At 3.9% CAGR, the Middle East & Africa Left Ventricular Assist Device Market is projected to be worth US$ 88.86 million by 2028, says Business Market Insights   

According to Business Market Insights’ research, the Middle East & Africa left ventricular assist device market was valued at US$ 70.56 million in 2022 and is expected to reach US$ 88.86 million by 2028, registering a CAGR of 3.9% from 2022 to 2028. Untapped potential of emerging economies and elevating use of artificial intelligence and machine learning in LVAD are the critical factors for Middle East & Africa left ventricular assist device market expansion.               

Emerging countries such as 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-related deaths, and increasing medical tourism. According to the World Economic Forum, 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. To capitalize on the high growth opportunities for LVAD in emerging markets, manufacturers are adopting strategic activities, such as R&D, for business expansion in developing countries. The number of hospitals and surgical centers in emerging markets is expected to grow due to increasing healthcare spending and a rising target patient population. Therefore, the development of healthcare facilities in the developing economies along with surge in hospitals will increase the awareness and adoption of LVAD in emerging economies. 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 Middle East & Africa left ventricular assist device market.

On the contrary, rise in product recalls and complications associated ventricular assist devices with hinders the Middle East & Africa left ventricular assist device market growth.   

Based on type of flow, the Middle East & Africa left ventricular assist device market is segmented into non-pulsatile and pulsatile flow. The non-pulsatile segment held 55.6% market share in 2022, amassing US$ 39.22 million. It is projected to garner US$ 50.81 million by 2028 to expand at 4.4% CAGR during 2022–2028.

Based on design, the Middle East & Africa left ventricular assist device market is bifurcated into implantable ventricular assist devices and transcutaneous ventricular assist devices. The implantable ventricular assist devices segment held 54.9% market share in 2022, amassing US$ 38.77 million. It is projected to garner US$ 47.90 million by 2028 to expand at 3.6% CAGR during 2022–2028.

Based on application, the Middle East & Africa left ventricular assist device market is segmented into destination therapy, bridge to transplantation, bridge to candidacy, and bridge to recovery. The destination therapy segment held 41.3% market share in 2022, amassing US$ 29.13 million. It is projected to garner US$ 38.03 million by 2028 to expand at 4.5% CAGR during 2022–2028.

Based on country, the Middle East & Africa left ventricular assist device market has been segmented into Saudi Arabia, South Africa, the UAE, and Rest of Middle East & Africa.  Our regional analysis states that Saudi Arabia captured 41.3% market share in 2022. It was assessed at US$ 29.11 million in 2022 and is likely to hit US$ 37.01 million by 2028, exhibiting a CAGR of 4.1% during the forecast period.    

Key players dominating the Middle East & Africa left ventricular assist device market are ABIOMED Inc; Abbott Laboratories; Medtronic Plc; LivaNova Plc; and Evaheart Inc among others.

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