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| Ventricular Assist Devices (VAD) market |
The
global Ventricular Assist Devices (VAD) market is estimated to be valued at US$1.15 billion in 2023 and is expected
to exhibit a CAGR of 10.8% over the forecast period 2023-2030, according
to a new report published by Coherent Market Insights.
Market Overview: Ventricular Assist Devices are mechanical pumps that are
placed inside a patient's chest to help the heart pump blood to the rest of the
body. These devices are used in patients with severe heart failure who are
awaiting a heart transplant or as a long-term treatment option. VADs offer
several advantages such as improved survival rates, increased quality of life,
and reduced hospital readmission rates. The rising prevalence of cardiovascular
diseases, such as heart failure, along with the shortage of available donor
hearts for transplantation, is driving the demand for ventricular assist
devices in the market.
Market Key Trends: One key trend in the Ventricular Assist Devices market is
the adoption of miniaturized VADs. These smaller devices are designed to be
less invasive and more easily implanted, allowing for a faster recovery time
and improved patient comfort. Miniaturized VADs also offer the advantage of
being suitable for a wider range of patients, including those with smaller body
sizes and pediatric patients. The growing demand for minimally invasive
procedures and the increasing focus on patient-centric care are expected to
drive the adoption of miniaturized VADs in the market.
Porter’s Analysis
Threat of New Entrants:
The Ventricular
Assist Devices Market Scope is expected to witness high growth, with a CAGR of 10.8% over the forecast period of 2023-2030. This
indicates potential lucrative opportunities in the market, which may attract
new entrants. However, the high entry barriers, such as stringent regulations
and high R&D costs involved in developing advanced medical devices, are
expected to deter new players from entering the market. This factor reduces the
threat of new entrants in the ventricular assist devices market.
Bargaining Power of Buyers:
The increasing prevalence of cardiovascular diseases and the growing demand for
effective treatment options have created a high demand for ventricular assist
devices. This increases the bargaining power of buyers as they have several
options to choose from. Additionally, the fragmented nature of the market with
the presence of multiple manufacturers gives buyers the ability to negotiate
for better prices and terms. Therefore, buyers in the ventricular assist
devices market have substantial bargaining power.
Bargaining Power of Suppliers:
The ventricular assist devices market relies heavily on suppliers for the
procurement of components and raw materials. While there are several suppliers
in the market, the specialized nature of the components required for these
devices may limit the number of potential suppliers. As a result, the
bargaining power of suppliers is moderate. However, with the increasing demand
for ventricular assist devices, suppliers may gain more bargaining power in the
future, especially if there is a shortage of key components.
Threat of New Substitutes:
Ventricular assist devices are used as a means of temporary or permanent
cardiac support for patients with heart failure. While heart transplantation
remains the gold standard treatment for end-stage heart failure, the shortage
of donor organs has led to the development and adoption of ventricular assist
devices as a viable alternative. Given the limited availability of heart
transplants, the threat of substitutes is low for ventricular assist devices.
Competitive Rivalry:
The ventricular assist devices market is characterized by intense competition
among key players. The market is dominated by established companies such as
Abiomed, Inc., Abbott Laboratories, and Medtronic plc, among others. These
companies have a strong presence in the market and offer a wide range of
ventricular assist devices. The competitive rivalry is further fueled by the
continuous focus on research and development activities to develop
technologically advanced devices. Therefore, the competitive rivalry in the
ventricular assist devices market is high.
Key Takeaways
The global ventricular assist devices market is expected to witness high
growth, exhibiting a CAGR of 10.8% over the forecast period of 2023-2030. This
growth can be attributed to the increasing prevalence of cardiovascular
diseases and the rising demand for effective treatment options.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the ventricular assist devices market.
Factors such as the presence of advanced healthcare infrastructure, favorable
reimbursement policies, and a high prevalence of cardiovascular diseases
contribute to the market's growth in this region.
Key players operating in the ventricular assist devices market include Abiomed,
Inc., Abbott Laboratories, Heart Ware International, Inc, Berlin Heart GmbH,
Thoratec, Inc., Liva Nova plc, Jarvik Heart, Inc., Medtronic plc, ReliantHeart,
Inc., and Calon Cardio-Technology Ltd. These companies hold a significant
market share and are actively involved in research and development activities
to develop innovative ventricular assist devices.
Overall, the ventricular assist devices market is expected to experience
substantial growth in the coming years, driven by the increasing prevalence of
cardiovascular diseases and the need for advanced treatment options for heart
failure patients.
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