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The Ventricular Assist Device Market is segmented by Type of Ventricular Device, Application (Bridge-to-transplant (BTT) therapy, Destination therapy, and Other Therapies), and Geography.
Fastest Growing Market:
The ventricular assist device market is anticipated to record a CAGR of about 7.23% during the forecast period (2019-2024).
The major factors attributing to the growth of the ventricular assist device market are technological advancement of devices for cardiac diseases management, growing initiatives and awareness regarding cardiovascular diseases, and the increasing burden of cardiac diseases and heart failure. The global high burden of cardiac diseases and heart failures has been one of the major factors for the growing demand and growth of the ventricular assist device market. VAD implantations are lifesaving equipment for patients with severe heart failure. They are useful in minimizing the symptoms of heart failure, thus helping patients to resume their daily activities. Coronary heart diseases associated with hypertension are a very common cause of chronic heart failure. Apart from that, other cardiac conditions, such as ischaemic and dilated cardiomyopathies, also require a significant level of surgical interventions. For all the patient cases requiring advanced heart failure-related therapy, heart transplantation is a long-term successful procedure. However, due to less availability of organs, the waiting time is more than six months. Such cases require the immediate assistance of VAD, which acts as a bridge to transplantation. Here, the demand for, and availability of, VAD play a critical role, and thus, the growing burden of cardiac diseases and heart failure is a major force to propelling the VAD market at the global level. However, there are also risks involved in the VAD implant, hence these risks are showing an impact on the market growth.
Ventricular assist devices (VAD) are highly important for patients with weakened hearts or heart failures. They are used to temporarily maintain the heart function, until the heart recovers, or before the heart transplant. In some chronic heart conditions, they are used as permanent support therapy, as they are mechanical pumps that are surgically implanted on the heart to pump blood in the whole body.
|By Type of Ventricular Device|
|Left Ventricular Assist Device (LVAD)|
|Right Ventricular Assist Device (RVAD)|
|Biventricular Assist Device (BIVAD)|
|Bridge-to-transplant (BTT) Therapy|
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LVAD is implanted during an open heart surgery, where it receives blood from the left ventricle and delivers it to the aorta. It works along with the patient’s own heart. It is mostly given as a treatment option for patients with end-stage heart failure. There are a number of international hospitals and research centers that widely use VAD programs since the past two decades, particularly in the developed markets, as well as for help in new investigational devices. Abbott (Thoratec), Berlin Heart, and Medtronic are among the top players in this segment that are well established in the developed market. In contrast to the developed markets, a restricted percentage of usage in the emerging markets has been observed, such as operation in restricted cities of China and India. Furthermore, with the increased utilization of durable mechanical support devices, it is important for all emergency departments of hospitals to have a well-written protocol to provide optimal care for patients with VADs.
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North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the rising prevalence of cardiac diseases, is expected to propel the high growth of the ventricular assist device in the North American region. In the North American region, the United States holds the largest share. This is due to the presence of large population with heart disease. In the United States, the cardiovascular diseases and hypertension cases account for a major share of the people that require surgery. A large number of cardiac considerations and systemic considerations are taken into account, as there are several factors associated with preoperative, perioperative, and postoperative complications. The high burden of patients with heart failure-related indications are mostly above the age of 40, which majorly boosts the demand of VAD in the hospitals and clinics. As per the American Heart Association (AHA) Heart Disease and Stroke Statistics, 2017, heart failure affected an estimated 6.5 million people in the United States.
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The ventricular assist device market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Abiomed Inc., BiVACOR Inc, Abbott Laboratories (St. Jude Medical Inc.), Medtronic PLC, and Terumo Corporation, among others.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Cardiac Diseases and Heart Failure
4.2.2 Technological Advancement of Devices for Cardiac Diseases Management
4.2.3 Growing Initiatives and Awareness Regarding Cardiovascular Diseases
4.3 Market Restraints
4.3.1 High Cost of Devices and Procedures
4.3.2 Several Risks Associated to VAD Implant
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type of Ventricular Device
5.1.1 Left Ventricular Assist Device (LVAD)
5.1.2 Right Ventricular Assist Device (RVAD)
5.1.3 Biventricular Assist Device (BIVAD)
5.2 By Application
5.2.1 Bridge-to-transplant (BTT) Therapy
5.2.2 Destination Therapy
5.2.3 Other Therapies
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Middle East & Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
5.3.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abiomed Inc.
6.1.2 BiVACOR Inc.
6.1.3 Abbott Laboratories (St. Jude Medical Inc.)
6.1.4 Berlin Heart GmbH
6.1.5 Calon Cardio
6.1.6 Jarvik Heart Inc.
6.1.7 MAQUET Holding BV & Co. KG
6.1.8 Medtronic PLC
6.1.9 SynCardia Systems LLC
6.1.10 Terumo Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments