Ventricular Assist Devices Market Driven by Rising Prevalence of Heart Diseases
Ventricular assist devices (VADs) are mechanical pumps that are used to partially or completely replace the function of a failing heart. They help sustain the circulation of blood in patients with weakened heart muscles due to reasons such as heart failure or cardiomyopathy. VADs reduce the workload on the heart and allow it to rest. There are various types of VADs depending on the position and duration of use such as left ventricular assist devices (LVAD), right ventricular assist devices (RVAD), and biventricular assist devices. The rising prevalence of cardiovascular diseases has fueled the demand for advanced heart assist devices globally.
The Global Ventricular Assist Devices Market is estimated to be valued at US$ 23.62 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the ventricular assist devices market are Pfizer, Inc., Novartis AG, Kite Pharma, Inc., Bluebird bio, Inc., Becton Dickinson and Company, Amgen, Inc., Vericel Corporation, uniQure N.V., Spark Therapeutics, Inc., Renova Therapeutics, Orchard Therapeutics plc, Kolon Tissue Gene, Inc., Human Stem Cell Institute, Dendreon Pharmaceuticals, Helixmith Co., Ltd (ViroMed Co., Ltd), Bausch & Lomb Incorporated, and Castle Creek Biosciences, Inc (Fibrocell Technologies, Inc.), among others.
The global Ventricular Assist Devices Market Size is expected to witness significant growth owing to the rising global prevalence of cardiovascular diseases and growing demand for minimally invasive procedures. according to the WHO, cardiovascular diseases are the leading cause of death globally with over 17 million people dying annually from conditions such as heart attacks and stroke.
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