Market Summary: A new report by Reports and Data forecasts that the Global Left Ventricular Assist Device (LVAD) Market is set to achieve a value of USD 3,014.1 Million by 2028. The LVAD is a mechanical pump primarily used to enhance the functioning of a heart that cannot operate effectively on its own. Over the past decade, the LVAD market has seen significant expansion due to a combination of various factors.
In recent years, there has been a continuous increase in the prevalence of cardiovascular diseases such as heart failures, coronary heart disease, and hypertension. These conditions are responsible for 18 million deaths annually, comprising 32% of all global deaths. Given the high occurrence of these conditions worldwide, the LVAD has gained unprecedented importance, leading to market growth.
Additionally, the rise in cardiovascular diseases has resulted in a greater demand for heart donors, which are in short supply. To address the high demand and low donor availability, LVAD has become a necessary tool in cardiovascular treatment, contributing to its increased application in cardiovascular care services and positively impacting market growth.
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Another driving factor for market expansion is the changing lifestyle characterized by negative habits like alcohol consumption and smoking. Such changes in lifestyle and associated unhealthy habits have led to an increased prevalence of cardiovascular diseases, further fueling market growth.
Despite the practical necessity of LVAD in cardiovascular services, there are challenges, including the high cost of LVAD implantation compared to other cardiovascular therapies and mechanical issues such as the need for recharging, which may adversely affect market growth.
In regional analysis, North America stands out as the dominant player in the industry. This is attributed to factors such as the increasing prevalence of cardiovascular diseases, higher investments in research and development, and the presence of advanced technologies in the region.
Key Report Highlights:
- Region and country-wise statistics for the LVAD market from 2020 to 2028, with 2020 and 2017 as historical data and 2020 as the base year.
- Market size estimation with historical and forecasted trend analysis.
- Analysis of various alternatives available in the market, with statistical analysis to determine individual segment shares.
- Examination of the regulatory frameworks in different regions.
- An outlook on ongoing research and applications in the field.
- Mapping of regional prevalence of LVAD.
- Analysis of demand and supply gaps.
- Pricing strategies of regional competitors.
- Market share analysis of top industry players.
- Strategic recommendations for new entrants.
- Market trends, including drivers, constraints, opportunities, threats, challenges, and investment opportunities.
- Strategic recommendations for key business segments based on market estimations.
- Mapping of common trends in competitive landscaping.
- Company profiles with detailed strategies, financials, and recent developments.
Salient Trends of the LVAD Market:
- The LVAD market is expected to grow at a rate of 11.3% and reach USD 32 billion by 2028.
- Increased life expectancy and a growing geriatric population have positively impacted the market.
- Changing lifestyles and associated unhealthy habits, such as alcohol consumption, have led to a rise in obesity and, consequently, cardiovascular diseases, boosting the industry’s growth.
- Implantable LVADs are the dominant segment in the market, accounting for 60% in 2020 and showing a growth rate of 11.7% during the forecast period.
- The 60-79 years age group leads the market, with a 47% market share in 2020 and a growth rate of 11.6% during the forecast period.
- Continuous Centrifugal Pumps are the dominant pump type in the market, occupying 89% of the market in 2020, with a growth rate of 11.9% during the forecast period.
Companies and Strategies: Companies profiled in this market study include CorWave, Apaxis Inc., Sunshine Heart, Evaheart, Sun Medical Technology Research, Abiomed, Jarvik Heart, HeartWare International, Reliantheart, Transonic, Thoratec, and Terumo. These companies are employing diverse strategies, including acquisitions, mergers, and product enhancements, to maintain their market share and launch improved products.
Market-O-Nomics:
- The LVAD market was valued at USD 1,329.2 million in 2020, and it is projected to observe a CAGR of 11.3% by 2028.
- Changing lifestyles, eating habits, and the rising obesity rate have significantly contributed to market expansion.
- The application of LVAD is predominantly seen in the Bridge-to-Recovery (BTR) Therapy segment, occupying 33% of the market in 2020, with a growth rate of 12.1% during the forecast period.
- Hospitals lead in the end-user segment, occupying 60% of the market share in 2020, with a growth rate of 11.5%.
- In terms of region, North America holds the largest market share of 33% in 2020, with a growth rate of 11.7% during the forecast period.
Segments Covered in the Report: The report provides a revenue growth forecast at global, regional, and country levels, with an analysis of industry trends in sub-segments from 2020 to 2028. The LVAD market is segmented based on Type, Age Group, Pump Type, Application, End-User, and Region.
LVAD Market Report Scope:
- Market size in 2020: USD 1,329.2 million
- CAGR (2020-2028): 11.3%
- Revenue forecast in 2028: USD 3,014.1 million
- Base year for estimation: 2019
- Historical data: 2017-2018
- Forecast period: 2020-2028
- Quantitative units: Revenue in USD million
- Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends
- Segments covered: By Type Outlook, Age Group Type Outlook, Pump Type Outlook, Regional Outlook
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