Ventricular Assist Devices Market Demand, Top Players Updates, Consumer-Demand, Developments Plans, and Forecast till 2022-2031
Kenneth Research, in its repository of market research reports, have recently added a report on Ventricular Assist Devices Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Ventricular Assist Devices Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ventricular Assist Devices Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
This market research report includes a detailed segmentation of the global ventricular assist devices market – By Product (Left Ventricular Assist Devices [LVAD], Right Ventricular Assist Devices [RVAD], and Biventricular Assist Devices [BIVAD]), By Design (Transcutaneous Ventricular Assist Devices and Implantable Ventricular Assist Devices), By Application (Bridge-to-Transplant [BTT] Therapy, Destination Therapy, Bridge-to-Recovery [BTR] Therapy, and Bridge-to-Candidacy [BTC] Therapy), and By Region (North America, Europe, Asia Pacific and Rest of the World)
Overview of the Global Ventricular Assist Devices Market Research
Infoholic’s market research report predicts that the global ventricular assist devices market will grow at a CAGR of 13.8% during the forecast period. The market has witnessed steady growth in the past few years and development in technology with the introduction of innovative products have increased the acceptance of heart assist devices in the market. The market is fueled by increase in the incidence of heart failure, lack of heart donors for transplantation, and increasing elderly population.
The market continues to grow and is one of the most widely used devices for the functioning of heart in cardiac failure and weakened heart patients. The market is getting revolutionized with the advancement in technology. Vendors are focusing towards new product launches, product approvals, and targeting towards end-user’s perspective. The market generates the revenue from the key players operating in this field and some of vendors are Medtronic plc, Reliant Heart Inc., Abbott Laboratories, Berlin Heart GmbH, Jarvik Heart, Inc., and ABIOMED, Inc.
North America accounted for the largest share of the global ventricular assist devices market in 2018 and will retain high position during the forecast period. According to American Heart Association, an estimated 92.1 million population in the US have at least one type of CVD and by 2030 it is projected that 43.9% of the US adult population to have some form of CVD. Favorable reimbursement policies, availability of advanced technologies, and growing cardiovascular diseases will increase the adoption and demand of the devices in this region. The Asia Pacific is expected to grow during the forecast period, owing to factors such as high prevalence of cardiovascular diseases, increasing healthcare expenditure, and presence of huge population base.
By Product:
• Left Ventricular Assist Devices (LVAD)
• Right Ventricular Assist Devices (RVAD)
• Biventricular Assist Devices (BIVAD)
In 2018, the left ventricular assist devices segment occupied the largest share and is expected to grow at high CAGR during the forecast period. Increasing number of patients suffering from last-stage heart failure, advancement in technology such as effectiveness, high survival rate, and decreased risk of the devices makes the segment the most common among other VAD devices.
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By Design:
• Transcutaneous Ventricular Assist Devices
• Implantable Ventricular Assist Devices
In 2018, the implantable ventricular assist devices segment occupied the largest share and is expected to grow at high CAGR during the forecast period.
By Application:
• Bridge-to-Transplant (BTT) Therapy
• Destination Therapy
• Bridge-to-Recovery (BTR) Therapy
• Bridge-to-Candidacy (BTC) Therapy
By application, the bridge-to-recovery (BTR) therapy generated the maximum revenue, thus accounting for more than 35% of the global ventricular assist devices market in 2018 and the segment is expected to grow at high CAGR during the forecast period. The destination therapy segment is expected to be the second highest growing segment during the forecast period.
By Regions:
• North America
• Europe
• APAC
• ROW
The market is dominated by North America, followed by Europe and Asia Pacific. US occupied the major share of the North American market due to the increasing disease prevalence and availability of advanced technologies.
Ventricular Assist Devices Market Research Competitive Analysis – The global ventricular assist devices market has massive growth opportunities in both developed and developing regions. The advancement and upgradation of devices will increase the competition among vendors. Many vendors are focusing on product approvals and developing innovative products to strengthen their product portfolio that intensifies the market competition. In October 2018, FDA approved HeartMate 3 left ventricular assist device developed by Abbott, as a destination therapy for patients with advanced heart failure. The approval device supported by the Momentum 3 trial showed a survival rate of 82.8% at two years with rates of suspected pump thrombosis at only 1.1%. Health Canada issued a Class IV License with conditions to HeartMate 3 left ventricular assist system developed by Thoratec Corporation in 2018. In 2018, Calon Cardio-Technology has launched a clinical trial of the UK’s first artificial heart pump. In addition, other leading players are focusing in huge investments on research and development activities to develop new products to attain maximum share in the market.
Key vendors:
• Medtronic plc
• Abbott Laboratories
• ReliantHeart Inc.
• Berlin Heart GmbH
• Jarvik Heart, Inc.
• ABIOMED, Inc.
• BiVACOR
• Calon Cardio-Technology Ltd.
• LivaNova PLC
• Evaheart Medical USA, Inc. (Asahi Kasei Corp.)
• Fresenius Medical Care AG & Co. KGaA (XENIOS AG)
• Maquet GmbH (Getinge AB)
Key competitive facts –
• The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
• The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
Benefits – The report provides complete details about the usage and adoption rate of ventricular assist devices. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.
Key Takeaways:
• Understanding the potential market opportunity with precise market size and forecast data
• Detailed market analysis focusing on the growth of ventricular assist devices industry
• Factors influencing the growth of ventricular assist devices market
• In-depth competitive analysis of dominant and pureplay vendors
• Prediction analysis of ventricular assist devices industry in both developed and developing regions
• Key insights related to major segments of the ventricular assist devices market
• Latest market trend analysis impacting the buying behavior of the consumers
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