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.
In depth research report on Ventricular Assist Device
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
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
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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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