Market Research Report
Ventricular Assist Device Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||910289|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Ventricular Assist Device Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 115 Pages||
The Ventricular Assist Device Market studied is anticipated to grow with a CAGR of about 7.23%, during the forecast period (2019-2024).
The major factors attributing to the growth of the ventricular assist device market are technological advancement of devices for cardiac diseases management, growing initiatives and awareness regarding cardiovascular diseases, and majorly the growing burden of cardiac diseases and heart failure is driving the market. Because the global high burden of cardiac diseases and heart failures has been one of the major factors for the growing demand and growth of the global ventricular assist device market. VAD implantations are lifesaving equipment for patients with severe heart failure. They are useful in minimizing the symptoms of heart failure, helping patients to resume their daily activities. The coronary heart diseases associated with hypertension are a very common cause of chronic heart failure. Apart from that other cardiac conditions, such as ischaemic and dilated cardiomyopathies, also require a significant level of surgical interventions. For all the patient cases requiring advanced heart failure-related therapy, the heart transplantation is a long-term successful procedure. However, due to less availability of organs, the waiting time increases more than six months. Such cases require the immediate assistance of VAD, which acts as a bridge to transplantation. Here, the demand and availability of VAD play a critical role, and thus, the growing burden of cardiac diseases and heart failure is a major force to propelling the VAD market at the global level. However, there are also risks involved in the VAD implant, hence these risks are showing an impact on the market growth.
Ventricular assist devices (VAD) are highly important for patients with weakened hearts or heart failures. They are used to temporarily maintain the heart function, until the heart recovers, or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as they are mechanical pumps that are surgically implanted on the heart to pump blood in the whole body.
Left Ventricular Assist Device (LVAD) is Expected to Hold the Major Share in the Type of Ventricular Device Segment
LVAD is implanted during an open heart surgery, where it receives blood from the left ventricle and delivers it to the aorta. It works along with the patient's own heart. It is mostly given as a treatment option for patients with end-stage heart failure. There are a number of international hospitals and research centers that widely use VAD programs since the past two decades, particularly in the developed markets as well as for help in new investigational devices. Abbott (Thoratec), Berlin Heart, and Medtronic are among the top players in this segment mostly that are well established in the developed market. In contrast to developed markets, a restricted percentage of usage in the emerging markets has been observed, such as operation in restricted cities of China and India. Further, with the increased utilization of durable mechanical support devices, it is important for all emergency departments of hospitals to have a well-written protocol to provide optimal care for patients with VADs.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the raising prevalence of cardiac diseases is expected to propel the high growth of the ventricular assist device in the North American region. In the North America region, the US holds the highest share. This is due to the presence of a large population with heart disease. In the United States, cardiovascular diseases and hypertension cases account for a major share of the people that require surgery. A large number of cardiac considerations and systemic considerations are taken into account, as there are several factors associated with preoperative, perioperative, and postoperative complications. The high burden of patients with heart failure-related indications is mostly above the age of 40, which majorly boosts the demand of VAD in hospitals and clinics. As per the American Heart Association (AHA) Heart Disease and Stroke Statistics, 2017, heart failure affected an estimated 6.5 million people in the United States.
The ventricular assist device market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Abiomed Inc., BiVACOR Inc, Abbott Laboratories (St. Jude Medical Inc.), Medtronic PLC, and Terumo Corporation are among others.