NEW YORK, Aug. 16, 2018 (GLOBE NEWSWIRE) -- The global left ventricular assist device (LVADs) market is expected to grow significantly from USD 1,024 million in 2017 to USD 2,043 million in 2024, at a CAGR of 10.5% from 2018 to 2024. The key factor propelling the growth of the global left ventricular assist device (LVADs) market is increasing prevalence of heart failure coupled with limitation of suitable organ donors. Additionally, growing number of devices and therapy approvals, along with technological advancements in product design is further boosting the growth of the global left ventricular assist device market. However, high cost associated with the implantation may hinder the growth of the market to some extent.
The report segments the global left ventricular assist device (LVADs) market by Type of Indication (destination therapy, bridge to transplantation, bridge to recovery, and bridge to destination), by End-User (hospitals, and cardiology centers), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).
Left ventricular assist device is a mechanical pump that is used for the patients who are suffering from heart failure disease. The left ventricular assist device is surgically implanted inside the patient’s chest. The left ventricular assist device works with the heart to pump more blood, and improves other organ function by improving blood flow to the brain, kidney, liver, and other body organs. The device continuously takes blood from the left ventricle and passes it to the aorta. Doctors implant this device for treatment of severe heart conditions such as chronic cardiac function disorders, and heart failure.
Key Findings of the Global Left Ventricular Assist Device (LVADs) Market Report
- The global left ventricular assist device (LVADs) market is expected to reach USD 2,043 million by 2024 at CAGR of 10.5%
- On the basis of Type of Indication:
- The bridge to transplantation segment holds the largest share of the global LVADs market in 2017 and is expected to grow at a significant rate during the forecast period owing to larger number of devices available for use as bridge-to-transplantation
- The destination therapy, segment is expected to be the fastest growing segment of the global LVADs market in 2017
- Geographically, North America holds the major share of the global LVADs market in 2017, owing to the growing number of heart failure patients, and shortage of organ donors in the region. Furthermore, favorable government policies, and adoption of new technologies is also driving the growth in the North American LVADs market
- Key players profiled in the global LVADs market are Abbott Laboratories, Abiomed, Berlin Heart Gmbh, Thoratec Corporation, Jarvik Heart Inc., Heart Ware International Inc., Apaxis, Inc., CorWave, Evaheart, Inc., and St Jude Medical, Reliantheart
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Advancements in Medical Devices Contributing to Increased Life Expectancy -
Heart failure is a major problem worldwide and causes hospitalizations every day and can even lead to death in some cases. Heart transplantation improves quality of life in patients with advance heart failure but the organ supply is limited. In recent years, advancements in medical equipment technology and new techniques for implantation, as well as government initiative to approve medical devices is providing new hope to the heart failure patients. The left ventricular assist device is a viable option for patients who are suffering from end-stage heart failure. LVAD is surgically implanted in patient’s chest and continuously takes blood from the left ventricle and passes it to the aorta. Key players in medical device industry are conducting clinical trials for the development of new medical devices and improve implantation techniques.
Global Left ventricular assist device (LVADs) Market – Regional Insight
Geographically, the global left ventricular assist device market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America holds the major share of global LVADs market, owing to growing number of heart failure patients, and shortage of organ donors in the region. Moreover adoption of new technology and favorable government policies, are also boosting the market growth. In the U.S., approximately 5.7 million people suffer from heart failure and around 915,000 new patients are diagnosed with the disease every year. Asia-Pacific region is expected to witness fastest growth rate during the forecast period, owing to increasing incidence of cardiovascular diseases, and growing number of elderly patients. Growth of left ventricular assist device market in Europe is mainly due to European regulatory approval for the introduction of new medical devices.
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