Untapped Potential in Emerging Economies to Propel Market Growth in Coming Years of the South & Central America left ventricular assist device market
Emerging countries such as Argentina and Brazil are expected to offer significant growth opportunities to companies in the LVAD market mainly due to their rising patient population, increasing R&D activities, growing CVD awareness, surging 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. According to the World Economic Forum, Brazil, Russia, India, China, and 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. In Argentina, the implantation of a HeartMate 3 HM3 (manufactured by Abbott Laboratories) was practiced on a 52-year-old patient with a history of left ventricular noncompaction and severe left ventricular dysfunction in December 2019. 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 developing economies in South & Central America, along with a surge in the number of hospitals, would trigger the adoption of LVADs in the coming years. Further, increasing competition among well-established companies compels them to focus on emerging markets, which is expected to create further growth avenues in the South & Central America left ventricular assist device market in the coming years.
South & Central America Left Ventricular Assist Device Market Overview
The South & Central America left ventricular assist device market consists of Brazil, Argentina, and Rest of SAM. Brazil held the largest share of the South & Central America left ventricular assist device market. The flourishing medical tourism sector and government initiatives to create awareness about modern healthcare products are the factors contributing to the left ventricular assist device market growth in South & Central America. Additionally, the rising prevalence of cardiovascular diseases, hypertension, and stroke propels the demand for these devices in the region. According to a report published by the Sociedade Brasileira de Cardiologia (SBC), heart failure (HF) is the major cause of hospitalization related to CVDs in Brazil, and ~1–2% of the population of 50% of these individuals have a decreased ejection fraction. Moreover, most of these patients are reluctant to standard treatment and hospitalization, and the rates of death or rehospitalization within 6 months of the first hospitalization are ~50%. A left ventricular assist device, also known as a continuous flow device, provides a constant flow of blood from the patient's heart to the body. The demand for left ventricular assist devices is substantially lower in Brazil, unlike the numbers reported in developed countries. Despite the evidence of improved survival and quality of life in patients undergoing LVD implantation, the direct and indirect costs for the therapy are still high. In addition, complications associated with the implantation procedure hinder the demand for LVADs in Brazil.
South & Central America Left Ventricular Assist Device Market Segmentation
The South & Central America left ventricular assist device market is segmented into type of flow, design, application, and country.
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 registered the largest market share in 2022.
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 registered the largest market share in 2022.
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 registered the largest market share in 2022.
The South & Central America left ventricular assist device market, by country, is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the market share in 2022.
ABIOMED Inc; Abbott Laboratories; Medtronic Plc; LivaNova Plc; and Evaheart Inc are the leading companies operating in the South & Central America left ventricular assist device market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 125.76 Million |
| Market Size by 2028 | US$ 162.02 Million |
| CAGR (2022 - 2028) | 4.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type of Flow
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
The South & Central America Left Ventricular Assist Device Market is valued at US$ 125.76 Million in 2022, it is projected to reach US$ 162.02 Million by 2028.
As per our report South & Central America Left Ventricular Assist Device Market, the market size is valued at US$ 125.76 Million in 2022, projecting it to reach US$ 162.02 Million by 2028. This translates to a CAGR of approximately 4.3% during the forecast period.
The South & Central America Left Ventricular Assist Device Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Left Ventricular Assist Device Market report:
The South & Central America Left Ventricular Assist Device Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Left Ventricular Assist Device Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Left Ventricular Assist Device Market value chain can benefit from the information contained in a comprehensive market report.
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