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.
Left ventricular assist device is a mechanical pump implanted in heart failure. This device helps the left ventricle of the heart in pumping blood to the rest of the body. It is also known as a mechanical circulatory support device that helps in maintaining proper blood circulation within the body.
The companies listed above are implementing various strategies that have resulted in the growth of the company and in turn, have brought about various changes in the worldwide market. Additionally, the companies have adopted several inorganic and organic strategies for accelerating their growth and improving their market position.
Below is the list of the growth strategies done by the players operating in the left ventricular assist device market:
| Year | News |
| June-2020 | Abiomed announced the US Food and Drug Administration (FDA) approval for the company’s investigational device exemption application for starting an early feasibility study with a first-in-human trial for the Impella ECP heart pump. |
Snapshot from Competitive Landscape-
Some Top Company Profiles operating in the Left Ventricular Assist Device Industry-
The left ventricular assist device market is majorly comprised of top players involving ABIOMED Inc, Abbott Laboratories, Medtronic Plc, LivaNova Plc, Jarvik Heart Inc, Terumo Corp, Berlin Heart GmbH, BiVACOR Inc, Evaheart Inc, and BioVentrix Inc., and among others.
Segments-
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.
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