Left Ventricular Assist Device Treatment Market Growth Analysis | 2023-2028

Market Insights

The left ventricular assist device treatment market was estimated at USD 1.60 billion in 2022 and is likely to grow at a CAGR of 11.12% during 2023-2028 to reach USD 3.01 billion in 2028.

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What is a ventricular assist device?

A ventricular assist device also known as a mechanical circulatory support device is defined as an implantable mechanical pump that helps pump blood to the body from the lower chambers of the heart. A left ventricular assist device is used to treat patients who have reached end-stage heart failure. It helps the left ventricle to pump blood to the rest of the body.

COVID-19 Impact

The Covid-19 outbreak did not affect the growth of the left ventricular assist device treatment market as unlike other medical problems the treatment of heart-related problems cannot be postponed. The American College of Cardiology (ACC) and Society of Cardiac Angiography and Interventions (SCAI) also established guidelines regarding considerations for patients referred for structural heart disease intervention during the COVID-19 pandemic.

Key Players

Key players operating in the global market are-

• Abbott Laboratories (The U.S),
• Thoratec Corporation (The U.S.),
• CorWave (France),
• Apaxis Medical, Inc. (Canada)
• Abiomed (The U.S),
• HeartWare International Inc. (The U.S),
• Berlin Heart GmbH (Germany),
• Evaheart Inc (Japan),
• Jarvik Heart, Inc. (The U.S), and
• ReliantHeart, Inc. (The U.S).

Market Dynamics

The preference for ventricular assist devices is increasing over heart transplants due to the long waiting time for a donor’s heart which results in the death of the patient.

• The growth of the global left ventricular assist device treatment market is primarily driven by the increasing prevalence of cardiovascular diseases particularly stroke and heart failure due to changing lifestyles and unhealthy eating habits.
• The growing emphasis on technological advancements to develop miniature devices equipped with advanced features is likely to create lucrative growth opportunities for the players operating in the global left ventricular assist device treatment market during the review period.

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Segment Analysis

By Product Type

Based on product type, the market has been segmented into destination therapy, bridge to transplantation, bridge to recovery, and bridge to destination.

• The destination therapy segment accounted for the largest market share in 2022 owing to the rise in the number of the patient having heart-related disease and end-stage heart failure.
• The bridge to the transplantation segment is expected to grow at a substantial CAGR during the review period.

Regional Insights

Geographically, the market in North America accounted for the largest market share in 2022 and is projected to continue its dominance during the review period. The market growth can be attributed to the high demand for miniature devices equipped with advanced technology and the increasing prevalence of cardiovascular diseases.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The left ventricular assist device treatment market is segmented into the following categories.

By Product Type

• Destination Therapy
• Bridge to Transplantation
• Bridge to Recovery
• Bridge to Destination

By Application Type

• Hospitals
• Cardiology Centers

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Target Audience

The following is a list of the customers that the left ventricular assist device treatment market aims to convert the most:

• Left ventricular assist device treatment manufacturers.
• Left ventricular assist device treatment suppliers.
• Left ventricular assist device treatment distributors.
• Organizations.
• Government bodies.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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