Ventricular Assist Devices Market Scope
A ventricular assist device (VAD), also known as a mechanical circulatory support device, is a device that assists in the pumping of blood from your heart's lower chambers (ventricles) to the rest of your body. You may require surgery to implant a VAD while you wait for a heart transplant or to help your heart produce enough blood flow permanently. Although a VAD can be implanted in either of your heart's ventricles, it is most commonly implanted in the left ventricle. It is known as a left ventricular assist device when it is placed in the left ventricle (LVAD). Current LVADs keep blood flowing from your heart to your body at all times. These LVADs are known as continuous flow devices. The procedure to implant a VAD frequently necessitates open-heart surgery and carries serious risks. However, if you have severe heart failure, a VAD can save your life.
|Unit||Value (USD Million)|
|Key Companies Profiled||Abiomed (Japan), Medtronic (Ireland), Abbott (United States), Berlin Heart (Germany), Cardiac Assist, Inc. (United States), Jarvik Heart, Inc. (United States), ReliantHeart, Inc. (United States), HI-LEX (Sun Medical Technology Research Corp.) (Japan), LIVANOVA PLC (United Kingdom), Thoratec Corporation (United States), CorWave (France) and Suzhou Tongxin Medical Equipment Co., Ltd. (China)|
To entice more end users, market players are focusing on providing ventricular assist devices of higher quality while adhering to all regulatory standards. In the global ventricular assist devices market; there are numerous large and small-scale service providers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The ventricular assist devices market is currently expanding due to the rapid advancement of technology in IoT and AIML in healthcare. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Abiomed (Japan), Medtronic (Ireland), Abbott (United States), Berlin Heart (Germany), Cardiac Assist, Inc. (United States), Jarvik Heart, Inc. (United States), ReliantHeart, Inc. (United States), HI-LEX (Sun Medical Technology Research Corp.) (Japan), LIVANOVA PLC (United Kingdom), Thoratec Corporation (United States), CorWave (France) and Suzhou Tongxin Medical Equipment Co., Ltd. (China) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Ventricular Assist Devices market by Type , by Application (Bridge to transplant, Destination therapy, Bridge to recovery and Others) and Region with country level break-up.
On the basis of geography, the market of Ventricular Assist Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2020.
Market Leaders and their expansionary development strategiesIn June 2021, Abiomed has acquired preCARDIA, the developer of a proprietary catheter and controller that will complement Abiomedís product portfolio to expand options for patients with acute decompensated heart failure (ADHF). The preCARDIA system is uniquely designed to rapidly treat ADHF-related volume overload by effectively reducing cardiac filling pressures and promoting decongestion to improve overall cardiac and renal function.
In June 2021, The US Food and Drug Administration (FDA) granted pre-market approval (PMA) to Abiomedís latest heart pump, Impella RP with SmartAssist, for the treatment of acute right heart failure for up to 14 days. The device is approved for treating patients with a body surface area greater than or equal to 1.5m≤ with acute right heart failure or decompensation after implanting a left ventricular assist device, myocardial infarction, heart transplant, or open-heart surgery.
In June 2021, the U.S. Food and Drug Administration is alerting health care providers to no longer implant end-stage heart failure patients with Medtronicís Heartware Ventricular Assist Device (HVAD) System due to a growing body of observational clinical comparisons that demonstrates a higher frequency of neurological adverse events and mortality associated with the system when compared to other commercially available devices, as well as complaints that the internal pump may delay or fail to restart.
Ventricular Assist Devices Market Dynamics:
|Trends Influencing Market|
- Increasing Incidence of the Heart Failure to Foster Adoption of These Devices
- Side Effects Associated with These Devices to Hinder the Market Growth.
- Less Developed Healthcare Infrastructure in Developing Countries Would Affect the Market Growth.
- Technological Advancements in the Healthcare Industry with AIML will be Bringing More Opportunities for Market Growth.
Key Target AudienceHealthcare device manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others