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.
Browse
Details of Report @ https://www.grandviewresearch.com/industry-analysis/ventricular-assist-devices-market
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, 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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
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