Report : South & Central America Left Ventricular Assist Device Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Type of Flow (Pulsatile Flow and Non-Pulsatile Flow), Design (Implantable Ventricular Assist Devices and Transcutaneous Ventricular Assist Devices), and Application (Bridge to Transplantation, Destination Therapy, Bridge to Recovery, and Bridge to Candidacy)
At 4.3% CAGR, the South & Central America Left Ventricular Assist Device Market is speculated to be worth US$ 162.02 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America left ventricular assist device market was valued at US$ 125.76 million in 2022 and is expected to reach US$ 162.02 million by 2028, registering a CAGR of 4.3% from 2022 to 2028. Growing use of artificial intelligence and machine learning in LVAD and untapped potential of emerging economies are the critical factors attributed to South & Central America left ventricular assist device market expansion.
The increased incidence of complications and adverse events associated with LVAD encouraged manufacturers to develop innovative technologies and integrate new technologies into the devices. In several cases, patients with LVAD devices experience right ventricle failure leading to blood buildup in veins and swelling. To reduce the failure, manufacturers have integrated artificial intelligence (AI) to monitor the right ventricle with LVAD. Therefore, any change in the right ventricle activity and function will be reported to the healthcare professional, reducing the chances of right ventricle failure and complications. Therefore, the use of artificial intelligence and machine learning algorithms helps develop a risk prediction model based on right ventricle functions in end-stage heart failure patients with LVAD. The risk stratification for right ventricle failure is one of the significant factors that help determine the patients’ survival. Therefore, the use of artificial intelligence and machine learning in LVAD is likely to emerge as a key trend in the South & Central America left ventricular assist device market during the forecast period.
On the contrary, rise in product recalls and complications associated ventricular assist devices with hinders the South & Central America left ventricular assist device market growth.
Based on type of flow, the South & Central America left ventricular assist device market is segmented into non-pulsatile and pulsatile flow. The non-pulsatile segment held 56.0% market share in 2022, amassing US$ 70.42 million. It is projected to garner US$ 93.23 million by 2028 to expand at 4.8% CAGR during 2022–2028.
Based on design, the South & Central America left ventricular assist device market is bifurcated into implantable ventricular assist devices and transcutaneous ventricular assist devices. The implantable ventricular assist devices segment held 58.5% market share in 2022, amassing US$ 73.57 million. It is projected to garner US$ 93.11 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on application, the South & Central America 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 38.6% market share in 2022, amassing US$ 48.59 million. It is projected to garner US$ 65.01 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on country, the South & Central America left ventricular assist device market has been segmented into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Brazil captured 62.0% market share in 2022. It was assessed at US$ 78.01 million in 2022 and is likely to hit US$ 102.17 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the South & Central America left ventricular assist device market are ABIOMED Inc; Abbott Laboratories; Medtronic Plc; LivaNova Plc; and Evaheart Inc, among others.
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