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Ventricular Assist Device Global Market Report 2024 To 2033 | Abiomed, Abbott Laboratories, Medtronic, LivaNova PLC, Terumo Corporation, Berlin Heart GmbH, Cirtec, Jarvik Heart Inc
Ventricular Assist Device Market Share
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According to The Business Research Company's, The ventricular assist device market size has grown rapidly in recent years. It will grow from $1.92 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to an increase in the prevalence of heart failure and a rise in demand for organ transplantation procedures..
The ventricular assist device market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to the increasing need for destination therapy, aging population, increasing healthcare expenditure and a rise in awareness regarding heart failure treatment. Major trends in the forecast period include focus on lengthening effective life of vads, miniaturization of vads, advanced pump technologies, increased focus on vad safety and effectiveness, focus on reduction in side effects of vads and percutaneously inserted ventricular assist devices..
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Market Drivers and Trends:
The increase in the prevalence of cardiovascular disorders is driving the growth of the ventricular assist device market. Cardiovascular disorders are heart diseases caused by high blood pressure, smoking, high cholesterol, inactivity, and other factors. The increase in the prevalence of cardiovascular disorders is also due to noncontagious diseases such as diabetes, chronic respiratory illness, and heart attacks due to hypertension. The significant increase in cardiovascular disorders is expected to boost demand for ventricular assist devices as they act as a vital support system for severely ill cardiac patients. For instance, in 2021, according to the World Health Organization, a Switzerland-based government agency, India would account for one-fifth of the total deaths occurring from stroke and ischemic heart disease, mainly in younger adults. In addition, around 12.1 million people in the U.S. are expected to suffer from atrial fibrillation (A-Fib) by 2030. Therefore, the increase in the prevalence of cardiovascular disorders is expected to boost demand for ventricular assist devices during the forecast period.
Technological advancement is a key trend gaining popularity in the ventricular assist device market. The company operating in the ventricular assist device sector is focusing on developing next-generation ventricular assist devices to improve the function of blood circulation. Key players are focusing on developing ventricular assist devices with new technology to gain a competitive edge and strengthen their position in the market. For instance, in 2021, CorWave, a France-based medical technology company developed left ventricular assist device (LVAD) membrane pump technology. This LVAD based membrane pump technology utilizes a pulse pump (electromagnetic pulses) instead of a rotary pump to move blood and more closely encourages the movement of blood in a heart. It creates a pulsatile pumping action much more similar to the native heart.
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Major Key Players of the Market:
Hitachi Metal ltd, Swiss Steel Group, Voestalpine AG, Eramet SA, China Baowu Steel Group Corp, Tiangong International, Sandvik, QiLu Special Steel Co. Ltd, Samuel Son & Co, NACHI - Fujikoshi Corporation, Nippon Steel, JFE Steel Corporation, Bekaert SA, Tata Steel Limited, Kobe Steel Limited, Ningbo BST Metal Products Co. Ltd., Nanjing Hengjie Industrial Co. Ltd., Hengshui Huaxing Steel Wire Rope Co. Ltd., Wuxi Shengli Steelrope Co. Ltd., ArcelorMittal, Suzuki Garphyttan Ab, Avocet Steel, Barnfather Wire (Midlands) Ltd., SWR Group, Ormiston Wire, KTS Wire Ltd, ANCORA SCM, Valteknica Incom SRL, Vandor Industry SRL, Beloretsk Metallurgical Plant AO, the Heico Companies, Hudson Tool Steel Corporation, Nucor Corporation, Summit Utility Structures LLC, Sovereign Steel Manufacturing, AK Steel Holding, Algoma Steel Inc., Ternium S.A., Arnold Magnetic Technologies, Continental Steel & Tube Co., Johnson Bros. Roll Forming Co., A-1 Alloys, AAA Metals Co. Inc., Gibbs Wire & Steel Co., Tata Steel Minerals Canada Ltd., Posco America, Ternium Argentina SA, Aperam South America, Gerdau, The Yehuda Group, Hod Assaf Industries Ltd., Ezz Steel, Kandil Steel Company, Omega Egypt, BSi Steel Pty Ltd.
Ventricular Assist Device Market 2024 Key Insights:
• The ventricular assist device market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• The Rising Prevalence Of Cardiovascular Disorders Propels Growth In Ventricular Assist Device Market
• Innovative Technologies Drive Technological Advancements In Ventricular Assist Device Market
• North America was the largest region in the ventricular assist device market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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