Global Ventricular Assist Device Market : Industry Analysis and Forecast (2019-2027)
Global Ventricular Assist Device Market was valued US$ 2.10 Bn in 2019 and is expected to reach 2.4 Bn by 2027, at a CAGR of 10.24 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Ventricular assist devices are pumps, which are used to support cardiac circulation in patients who have debilitated hearts.Growth in occurrences of heart failure across the globe, innovative technological advancements in ventricular assist devices, increasing awareness among patients about monitoring of the heart, and lack of heart donors are some of the prominent factors behind the growth of the global ventricular assist device market. Growing government funding for new product development coupled with ongoing research activities is expected to propel the growth of ventricular assist devices. New advancements in designs are also expected to boost the growth in demand. Innovative technologies contain the usage of centrifugal pump, which precludes the blood from becoming static and escapes the risk of clotting.
The high cost of ventricular assist devices and the implantation procedures are limiting the growth in the global ventricular assist device market. The ventricular assist devices are available in the market on average costs around $ US XX and the total procedure costs around USD $US XX. The cost of the device and procedures is excessive to the low and middle-income patient population, which is declining the demand for ventricular assist devices.
In 2018, the left ventricular assist devices are expected to lead the global ventricular assist device market. The leading position in the market can be attributed to the growing number of patients who are suffering from last-stage heart failure, development in technology like effectiveness, high survival rate, and reduced risk of the devices. A growing number of patients suffering from cardiac complications like cardiomyopathy, stroke and class III & class IV heart failure is expected to need for a heart transplant.
The destination therapy segment is projected to witness significant growth in the global ventricular assist device market. This therapy is one of the most preferred therapies, which is used in heart failure patients and creates a major and growing portion of the heart implants. The increasing usage of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure is expected to propel the global ventricular assist device market growth.
Geographically, North America is estimated to hold a leading position in the global ventricular assist device market. The leading position in the market is attributed to the ongoing clinical trials for the testing of these devices and augmented government funding. Rising patient awareness about the availability of these ventricular assist devices and improved R&D activities for new product development are projected to boost market growth. Furthermore, the Asia Pacific region is expected to grow at a XX % rate of CAGR during the forecast period. The region is projected to register productive growth during the forecast period (2018-2026) owing to the growing healthcare expenditure, and recent improvements in healthcare infrastructure in developing countries like China, Japan, India.
The development and up-gradation of devices are expected to increase the competition among key players. Some of the many key players are focusing on product endorsements and developing innovative products to reinforce their product portfolio, which strengthens the market competition. For instance, in 2018 FDA approved HeartMate 3 left ventricular assist device which is developed by Abbott, as a destination therapy for patients with innovative heart failure.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments and, project the global ventricular assist device market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global ventricular assist device market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of the Report for Global Ventricular Assist Device Market
Global Ventricular Assist Device Market, By Product
• Left Ventricular Assist Device
• Right Ventricular Assist Device
• Bi-Ventricular Assist Device
Global Ventricular Assist Device Market, By Flow
• Pulsatile Flow
• Continuous Flow
Global Ventricular Assist Device Market, By Design
• Transcutaneous Ventricular Assist Devices
• Implantable Ventricular Assist Devices
Global Ventricular Assist Device Market, By Application
• Bridge to Transplant
• Destination Therapy
• Bridge-to-recovery Therapy
• Bridge-to-candidacy Therapy
Global Ventricular Assist Device Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Ventricular Assist Device Market
• CardiacAssist, Inc.
• Berlin Heart GmbH
• Jarvik Heart, Inc.
• ABIOMED, Inc.
• Medtronic plc.
• Abbott Laboratories
• ReliantHeart Inc.
• Teleflex Incorporated
• Carmat SA
• Sun Medical Technology Research Corp.
• Calon Cardio-Technology Ltd.
• LivaNova PLC
• Terumo Medical Corporation.
• Evaheart Medical USA, Inc.
• Fresenius Medical Care AG & Co. KGaA
• Maquet GmbH
• HeartWare International, Inc.
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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