Ventricular Assist Device Market size is $1.35 Bn in 2019, growing at a CAGR of 11.8% during the forecast period 2020-2025
iCrowdNewswire Jul 23, 20208:00 PM ET
Ventricular Assist Device Market
size is $1.35 Bn in 2019, growing at a CAGR of 11.8% during the forecast period 2020-2025. Ventricular Assist Device is a mechanical pump used to support heart function and blood flow in individuals who have weakened hearts or cardiac problems. A ventricular assist device (VAD) takes blood from a lower chamber of the heart and helps pump it into the body and vital organs. It is used to support hearts during or after surgery until it recovers, or when a patient is waiting for a heart transplant or can be a long term solution for patients who are not eligible for heart transplant. These devices are implanted in the patient’s body when ventricles fail to perform their function owing to various medical conditions such as Bundle branch block, Myocardial Infarction (MI).
By Type – Segment Analysis
In 2019, Left Ventricular Assist Devices (LVADs) segment dominated the Ventricular Assist Device Market in terms of revenue is estimated to grow at a CAGR of 13.7%. Left Ventricular Assist Devices (LVADs) 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. Bridge-to-Transplant (BTT) Therapy is the most used therapy type for Left Ventricular Assist Devices (LVADs) to restore the heart failure, eliminating the need for a transplant abetting towards the market’s growth.
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Geography – Segment Analysis
In 2019, the North America region dominated Ventricular Assist Device Market in terms of revenue with a market share of 52.1% owing towards owing to the presence of established payers and an increase in the number of cardiovascular disease patients in the region. This growth can be attributed towards the advanced healthcare infrastructure with technological practice, higher spending by citizens on healthcare, growing old age and cardiac patient pool, favorable government policies are key factors in the growth of the Ventricular Assist Device market. Europe is estimated to record the fastest growth rate during the forecast period 2020-2025.
Drivers – Ventricular Assist Device Market
- Increase In The Prevalence of Cardiovascular Diseases
According to the World Health Organization, an estimated 17.9 million people die owing to cardiovascular diseases worldwide, each year with 35% of global deaths and 85% of these cardiovascular disease deaths are owing to heart attack and stroke. The increase in the prevalence of Ventricular Assist Device is driving the Ventricular Assist Device Market owing towards the increase of manufacturers focusing on expanding their pipeline to cater to the demand for Ventricular Assist Device treatment. Governments have taken initiatives for developing and manufacturing innovative products for the diagnosis & treatment of Ventricular Assist Device is the other major factor driving growth of the Ventricular Assist Device market.
Challenges – Ventricular Assist Device Market
- Lack Of Low Cost Treatment
The lack of cost effective treatments is restraining the growth of the market. The treatment is very expensive which leads to the increase diseased rate and less affordability rate. The scarcity of low cost treatment hampers the growth of the market owing towards the patients being uncured.
Ventricular Assist Device Industry Outlook
Product Launches was the key strategy of the players in the Ventricular Assist Device Industry. Ventricular Assist Device top 10 companies include Abiomed Inc., BiVACOR Inc, Abbott Laboratories, Medtronic PLC, Terumo Corporation, Asahi Kasei Corporation, Berlin Heart GmbH, Calon Cardio-Technology Ltd., CardiacAssist Technologies, and Jarvik Heart.
- In January 2017, Abbott laboratories acquired St. Jude Medical, Inc. This acquisition helped the company in increasing the production for diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals.
- In July 2018, Medtronic PLC launched left ventricular assist devices HVAD System in the U.S. This product is helpful for the patients as it is less invasive and takes less time in curing the surgery.
- Increased rate of heart attack and stroke leading to cardiovascular deaths is set to propel the growth of the market.
- Increasing developments in the therapy process and increased functional capacity and performance is driving factors for the growth of Ventricular Assist Device market.
- Europe region is estimated to record the fastest growth rate during the forecast period 2020-2025.
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