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.
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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
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
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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