The "Ventricular Assist Device Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The ventricular assist device (VAD) market is anticipated to record a CAGR of about 7.23% during the forecast period.
The major factors attributing to the growth of the ventricular assist device market are technological advancement of devices for cardiac diseases management, growing initiatives and awareness regarding cardiovascular diseases, and the increasing burden of cardiac diseases and heart failure. According to the World Health Organization, an estimated 17.9 million people die due to cardiovascular diseases worldwide, each year. This represents 35% of global deaths. Additionally, 85% of these cardiovascular disease deaths are due to heart attack and stroke.
Companies Mentioned
Key Market Trends
Left Ventricular Assist Device (LVAD) is Expected to Hold the Major Share in the Type of Ventricular Device Segment
LVAD is implanted during an open heart surgery, where it receives blood from the left ventricle and delivers it to the aorta. It works along with the patient's own heart. It is mostly given as a treatment option for patients with end-stage heart failure. There are a number of international hospitals and research centres that widely use VAD programs since the past two decades, particularly in the developed markets, as well as for help in new investigational devices.
Abbott (Thoratec), Berlin Heart, and Medtronic are among the top players in this segment that are well established in the developed market. Moreover, new product launches and continuous government support projected to boost the segment growth. For instance, in February 2020, Abbott has received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its in-development Fully Implantable Left Ventricular Assist System (FILVAS). The FDA launched the Breakthrough Devices Programme in 2018 to help expedite the development and review of submissions for technology that offers significant advantages over existing approved products.
Furthermore, with the increased utilization of durable mechanical support devices, it is important for all emergency departments of hospitals to have a well-written protocol to provide optimal care for patients with VADs.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the rising prevalence of cardiac diseases, is expected to propel the high growth of the ventricular assist device in the North American region. In the North American region, the United States holds the largest share. This is due to the presence of a large population with heart disease. In the United States, cardiovascular diseases and hypertension cases account for a major share of the people that require surgery. A large number of cardiac considerations and systemic considerations are taken into account, as there are several factors associated with preoperative, perioperative, and postoperative complications.
The high burden of patients with heart failure-related indications is mostly above the age of 40, which majorly boosts the demand for VAD in hospitals and clinics. According to the American Heart Association Research Report 2017, about 92.1 million American adults are living with some form of cardiovascular disease or the after-effects of stroke. The global high burden of cardiac diseases and heart failures has been one of the major factors for the growing demand and growth of the segment over the period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Cardiac Diseases and Heart Failure
4.2.2 Technological Advancement of Devices for Cardiac Diseases Management
4.2.3 Growing Initiatives and Awareness Regarding Cardiovascular Diseases
4.3 Market Restraints
4.3.1 High Cost of Devices and Procedures
4.3.2 Several Risks Associated to VAD Implant
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type of Ventricular Device
5.1.1 Left Ventricular Assist Device (LVAD)
5.1.2 Right Ventricular Assist Device (RVAD)
5.1.3 Biventricular Assist Device (BIVAD)
5.2 By Application
5.2.1 Bridge-to-transplant (BTT) Therapy
5.2.2 Destination Therapy
5.2.3 Other Therapies
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East & Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East & Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201229005197/en/
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