U.S. dominated the North America ventricular assist devices market and was valued at around USD 615.1 million in the year 2017 owing to increase in number of people suffering from cardiovascular disease, recent technological advancements and favorable reimbursement policies in the country.
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Germany dominated the Europe ventricular assist devices market and was valued over USD 106.7 million in the year 2017. According to the statistics published by European Union (EU), around 51,000 heart bypass surgeries were carried out in Germany in the year 2016. CVD diseases are one of the leading causes of death in the Europe region. Growing prevalence of the CVD disease among the Europe region will enhance and drive the growth of ventricular assist devices market in the region.
Global Ventricular assist devices market will surpass USD 2 billion by 2024; according to a new research study published by Global Market Insights, Inc. Recent technological advancements in the design and functioning of ventricular assist devices making it more efficient, risk-free and less invasive will lead to growing demand and adoption rate of the device. Improvements in the devices and the implantation procedures has reduced the health risk and increased the survival rate in patients. This rapid technological advancement will be one of the major factors for boosting the market growth in the near future.
Growing geriatric population in developing nations of Asia Pacific region will be a significant market driving factor over the forecast timeframe. Cardiovascular diseases are one of the major causes of death in Asia Pacific countries and the growing geriatric population in the region will eventually increase the chances of people getting affected by end-stage heart failure. Hence, rise in the number of older populations will result in augmenting the demand and adoption of ventricular assist devices, fueling the business growth.
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The risks associated with the product and procedure will be one of the major market impeding factors. Patients with left ventricular assist devices have chances of health risks such as bleeding, infection, device pumping issues and right-side heart failure. Such health risks will result in hampering the growth of ventricular assist devices market growth in future.
Left ventricular devices market is estimated to grow at a CAGR of 10.6% during the projection period. Modern day advancements in the device such as high survival rate, efficiency and low risk will be one of the major factors responsible for the market growth. Growing heart failure rate and lack of heart donors across the globe has led to increase in number of people opting for ventricular assist devices, boosting the industry growth.
Browse key industry insights spread across 200 pages with 180 market data tables & 10 figures & charts from the report, “Ventricular Assist Devices Market” in detail along with the table of contents:
Destination therapy market held the maximum market share and was valued over USD 419.5 million in the year 2017. As per the Centers for Medicare & Medicaid Services, destination therapy is one of the most preferred therapies that is used in the heart failure patients and constitutes a major and growing portion of the overall heart implants. The growing use of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure will enhance the market growth.
The sales of ventricular assist devices in the people aged between 60-79 years is estimated to grow significantly at a CAGR of 10.5% over the forecast timeframe. Growing sedentary lifestyle has led to increase in life style diseases such as cardiovascular diseases (CVD) and heart failure. Rising prevalence of CVD diseases in geriatric population will result in boosting demand and adoption rate of ventricular assist devices, augmenting the business growth.
U.S. ventricular assist devices market is projected to grow at a CAGR of 9.8% during the forecast timeframe. According to the statistics published by Johns Hopkins Medicine Organization, around 84 million Americans suffer from some or the other form of cardiovascular disease. Growing population suffering from CVD disease, recent technological advancements in the country and favorable reimbursement policy will be few major impact rendering factors on the growth of the ventricular assist device market in the region.
Some of the leading players in the ventricular assist devices market include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Maquet, Jarvik Heart, Medtronic and Terumo Corporation. These companies mainly focus on strategic decisions to increase the research and development investment in order to manufacture more advanced and innovative products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
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