Left Ventricular Assist Device Market Size Worth USD 1,806.19 million by 2028 says, The Insight Partners
According to our new study on “Left Ventricular Assist Device Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type of Flow, Design, and Application,” the market is expected to reach US$ 1,806.19 million by 2028 from US$ 1,272.08 million in 2021. It is estimated to grow at a CAGR of 5.1% from 2022 to 2028. A significantly increasing prevalence of target diseases and rising geriatric population across the world drive the market growth. However, growing product recalls and complications associated with left ventricular assist devices hamper the market growth.
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COVID-19 Pandemic Impact on left ventricular assist device market
In 2020, the implementation of stringent lockdown regulations across several countries due to the effects of the COVID-19 pandemic disrupted the production and procedures of left ventricular assist devices. Also, many countries and cities were shut down amid the lockdown, causing the cancellation of treatments and doctor appointments. Patients suffering from critical issues need physical attention in the clinics. Cardiac issues are one of the most preventable public health challenges in all regions. Due to the rising intensity of the COVID-19 pandemic, the patients could not visit the clinics. Moreover, there was shortage of staff. Hence, the COVID-19 pandemic negatively impacted the global left ventricular assist device market.
During the COVID-19 outbreak, healthcare systems were overburdened, and the delivery of medical care to all patients became a challenge across the world. In addition, the medical device industry was facing the negative impact of COVID-19 pandemic. As the pandemic unfolded, medical device companies found difficulties managing their operations. This disrupted and restricted the companies’ ability to distribute products and resulted in the temporary closures of their facilities. However, hospitals gradually resumed elective procedures as the COVID-19 recovery rate increased. Hence, the demand for medical equipment, including left ventricular assist device, is expected to increase in the coming years.
Emerging countries such as India, China, Argentina, Brazil, the UAE, and South Africa are expected to offer significant growth opportunities for LVAD market players mainly due to their rising patient population, increasing R&D activities, growing CVD awareness, rising disposable incomes, improving healthcare infrastructure, and comparatively lenient policies compared to developed countries. Also, emerging markets have seen a sustained increase in heart failure cases over the past decade, driven by the growing target population of patients, rising cardiovascular disease,, and increasing medical tourism. According to the World Economic Forum, Brazil, Russia, India, China, and South Africa were among the fastest-growing economies globally as of 2017 and are expected to account for a third of total global health spending by 2022. Further, increasing competition in well-established markets will force LVAD manufacturers to focus on emerging markets in the coming years, which is expected to create lucrative opportunities for the market players in the coming years.
ABIOMED Inc, Abbott Laboratories, Medtronic Plc, LivaNova Plc, Jarvik Heart Inc, Terumo Corp, Berlin Heart GmbH, BiVACOR Inc, Evaheart Inc, and BioVentrix Inc are among the left ventricular assist device market players.
The report segments the left ventricular assist device market as follows:
The left ventricular assist device market is segmented on the basis of type of flow, design, application, and geography. Based on type of flow, the market is segmented into non-pulsatile and pulsatile. Based on design, the market is bifurcated into transcutaneous ventricular assist devices and implantable ventricular assist devices. By application, the left ventricular assist device market is segmented into destination therapy, bridge-to-transplantation, bridge-to-candidacy, and bridge-to-recovery. Based on geography, the global left ventricular assist device market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of the MEA), and South & Central America (Brazil, Argentina, and the Rest of South and Central America).
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