Ventricular Assist Device Market To Reach $1.98 Billion By 2022: Grand View Research, Inc.
The
global ventricular assist device market is expected to reach USD 1.97
billion by 2022, according to a new report by Grand View Research, Inc. Key
factors attributing to its rapid growth include rising prevalence of
cardiovascular disorders coupled with the development of technological advanced
products such as miniature device with infection reduction technology.
Furthermore,
increasing healthcare expenditure, favorable reimbursement policies and
advanced technological facilities, are expected to positively reinforce
ventricular assist device market growth over the next seven years.
Ventricular
assist device market is segmented on the basis of type of product which
includes left ventricular, right ventricular and bi-ventricular assist device.
Key factors attributing to rapidly increasing number of patients with end stage
heart failure and low availability of therapeutic options are among the key
factors attributing to the market growth.
U.S. ventricular assist device market, by product, 2012 - 2022 (USD Million) |
With
continual shortage of organ donors and increasing demand of LVADs’ for bridge
to transplantation in patients suffering from end stage heart failure, is
expected to positively reinforce market growth over the forecast period.
Lack
of developed reimbursement policies in underdeveloped economies of Africa and
Asia is one of the key factors attributing for low penetration of these device.
However, constant economic development, improving healthcare infrastructure and
reimbursement policies in countries such as India and China is expected to
positively reinforce market growth in next seven years.
Technological
advancements in VADs have been a continuous process since the launch of first
generation device. First generation VADs are referred to as pulsatile volume
displacement pumps which are powered by pneumatic or electrical drive systems.
Some of the U.S. FDA approved products are the Abiomed BVS5000, Worldheart
Novacor System (LVAS).
Second
generation ventricular assist device which are usually known as continuous flow
LVADs were developed to overcome several limitations of the pulsatile
displacement systems. At present, second generation LVADs that are available
include the TandemHeart pVAD, Thoratec Heartmate II, Jarvik 2000, and the
Impella Pump System.
Third
generation ventricular assist device such as VentrAssist, DuraHeart, HeartMate
III LVAD and others are currently under various stages of development, clinical
trials and commercialization stages. These third generation ventricular assist
device are continuous flow device with more advancement in product design,
materials, battery capacity and size. Constant development in these devices serves
as a high impact rendering driver for the growth of the market.
Browse full
research report on Ventricular Assist Device Market:
www.grandviewresearch.com/industry-analysis/ventricular-assist-devices-market
Further key
findings from the study suggest:
- In 2014, North America accounted for largest
market share of over55%. Key factors attributing to its large share
include presence of advanced healthcare infrastructure, and high level of
collaboration between various stakeholders including medical fraternity,
medical device industry, regulatory authorities, universities and others.
- Furthermore, presence of high research
expenditure by public and private entities in healthcare sector is
anticipated to propel market growth for ventricular assist device in the
coming seven years.
- Asia Pacific is expected to be one of the fastest
growing markets, growing at a CAGR of over17% during the forecast period.
Key factors attributed to the growth are high economic growth in countries
such as China, Brazil, India, and South Korea coupled with high unmet
medical needs is expected to boost usage rates of ventricular assist
device.
- Key players operating in ventricular assist
device market include Abiomed, HeartWare International, Thoratec, Inc.,
Berlin Heart, Cardiac Assist and ReliantHeart
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the ventricular assist device market on
the basis of product and region:
Ventricular
Assist device Product Outlook (Revenue, USD Million, 2014 - 2022)
- Left
ventricular assist device
- Right
ventricular assist device
- Bi-ventricular
assist device
Ventricular
Assist device Regional Outlook (Revenue, USD Million, 2014 - 2022)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South Africa
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Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-ventricular-assist-devices-market
About Grand
View Research:
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, we offer market intelligence studies ensuring relevant and fact-based
research across a range of industries, from technology to chemicals, materials
and healthcare.
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