Ventricular assist devices have emerged as a breakthrough treatment for advanced heart failure patients who are awaiting heart transplant. Ventricular assist devices are mechanical pumps that are implanted inside the body to help the weakened heart pump blood to the rest of the body. There are various types of ventricular assist devices available in the market including left ventricular assist devices (LVAD), right ventricular assist devices (RVAD) and biventricular assist devices (BIVAD). These devices have significantly improved the quality of life and survival rates of end-stage heart failure patients.
The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Large Undiagnosed Heart Failure Patient Population- It is estimated that over 6 million Americans are living with heart failure. However, only about half of those with heart failure have been diagnosed. The increasing awareness about symptoms of heart failure and availability of advanced treatment options is expected to result in improved diagnoses of heart failure cases over the forecast period. This growing diagnosed patient pool represents a major market opportunity for ventricular assist devices manufacturers as these devices are the standard of care for advanced heart failure patients awaiting heart transplant. With enhanced diagnoses, there will be a surge in demand for ventricular assist devices, thus driving market growth. Porter's Analysis Threat of new entrants: The threat of new entrants is low in the ventricular assist devices market due to high costs associated with R&D, manufacturing, and clinical trials. Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing ventricular assist devices. This provides buyers with alternatives to choose from. Bargaining power of suppliers: The bargaining power of suppliers is moderate as they have established relationships with device manufacturers and there are no substitute components available. Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives to ventricular assist devices available. Competitive rivalry: The competitive rivalry is high among key global players as they try to gain market share through product innovation and increased production capacity. SWOT Analysis Strengths: Ventricular assist devices offer advanced treatment options for heart failure patients waiting for transplantation. Technological advancements have improved patient outcomes and mobility. Weaknesses: High costs associated with ventricular assist devices limit widespread adoption. Device malfunctions and risk of infection post-implantation are other concerns. Opportunities: Growing geriatric population susceptible to heart failure presents sizable market potential. Expanding reimbursement coverage worldwide could boost demand further. Threats: Stringent regulatory approval pathways and lengthy product development timelines remain challenges. Favorable reimbursement policies are not universal. Key Takeaways The global Ventricular Assist Devices Market Growth is expected to witness high growth over the forecast period. The market size for 2023 is estimated to be US$ 1.37 billion registering a CAGR of 5.3% between 2023 to 2030. Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to favorable reimbursement scenarios and presence of key market players in the region. The Asia Pacific region is expected to witness the fastest growth rate over the next few years owing to rising healthcare expenditures, increasing heart failure incidences, and growing medical tourism industry in the region. Key players: Key players operating in the ventricular assist devices market are Abbott Laboratories, Abiomed, Berlin Heart, Medtronic, HeartWare International, Jarvik Heart, ReliantHeart, and SynCardia Systems. Abbott Laboratories holds the leading market share on account of its diversified product portfolio and strong global presence. Explore more related article on this topic: https://www.newsanalyticspro.com/ventricular-assist-devices-market-poised-to-expand-due-to-growing-demand-for-mechanical-circulatory-support-devices/
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