Increasing technological developments to foster ventricular assist devices
Global ventricular assist devices market is projected to witness a lucrative growth spurt over the forthcoming time period. With rising awareness and technological developments, the global ventricular assist devices market is expected to chalk out remunerative growth trend through a diverse array of verticals.
Factors such as increase in number of people suffering from heart failure and other cardiovascular diseases across the world would likely push the market share further. Moreover, an apparent lack of heart donors across the world would also serve to be another major factor in boosting the market.
In terms of flow, the continuous flow ventricular assist devices market is slated to register a growth of over 6% in the forecast timeframe. Extensive use of these devices in patients that require mechanical circulatory support as part of the destination as well as bridge to transplant therapy in end stage heart failure is likely to further favor segmental growth.
As per a research report by Global Market Insights, global ventricular assist devices market is estimated to surpass $3.5bn by 2025.
As per a report by NCBI, the overall number of heart donations might decrease in future and the prevalence of heart failure is estimated to increase multifold. Such factors are likely to increase market opportunities across the globe.
With respect to product type, Percutaneous Ventricular Assist Devices (PVADs) segment represented more than $1bn in terms of revenue during the year 2018. Increase in the number of right ventricle failure rates has further led to the increase in the adoption of these devices over the recent years. Various benefits of PVADs such as ease of implantation, safety and reliability for survival are further expected to accelerate industry growth over the coming years.
Meanwhile, the BTT (Bridge-To-Transplant) therapy application segment is expected to depict an impressive 5.5% CAGR during the projected analysis period. According to the American Heart Association (AHA) journal, the therapy is associated with cost effectiveness of the treatment and an increase in the survival rate of the patients.
The accessibility for such therapies would thus lead to increase in the adoption of these devices in middle-income countries, thereby fueling the expansion of market during the projected study period.
With respect to the age segment, the sales of global ventricular assist devices in the people aged between 40-59 years registered about $900m in 2018. Increasing number of heart failures between 40-59 year age group would serve as a major factor that would further spur ventricular assist devices over the forecast time period.
The implantable ventricular assist devices segment was valued for around $2.5bn by 2025. These devices are mechanical pumps that are implanted inside the patient’s body. Thus, rise in the number of people suffering from last stage congestive heart failure and requiring mechanical support will further boost the adoption of these devices in the market.
On the geographical front, the United States ventricular assist devices market is likely to register a CAGR of 5.0% over the coming timeframe. According to the American College of Cardiology, over 800,000 people across the US die because of cardiovascular diseases.
Increasing prevalence of these diseases, increasing sedentary lifestyles, technological advancements and increasing rate of heart failure among the population are some of the major factors that would further push the market share in the region.
All in all, the above-mentioned determinants, are likely to offer a diverse array of growth opportunities for global ventricular assist devices market players. The competitive landscape of global ventricular assist devices market includes companies like CardiacAssist, Inc., Abbott, Evaheart, Jarvik Heart, Bivacor, Medtronic, Abiomed, Maquet, Terumo Corporation and Berlin Heart among others.
These companies are further engaging in activities such as collaborations and partnerships to expand their product portfolio and capitalise on market opportunities. Moreover, strategies such as acquisitions and mergers would also help the companies in expanding their respective geographical segment.
You can view the report here.