Ventricular Assist Devices Market Trends

Growth Drivers

• Growing Cases of Heart Attacks to Boost the Market Growth- For instance, approximately 0.08 million die every year in the United States alone.A heart attack or a myocardial infarction is a condition when the blood flow gets disrupted in a certain heart muscle. Such blockage of blood results in severe damage to the heart that can cause death or the lifetime functionality of the heart. Since ventricular assist devices are helpful to pump blood conveniently to the body, cardiologists prefer them more often. Hence, such a requirement is projected to propel the growth of the market over the forecast period.
• Rising Penetration of Stroke Owing to Increasing Obesity Issues- It is observed that in every 5 adults, 1 of them dies on account of a stroke under the age of 25.
• Increasing Prevalence of Coronary Artery Disease with Growing Changes in Food Habits- As of 2020, coronary heart disease was projected to account for approximately 0.35 million deaths across the globe.
• Significant Utilization in the Treatment of Cardiac Arrhythmia Owing to Rising Disposable Income- In 2021, cardiac arrhythmia was estimated to be affecting between 5-12 million individuals globally.
• Long Waiting Periods Associated with Heart Surgeries or Transplants - As per the Health Resources and Administration of the U.S. in 2018, 3980 candidates were included on the waiting list for heart surgeries.

Challenges

• High Cost Associated with Requisite Equipment The equipment used is very expensive which a small clinic cannot afford. The high cost of maintenance and increasing hospitalization cost for these devices is more than any conventional therapy. The implantation of these devices is also costly that is estimated to limit the adoption and eventually hamper the market growth.
• Lack of Skilled Medical Professionals
• Disrupted Supply-Chain due to COVID-19