The global ventricular
assist device market is expected to reach USD 1.97 billion by 2022,
according to a new report by Grand View Research, Inc. Key factors attributing
to its rapid growth include rising prevalence of cardiovascular disorders
coupled with the development of technological advanced products such as
miniature device with infection reduction technology.
Furthermore, increasing healthcare expenditure,
favorable reimbursement policies and advanced technological facilities, are
expected to positively reinforce ventricular assist device market growth over
the next seven years.
Ventricular assist device market is segmented on the
basis of type of product which includes left ventricular, right ventricular and
bi-ventricular assist device. Key factors attributing to rapidly increasing
number of patients with end stage heart failure and low availability of
therapeutic options are among the key factors attributing to the market
growth.
With continual shortage of organ donors and increasing
demand of LVADs’ for bridge to transplantation in patients suffering from end
stage heart failure, is expected to positively reinforce market growth over the
forecast period.
Lack of developed reimbursement policies in
underdeveloped economies of Africa and Asia is one of the key factors
attributing for low penetration of these device. However, constant economic
development, improving healthcare infrastructure and reimbursement policies in
countries such as India and China is expected to positively reinforce market
growth in next seven years.
Technological advancements in VADs have been a
continuous process since the launch of first generation device. First generation
VADs are referred to as pulsatile volume displacement pumps which are powered
by pneumatic or electrical drive systems. Some of the U.S. FDA approved
products are the Abiomed BVS5000, Worldheart Novacor System (LVAS).
Second generation ventricular assist device which are
usually known as continuous flow LVADs were developed to overcome several
limitations of the pulsatile displacement systems. At present, second
generation LVADs that are available include the TandemHeart pVAD, Thoratec
Heartmate II, Jarvik 2000, and the Impella Pump System.
Third generation ventricular assist device such as
VentrAssist, DuraHeart, HeartMate III LVAD and others are currently under
various stages of development, clinical trials and commercialization stages.
These third generation ventricular assist device are continuous flow device
with more advancement in product design, materials, battery capacity and size.
Constant development in these devices serves as a high impact rendering driver
for the growth of the market.
Browse full research report on Ventricular Assist Device Market: https://www.grandviewresearch.com/industry-analysis/ventricular-assist-devices-market
Further
key findings from the report suggest:
- In 2014, North America accounted for largest market share of
over55%. Key factors attributing to its large share include presence of
advanced healthcare infrastructure, and high level of collaboration
between various stakeholders including medical fraternity, medical device
industry, regulatory authorities, universities and others.
- Furthermore, presence of high research expenditure by public and
private entities in healthcare sector is anticipated to propel market
growth for ventricular assist device in the coming seven years.
- Asia Pacific is expected to be one of the fastest growing markets,
growing at a CAGR of over17% during the forecast period. Key factors
attributed to the growth are high economic growth in countries such as
China, Brazil, India, and South Korea coupled with high unmet medical
needs is expected to boost usage rates of ventricular assist device.
- Key players operating in ventricular assist device market include
Abiomed, HeartWare International, Thoratec, Inc., Berlin Heart, Cardiac
Assist and ReliantHeart
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/medical-devices
Grand
View Research has segmented the ventricular assist device market on the basis
of product and region:
Ventricular
Assist device Product Outlook (Revenue, USD Million, 2014 - 2022)
- Left
ventricular assist device
- Right
ventricular assist device
- Bi-ventricular
assist device
Ventricular
Assist device Regional Outlook (Revenue, USD Million, 2014 - 2022)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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