Left Ventricular Assist Device (LVAD) Market – Global Industry Analysis, Size, Share, Trends and Forecast, 2014 – 2022
An LVAD or Left Ventricular Assist Device is a mechanical pump that is implanted inside a person’s chest to help a weakened heart pump blood. An LVAD is dissimilar from an artificial heart. An artificial heart replaces the weak heart permanently, whereas an LVAD works with the heart to help it pump more blood with less work. It does this by continuously taking blood from the left ventricle and moving it to the aorta, which then delivers oxygen-rich blood throughout the body.
Left Ventricular Assist Device (LVAD) Market - Global Industry Analysis, Size, Share, Trends and Forecast, 2014 – 2022
Fig.Left Ventricular Assist Device (LVAD) Market Projection
An Left Ventricular Assist Device is a mechanical pump that is implanted inside a person’s chest to help a weakened heart pump blood. An LVAD is dissimilar from an artificial heart. An artificial heart replaces the weak heart permanently, whereas an LVAD works with the heart to help it pump more blood with less work. It does this by continuously taking blood from the left ventricle and moving it to the aorta, which then delivers oxygen-rich blood throughout the body. Healthcare professionals implant this device as a treatment option for severe heart conditions such as heart failures, and chronic cardiac function disorders. The LVAD mechanical pump has both internal and external components. The actual pump sits on or next to heart’s left ventricle with a tube attached that routes the blood to aorta. A cable called driveline extends from the pump, out through the skin, and connects the pump to a controller and power sources worn outside the body. Ventricular assist devices are used in those patients who are suffering with class III and class IV advanced heart diseases as per New York Heart Association (NYHA) and patients who are awaiting for not suitable for heart transplantation.
Some of the key driving factors attributing to the growth of this include increasing number of patients with cardiovascular diseases such as hypertension, heart failures and coronary artery diseases, and shortage of number of heart donors. In addition, changing lifestyle, alcohol consumption, growing obesity and smoking further propelling the market growth, as these factors increase the bold glucose and lipid levels, which results in serious cardiovascular diseases. According to American Heart Association publication, it has been estimated that in the US alone approximately 5.5 million people suffered from heart failure in 2013 and 300,000 die each year because of heart failure. The market for LVAD is expected to reach around USD 1.9 billion by 2022, growing at a CAGR of 17.3% during the forecast period of 2016 to 2022. However, there are certain restraining factors which could hamper the growth of the market, which includes, high costs associated with the LAVD implantation compared to other therapies available for CVD diseases.
Geographically, North America is leading contributor to the market and is expected to retain its position during the forecast period. Nonetheless, the market for Asia-Pacific region is expected to grow at a faster rate owing to increasing prevalence of CVD diseases, growing awareness among the population, improving healthcare infrastructure, rise in healthcare spending, and favorable government policies.
Heart Ware International Inc.
St Jude Medical
Berlin Heart GmbH
Jarvik Heart Inc.
The report delivers a strategic analysis of the global market for LVADs and growth forecast for the period from 2016 – 2022. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type of indication. It also covers geographical analysis of the market with growth forecast for the period of 2016 – 2022. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
The study also provides information for recent merger and acquisition deals happened in the global LVAD market. Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global LVAD market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies