September 19, 2019
Worldwide ventricular assist devices market is predicted to amass US $2 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Unavailability of heart donors across the globe is one of the main factors boosting the market growth. According to a survey, insufficiency in heart donation is likely to grow during the forecast timespan as the heart failure rate is rapidly increasing but the heart donors are increasing slowly. High occurrence of heart failures and unavailability of heart donors will boost the demand and adoption of VAD, driving the market growth.
Based on the product type, percutaneous ventricular assist device market recorded US $ 99.9 million in 2017. Various advantages offered by percutaneous ventricular assist devices like ease of implantation, high reliability for survival and safety will boost the adoption rate and demand of the device, enhancing the market growth.
As per the application spectrum, the VAD market from BTT (Bridge-to-transplant) segment is expected to grow with a CAGR of 10.4% by the year 2024. The therapy is cost effective and improves the patient’s survival rate. Therefore, reduced device and treatment cost will boost the adoption of device among low and middle-income population, driving the market growth.
Bridge-to-transplant (BTT) therapy market is estimated to grow substantially at a CAGR of 10.4% during the forecast period. As per the recent research reports, BTT-VAD therapy is associated with increase in patient’s survival rate and cost-effectiveness. Hence, decreased treatment and device cost will increase the adoption rate of device in the low- and middle-income population, fueling the business growth in the upcoming years.
Considering the age group, the VAD market from 40-59 years age segment was worth US $420.2 million in 2017. The increase in prevalence of heart failure in the population of this age will be a major reason behind the growing sales of ventricular assist devices over the forecast timeframe.
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Based on the regional landscape, the U.S. VAD market is expected to increase at a CAGR of 9.8% over the projected time period. Rising number of heart failures across the region, and recent technical advancements in the field will be the main factors driving the regional market growth. Furthermore, Japan dominated the Asia Pacific VAD market and accounted for US $22.0 million in 2017.
The prominent companies operating in ventricular assist devices market include Terumo Corporation, Abbott, Medtronic, Abiomed, Jarvik Heart, Berlin Heart, Maquet, Bivacor, CardiacAssist, Inc., and Evaheart among others.