Selbyville, Delaware, Oct. 29, 2019 (GLOBE NEWSWIRE) --
World ventricular assist devices market share is poised to surpass USD 3.5 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing geriatric population in developing nations of Asia Pacific region will be a significant market driving factor over the forecast timeframe. Cardiovascular diseases are one of the major causes of death in Asia Pacific countries and the growing geriatric population in the region will eventually increase the chances of people getting affected by end-stage heart failure. Hence, rise in the number of older populations will result in augmenting the demand and adoption of ventricular assist devices, fueling the business growth.
Increase in number of people suffering from heart failure along with decrease in number of heart donors across the globe will boost the demand for ventricular assist devices thereby, augmenting the business growth in the near future. Also, growing research and development activities by the major players has resulted in expanding and enhancing the product portfolio with novel and efficient products. Hence, introduction of new novel products in the market by major players will spur the industry growth in the near future.
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Recent technological advancements in the design and functioning of ventricular assist devices making it more efficient, risk-free and less invasive will lead to growing demand and adoption rate of the device. Improvements in the devices and the implantation procedures has reduced the health risk and increased the survival rate in patients. This rapid technological advancement will be one of the major factors for boosting the market growth in the near future.
Left ventricular assist devices industry was valued at around USD 910.9 million in the year 2018 and is estimated to expand at a substantial rate over the forthcoming years. Modern day advancements in the device such as high survival rate, efficiency and low risk will be one of the major factors responsible for the market growth. Growing heart failure rate and lack of heart donors across the globe has led to increase in number of people opting for ventricular assist devices, boosting the industry growth.
Ventricular Assist Devices Market Projection, By Products
1.1. Key segment trends
1.2. Left Ventricular Assist Devices (LVADs)
1.2.1. Market size, by region, 2014 – 2025 (USD Million)
1.2.2. Market size, by region, 2014 – 2025 (Units)
1.3. Right Ventricular Assist Devices (RVADs)
1.3.1. Market size, by region, 2014 – 2025 (USD Million)
1.3.2. Market size, by region, 2014 – 2025 (Units)
1.4. Biventricular Assist Devices (BIVADs)
1.4.1. Market size, by region, 2014 – 2025 (USD Million)
1.4.2. Market size, by region, 2014 – 2025 (Units)
1.5. Percutaneous Ventricular Assist Devices (PVADs)
1.5.1. Market size, by region, 2014 – 2025 (USD Million)
1.5.2. Market size, by region, 2014 – 2025 (Units)
1.6. Total Artificial Heart
1.6.1. Market size, by region, 2014 – 2025 (USD Million)
1.6.2. Market size, by region, 2014 – 2025 (Units)
Application of ventricular assist device in destination therapy held maximum market share of around 45% in the year 2018. As per the Centers for Medicare & Medicaid Services, destination therapy is one of the most preferred therapies that is used in the heart failure patients and constitutes a major and growing portion of the overall heart implants. Growing use of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure will enhance the market growth.
Browse key industry insights spread across 300 pages with 690 market data tables & 10 figures & charts from the report, “Ventricular Assist Devices Market Share By Product [Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BiVADs), Percutaneous Ventricular Assist Devices (PVADs), Total Artificial Heart (TAH)], By Application [Destination Therapy, Bridge-to-candidacy (BTC) Therapy, Bridge-to-transplant (BTT) Therapy, Bridge-to-recovery (BTR) Therapy], By Age [Below 18 years, 19-39 years, 40-59 years, 60-79 years, Above 80 years], By Flow [Pulsatile Flow, Continuous Flow {Axial Continuous Flow, Centrifugal Continuous Flow}], By Design (Transcutaneous, Implantable) 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, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/ventricular-assist-devices-market
The sales of ventricular assist devices in the people aged between 60-79 years is estimated to grow significantly at a CAGR of 6.4% over the forecast timeframe. Growing sedentary lifestyle has led to increase in diseases such as cardiovascular diseases (CVD) and heart failure. Rising prevalence of CVD diseases in geriatric population will result in boosting demand and adoption rate of ventricular assist devices, augmenting the business growth.
Transcutaneous ventricular assist devices market was valued at around USD 489.8 million in 2018. This device has its power source and pump located outside of the body. The tubes of the pump connect to the heart through small holes in the abdomen. This type of device can be used for short-term support during or after surgery. Hence, increase in number of heart failure patients will boost the market growth.
Pulsatile flow ventricular assist devices industry is estimated to grow at 7.6% over the forecast timeframe. These devices have been widely accepted for the support to the patients suffering from severe heart failure. Also, pulsatile flow is mainly used in total artificial heart (TAH) as the existing TAH are all volume-displacement pulsatile-flow pumps and have significant limitations in their large size and durability. Hence, aforementioned factors are estimated to play vital role in augmenting the market growth.
Some of the leading players in the ventricular assist devices market share include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Jarvik Heart, Medtronic and Terumo Corporation. These companies mainly focus on strategic decisions to increase the research and development investment in order to manufacture more advanced and innovative products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.