Ventricular Assist Devices Market Size By Product [Left ventricular assist devices (LVADs), Right ventricular assist devices (RVADs), Biventricular assist devices (BIVADs), Percutaneous Ventricular Assist Devices, Total Artificial Heart], By Application [Destination therapy, Bridge-to-candidacy (BTC) therapy, Bridge-to-transplant (BTT) therapy, Bridge-to-recovery (BTR) therapy], By Age [Below 18, 19-39, 40-59, 60-79, Above 80] Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Belgium, Sweden, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Ventricular Assist Devices Market will exceed USD 2.0 billion by 2024; as per a new research report.
Recent rise in awareness about the emerging treatment and use of ventricular assist devices for heart failure in the developing region of Latin America will drive the industry growth in the near future. Growing mortality rates and hospitalization in the Latin America region due to high prevalence of heart failure rates will enhance the growth of ventricular assist devices market growth in the forthcoming years.
Lack of heart donors across the globe will be one of the major market boosting factors. According to a recent research survey, it was found that heart donation shortage is likely to increase in the near future with heart failure rate prevalence increasing multifold and heart donors growing steadily. The high prevalence of heart failure across the globe and shortage of heart donors will lead to increase in demand and adoption rate of ventricular assist devices, fueling the market growth.
Ventricular assist devices being very complicated and critical devices that are used in the treatment of end-stage heart failure in patients, strict medical rules and regulations are needed to be followed by the manufacturers. Hence, stringent rules and regulations will decline the adoption of devices hampering the market growth in the near future.
Percutaneous ventricular assist device market held significant amount of market share and was valued around USD 99.9 million in the year 2017. Increase in number of right ventricle failure rates has led to growing use of percutaneous VAD. Several advantages provided by percutaneous VAD such as safety, easy to implant and high reliability for survival will increase the demand and adoption rate of the device, augmenting the market growth.
Bridge-to-transplant (BTT) therapy market is estimated to grow substantially at a CAGR of 10.4% during the forecast period. As per the recent research reports, BTT-VAD therapy is associated with increase in patient’s survival rate and cost-effectiveness. Hence, decreased treatment and device cost will increase the adoption rate of device in the low and middle income population, fueling the business growth in the upcoming years.
The sales of ventricular assist devices in the people aged between 40-59 years of age in the year 2017 was around USD 420.2 million. The rise in prevalence of heart failure among the people of this age group will be the main reason behind the increasing sale of ventricular assist devices during the projection period.
U.S. ventricular assist devices market is estimated to grow at robust CAGR of 9.8% over the forecast timeframe. As per the American College of Cardiology, around 800,000 die in the U.S. because of cardiovascular diseases. Growing prevalence of CVD diseases, rise in sedentary lifestyle among the people, growing heart failure rate among the Americans and recent technological advancements will be a major market driving factor in the country.
Japan dominated the Asia Pacific ventricular assist devices market and was valued around USD 22.0 million in the year 2017. According to recent study, the prevalence of CVD and heart failure in the people have increased at a significant rate in the past few years. The growing geriatric population prone to lifestyle diseases such as cardiovascular diseases will be responsible for the growth of ventricular assist devices in the region.
Some of the leading players in the ventricular assist devices market include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Maquet, Jarvik Heart, Medtronic, Terumo Corporation and others. These companies focus on strategic decisions such as partnerships and collaborations to increase the research and development investment and expand their product portfolio. Merger and acquisitions have resulted in the company’s geographical expansion and boosted their efficiency to sustain in the market by providing better products."
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