Hyderabad, India -- (SBWIRE) -- 02/22/2023 -- Left Ventricular Assist Device Market

A Left Ventricular Assist Device (LVAD) is a mechanical pump that is surgically implanted into the chest to assist the heart in pumping blood throughout the body. It is a life-saving device for individuals with advanced heart failure and can be used as a bridge to heart transplantation, as well as a long-term therapy for patients who are not candidates for transplantation.

Market Size and Future Apprehension:

According to the most recent USD Analytics, the worldwide "Left Ventricular Assist Device Market" is expected to grow at a CAGR of 12.5% during the forecast period 2023-2030.

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Market Drivers:

The global Left Ventricular Assist Device market has been growing steadily over the past few years, driven by factors such as the increasing prevalence of heart failure, the aging population, and advancements in LVAD technology.

One of the key drivers of the LVAD market is the increasing prevalence of heart failure. According to the American Heart Association, heart failure affects around 6.5 million people in the United States alone, and around 900,000 new cases are diagnosed each year. In addition, the aging population is also contributing to the growth of the LVAD market, as heart failure is more common among older adults.

Advancements in LVAD technology are also driving the market growth. Manufacturers are developing smaller, more portable devices that are less invasive and have fewer complications. For example, HeartWare International Inc. has developed a miniaturized LVAD called the HVAD System, which is less invasive than traditional LVADs and can be implanted using a less complicated surgical procedure.

Market Challenges:
However, there are certain challenges associated with the LVAD market. One of the major challenges is the high cost of the devices, which limits their adoption, particularly in developing countries. Moreover, the implantation procedure is complex and requires specialized training, which can limit the number of surgeons who can perform the procedure. In addition, the risk of adverse events, such as bleeding and infection, remains a concern.

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Market Opportunities:
Opportunities in the LVAD market include the development of LVADs with longer battery life and the expansion of the market in developing countries. Longer battery life would reduce the need for frequent device replacements and improve the overall experience for patients. Additionally, the LVAD market in developing countries is largely untapped and presents a significant growth opportunity for manufacturers.

Segmentation Analysis:
The global Left Ventricular Assist Device can be segmented by product type, therapy, age group
By Product Type:
- Heart Pump
- Controller
- Batteries and Wires
o Rechargeable
o Non- Rechargeable
By Therapy:
- Bride-to-transplant therapy
- Destination therapy
- Bridge-to-candidacy therapy
- Bridge-to-recovery therapy

By Age Group:
- Adult
- Paediatric

Competitive Landscape:
The key players in the LVAD market include
- Abbott Laboratories,
- Abiomed,
- Asahi Kasei Corporation,
- Berlin Heart,
- CardiacAssist,
- Jarvik Heart,
- Medtronic, and Terumo Corporation.

These companies are focusing on product innovation, research and development, and partnerships and collaborations to strengthen their market position.

Regional Analysis:
Geographically, the LVAD market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for LVADs, accounting for more than half of the global market share. This can be attributed to the high prevalence of heart failure, a large patient pool, and favorable reimbursement policies. Europe is the second-largest market, followed by Asia Pacific. The Asia Pacific market is expected to witness significant growth during the forecast period, driven by factors such as the rising geriatric population, increasing awareness about LVADs, and improving healthcare infrastructure.