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LONDON, Jan. 10, 2023 /PRNewswire/ -- Companies in the market are focusing on developing miniature ventricular assist devices (VADs), which are small-sized devices that can be implanted in the heart. For example, in 2018, Calon Cardio-Technology, a UK-based medical technology company, developed MiniVAD, a miniaturized VAD, to be implanted directly into the left ventricle of a failing heart. The MiniVAD featured a smaller, lighter pump that requires less invasive surgery and causes less damage to the blood. The company planned to carry out human trials for this more cost-effective, low-weight device among 50 patients.
The global ventricular assist device market size reached a value of nearly $1.70 billion in 2022, having grown at a compound annual growth rate (CAGR) of 9.3% since 2017. The ventricular assist device market is expected to grow from $1.70 billion in 2022 to $3.00 billion in 2027 at a rate of 12.0%. The ventricular assist device market is then expected to grow at a CAGR of 12.0% from 2027 and reach $5.29 billion in 2032.
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The Rise In Aging Population Will Drive The Ventricular Assist Device Market
The ventricular assist device market analysis identifies the growth in aging population to propel the growth of the ventricular assist device market. As the population ages, number of diseases are also increasing. Cardiovascular diseases (CVDs) are one of the most common diseases in the aging population. These diseases involve the heart or blood vessels and include hypertension, rheumatic heart disease, heart failure, and heart attack. For instance, according to the World Health Organization, by 2030, 1 in 6 people in the world will be aged 60 years or over.
Ventricular Assist Device Market Growth Restrain - Side Effects Caused By Ventricular Assist Devices
As per the ventricular assist device market forecast, the side effects associated with ventricular assist devices are expected to restrain the growth of the ventricular assist device market during the forecast period. Major, non-surgical, adverse events and complications with the LVAD (left ventricular assist device) include bleeding complications, device thrombosis, ischemic and hemorrhagic strokes, renal impairment, multi-organ failure and infections, which have been the primary causes of death in some series.
Ventricular Assist Device Market Segments
The global ventricular assist device market is segmented -
1) By Product: Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BIVADs)
2) By Type: Pulsatile Flow, Continuous Flow
3) By Design: Transcutaneous Ventricular Assist Devices, Implantable Ventricular Assist Devices
4) By Application: Bridge-to-Transplant (BTT) Therapy, Destination Therapy, Bridge-to-Recovery (BTR) Therapy, Bridge-to-Candidacy (BTC) Therapy
5) By End User: Hospitals, Ambulatory Surgical Centers, Cardiology Centers
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