DUBLIN--(BUSINESS WIRE)--The "Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product (LVAD, RVAD), By Type of Flow (Pulsatile, Continuous), By Application, By Region, And Segment Forecasts, 2019 - 2025" report has been added to ResearchAndMarkets.com's offering.
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.
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% 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
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Ventricular Assist Devices, Market Variables, Trends & Scope
Chapter 4. Ventricular Assist Device Market: Competitive Analysis
Chapter 5. Ventricular Assist Device Market: Product Estimates & Trend Analysis
Chapter 6. Ventricular Assist Device Market, Type of Flow Estimates & Trend Analysis
Chapter 7. Ventricular Assist Device Market, Application Estimates & Trend Analysis
Chapter 8. Ventricular Assist Devices Market: Regional Estimates, by Product, Type of Flow, & Application
Chapter 9. Competitive Landscape
- Berlin Heart
- CardiacAssist Inc.
- Jarvik Heart Inc.
- ReliantHeart Inc.
- Sun Medical Technology Research Corp.
For more information about this report visit https://www.researchandmarkets.com/r/mroepd