices
2) By Type of Flow: Pulsatile, Non-Pulsatile
3) By Application: Bridge-to-Recovery (BTR) Therapy, Bridge-to-Transplant (BTT) Therapy, Destination Therapy, Bridge-to-Candidacy (BTC) Therapy
4) By End-user: Cardiology Centers, Hospitals
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Major companies operating in the left ventricular assist devices market report are Abbott Laboratories, Medtronic plc., Terumo Corporation, St. Jude Medical, MAQUET GmbH & Co., Saft, LivaNova Plc, Thoratec Corporation, Abiomed Inc, Heart Ware International Inc., Transonic Systems, Berlin Heart GmbH, BioVentrix, Cleveland Heart Inc., Jarvik Heart Inc., CorWave SA, SynCardia Systems LLC, NuPulseCV Inc., Fineheart, Procyrion Inc, Carmat SA, BiVACOR Inc, Cardiac Assist Inc., Leviticus Cardio Ltd., AdjuCor GmbH, Calon Cardio-Technology Ltd, Evaheart Inc., Sunshine Heart Inc., CH Biomedical Inc., Sun Medical Technology Research Corp
Contents of the report:
1. Executive Summary
2. Left Ventricular Assist Devices Market Report Structure
3. Left Ventricular Assist Devices Market Trends And Strategies
4. Left Ventricular Assist Devices Market - Macro Economic Scenario
5. Left Ventricular Assist Devices Market Size And Growth
…..
27. Left Ventricular Assist Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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