The global Ventricular Assist Devices market was worth US$XX billion in 2018 and is forecasted to reach US$XX billion by 2026, at a CAGR of XX% during the forecast period.
A ventricular assist device (VAD) is an electromechanical device for assisting cardiac circulation, which is used either to partially or to replace the function of a failing heart completely. Ventricular assist devices are mechanical pumps used to support cardiac circulation in patients who have weakened hearts. The role of VADs are different some are for short-term use, typically for patients recovering from a heart attack and for patients recovering from cardiac surgery; some are for long-term use, usually for patients suffering from advanced heart failure. Thus, growing incidences are heart failures is boosting the global ventricular assist devices market at a high CAGR of XX%.
Increasing in the prevalence & incidence of patients with heart failure and shortage of heart donors is driving the global ventricular assist devices market. According to NIH, in 2017, Heart failure (HF) is a global pandemic affecting about 26 million people worldwide and is increasing in prevalence. Thus, growing heart failure incidents are propelling global market growth.
Furthermore, the advent of technically advanced VAD propels the market growth. In 2016, Jarvik Heart received approval for its Investigational Device Exemption (IDE) clinical trial to test its miniature LVAD system in infants and children.
However, factors such as high cost and serious complications involved with usage of ventricular assist devices such as blood clots and bleeding, are restricting the global ventricular assist devices market growth.
Based on product the global Ventricular Assist Devices market is broadly segmented as Biventricular Assist Device, left ventricular assist devices, and right ventricular assist devices. Left ventricular devices accounted for major market share in 2018, in the global ventricular assist devices market. It is owing to the increasing number of people suffering from end-stage heart failure, which results in a growing demand for LVAD devices. Also, growing LVAD programs include MedStar Advanced Heart Failure Program, Inova's Heart Failure Program, Michigan Medicine VAD Program, and others are boosting this segment in the global ventricular assist devices market. During the forecast period (2019-2026), the right ventricular assist devices segment is expected to drive the global ventricular assist devices market. Growing incidences of acute right ventricular failure are boosting the right ventricular assist devices segment in the global ventricular assist devices market.
The global Ventricular Assist Devices market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounted for major market share in 2018 in the global ventricular assist devices market. It is owing to the rising prevalence of heart failure and other cardiovascular diseases. According to the American Heart Association (AHA), in 2017, around 790,000 people had heart attacks in the US.
Additionally, a growing number of patients waiting for organ transplantation are some of the major factors driving the market in this region. During the forecast period (2019-2026), the Asia Pacific region is expected to grow at a significant rate, owing to the increasing incidence of heart failures is propelling the market growth. Also, due to rising healthcare expenditure, and recent improvements in healthcare infrastructure in many countries, including China, Japan, India, Singapore, and others.
Significant players of the global ventricular assist devices market are Abiomed Inc, Terumo Medical Corporation, Cardiokinetix, Inc., Calon Cardio-Technology Ltd, Corassist Cardiovascular Ltd., Jarvik Heart, Inc, Syncardia Systems, Berlin Heart GmbH, Evaheart, St. Jude Medical, Inc, and others. The diversified product portfolio is the major factor that is responsible for strengthening the position of these companies in the market. Also, they have been adopting key strategies, such as new product developments, acquisitions, and expansions, to increase their share in the ventricular assist devices market. For instance, in 2017, Abbott’s HeartMate3 Left Ventricular Assist Device (LVAD) received FDA approval. In 2018, the same device is received FDA approval as a destination therapy for people living with advanced heart failure who are not eligible for a heart transplant.
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