LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global circulatory support devices market is expected to grow at a CAGR of more than 11% during the forecast period.
This research report titled ‘Global Circulatory Support Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global circulatory support devices market into three major product segments:
- Ventricular assisted device (VAD)
- Extracorporeal membrane oxygenation (ECMO)
- Total artificial heart (TAH)
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Global VAD market
The global VAD market is growing at a significant rate owing to its cost-effectiveness when compared to heart transplantation. Shortage of donors and improved survival rate are the major factors driving the demand for these supporting devices. VAD will provide aid to the heart but not completely replace heart activities. Also, the advances in technology in terms of design are playing a key role in higher adoption of VAD in developed countries. The growing number of patients with congestive heart failure (IV stage) is another main factor driving the sales of VADs in the global circulatory support devices market. Moreover, advances in technology have led to the development of new generation LVADs, which are small, less noisy, and durable with enhanced power sources.
Global ECMO market
The global ECMO market is expected to grow at a moderate rate owing to the growing incidence of cardiovascular disorders, respiratory disorders, and the growing geriatric population. In addition, the outspread application of ECMO is driving the demand through various application segments such as cardiac, respiratory, and extracorporeal cardiopulmonary resuscitation (ECPR).
“In addition, a significant rise in ECMO centers, rising awareness through conferences and training programs, and the advances in technology are significant factors driving the demand for ECMO supporting devices during the forecast period. Also, the growing older population in APAC and a significant number of people with cardiopulmonary diseases in developing nations such as China and India are expected to provide the potential growth opportunity for ECMO devices,” says Barath Palada, a lead analyst at Technavio for cardiovascular devices research.
Global TAH market
The global TAH market is growing at a faster rate compared with other circulatory assist devices globally. Europe is the leading revenue contributor to the global TAH market, followed by the Americas and APAC. Europe dominates the market, as the device got European Medicines Agency (EMA) approval before the US FDA approval and had early adoption advantage for the end-users.
The market for TAH is expected to benefit from the fact that it is the only option, which can provide a permanent solution in the absence of a donor's heart. The TAH is gaining popularity among critically ill patients, who are in life-threatening condition due to extreme malfunction of their heart. The TAH will enhance the life expectancy of people with end-stage heart failure and extend the life expectancy over months compared with the other circulatory support devices.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- St. Jude Medical
- Berlin Heart
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