Ventricular Assist Device Market Size, Share and Industry Statistics, 2019 to 2025

12/giu/2019 16:13:40 susan hill Contatta l'autore

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The global ventricular assist device market size is expected to reach USD 2,464.9 million by 2025, at a CAGR 11.4% over a forecast period, according to a new report by Grand View Research, Inc. Ventricular assist device (VAD) market is majorly driven by rising prevalence of heart failures, shortage of organ donors, and recent technological advancements improving the quality of lives of patients with weakened heart. HeartMate 3 LVAD by Abbott and EXCOR Pediatric LVAD by Berlin Heart are some of the examples of technologically advanced products.

Increasing number of research activities and new product launches are some of the major factors contributing to the market growth. Increasing number of new product approvals and recent technological advancements are anticipated to further fuel the demand. In addition, growing number of new product approvals are expected to further propel the demand in the forthcoming years. For instance, in 2018, Abbott has received U.S. Food and Drug Administration (FDA) approval for its HeartMate3 Left Ventricular Assist Device (LVAD) for patients with advanced heart failure. The key players contributing to the growth of the VAD market include Abbott; Medtronic; Berlin Heart; and ReliantHeart.

Ongoing clinical trials for testing of these devices and increased government funding are some of the factors that may positively impact the market over the forecast period. Growing patient awareness about the availability of these devices and increased R&D activities for new product development are projected to positively impact the market growth. Furthermore, rising cardiovascular diseases, improved healthcare infrastructure, and rise in healthcare expenditure propel the market growth in the developing countries.

Further key findings from the report suggest:

  • Left ventricular device segment is expected to register the fastest CAGR of 11.5% over the forecast period owing to increasing number of new product launches and ongoing research activities
  • Companies like Abbott are researching on newer technologies like magnetic levitation for smoother and pleasant experience with the device
  • Pulsatile flow ventricular assist devices are being replaced at a considerable rate as the continuously flow devices are safer and have lower wear and tear rate
  • Destination therapy is taking precedence over the other applications of ventricular assist devices, reason being the shortage of transplant organs and the promise of better quality of life
  • Advancements in the device safety and efficiency are pushing the adoption of VAD for long term instead of just as a bridge to transplant and candidacy
  • North America accounted for the largest revenue share in 2018 owing to rising prevalence of heart failures, high patient awareness, and shortage of heart donors
  • Asia Pacific is expected to emerge with the fastest CAGR of 12.0% over the forecast period
  • The ventricular assist device market is fairly competitive with the presence of key players such as Abbott, Medtronic, Berlin Heart, and ReliantHeart

Grand View Research has segmented the global ventricular assist device market on the basis of product and region:

Ventricular Assist Device Product Outlook, (Revenue, USD Million, 2014 - 2025)

  • Left Ventricular Assist Device
  • Right Ventricular Assist Device
  • Bi-Ventricular Assist Device

Ventricular Assist Device Type of Flow Outlook, (Revenue, USD Million, 2014 - 2025)

  • Pulsatile Flow
  • Continuous Flow

Ventricular Assist Device Application Outlook, (Revenue, USD Million, 2014 - 2025)

  • Bridge to Transplant
  • Destination Therapy
  • Others

Ventricular Assist Device Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

o    U.S.

o    Canada

  • Europe

o    Germany

o    U.K.

o    France

o    Spain

o    Italy

o    Russia

  • Asia Pacific

o    China

o    Japan

o    India

o    South Korea

o    Singapore

o    Australia

  • Latin America

o    Brazil

o    Mexico

o    Argentina

  • Middle East & Africa

o    Saudi Arabia

o    South Africa

o    UAE

Access full research report on global ventricular assist device market:

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