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Rise in awareness about the technological developments and use of ventricular assist devices in heart failure treatment will primarily drive industry growth in the near future. Growing mortality rates and surge in hospitalizations in the Latin America region due to high prevalence of heart failure will escalate the ventricular assist devices industry expansion. Moreover, lack of heart donors across the globe will serve to be another major market boosting factors.According to NCBI, the number of heart donations is expected to decrease in the near future and heart failure prevalence is estimated to increase multifold. Such factors will increase the demand for ventricular assist devices, thereby fueling the market growth.
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Ventricular assist devices market is expected to exceed USD 3.5 billion by 2025. Increasing number of heart failure cases across the globe, technological developments in ventricular assist devices and shortage of heart donors will boost ventricular assist devices market growth over the analysis timeframe.
Bridge-to-transplant (BTT) therapy market is estimated to show substantial CAGR of more than 5.5% during the forecast period. As per the American Heart Association (AHA) journal, BTT-VAD therapy is associated with increase in patient?s survival rate and cost-effectiveness of the treatment. Thus, accessibility to such affordable therapies will increase the adoption of these devices in the low- and middle-income countries, thereby fueling business growth during the upcoming years.
Continuous flow ventricular assist devices market is estimated to witness more than 6% growth over the forecast timeframe. Wide usage of these devices in the patients requiring mechanical circulatory support as destination and bridge-to-transplant therapy for end-stage heart failure will favor segment growth. Aforementioned factors are projected to play a significant role in augmenting the industry growth.
The sales of ventricular assist devices in the people aged between 40-59 years of age accounted for over USD 900 million in 2018. Growing prevalence of heart failure among the people between 40-59 years of age will serve as a major factors that will spur ventricular assist devices market over the analysis period.
Some of the leading players in the ventricular assist devices market include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Maquet, Jarvik Heart, Medtronic, Terumo Corporation and others. These companies focus on strategic decisions such as partnerships and collaborations to expand their product portfolio and capitalize on market opportunities. Additionally, inorganic strategies such as mergers and acquisitions help in company?s geographical expansion.
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U.S. ventricular assist devices market is estimated to show robust CAGR of around 5.0% over the forecast timeframe. As per the American College of Cardiology, around 800,000 people in the U.S. die due to cardiovascular diseases. Growing prevalence of CVD diseases, adoption of sedentary lifestyle, increasing heart failure rate among the population and recent technological advancements are some of the major market driving factors in the country.
Some major findings of the ventricular assist devices market report include:
- Increase in number of people suffering from heart failure and other cardiovascular diseases across the globe will serve to be one of the major impact rendering factors in the ventricular assist devices market growth.
- Adoption of ventricular assist devices is increasing on account of technological advancement in these devices and its widespread application in the treatment of heart failure.
- North America ventricular assist devices market held the maximum revenue share in the year 2018 owing to the factors including presence of major industry players, growing incidence of heart failure, accessibility to state-of-the-art healthcare facilities, favorable reimbursement policies and insurance coverage.
- Companies operating in ventricular assist devices market resort to strategic collaborations, mergers & acquisitions to strengthen their market position.
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