Ventricular Assist Devices Market Size is projected to be around $2.5 billion by 2025
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A research study titled, “Ventricular Assist Devices Market by Product, Application, Design, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the VADs market is projected to be around $2.5 billion by 2025.
A ventricular assistive device (VAD) is an implantable mechanical pump that facilitates pumping of blood from lower chambers of the heart to rest of the body. The device aids the patients affected by congestive heart failure to support normal blood pumping function of the heart while the patient is waiting for a transplant. Congestive heart failure is a chronic condition in which the heart is unable to pump blood to different parts of the body. As per American Heart Association, more than six million Americans are living with heart failure and 10% of them are having advanced heart failure. However, therapies such as LVADs are dramatically improving the quality life of people with advanced heart failure. These patients benefit from LVADs; while waiting for a heart transplant or can obtain long-term support from LVADs if they are not candidates for a transplant.
Left ventricular assist devices (LVADs) segment accounted for almost three-fourth of the global market in 2016. This large share is due to its advantages to support the function of left, right, or both heart ventricles. LVADs are used to support patient’s heart until it recovers or while the patient is waiting for a heart transplant.
Bridge-to-transplantation (BTT) and bridge-to-decision(BTD) therapies segment leads the global VADs market. This segment accounted for more than half of the overall market in 2016. BTT therapy implants VADs for heart management in patients who have had severe heart failure and are waiting for heart transplant; while BTD therapy implants VADs in patients for whom the physician is not sure if the patient is an ideal candidate for a transplant.
Percutaneous VADs (pVADs) are specific types of VADs. PVADs are less invasive in nature and differ in design and use as compared to traditional VADs. These are alternative to a traditional VAD or IABP (intra-aortic balloon pump) for short-term hemodynamic support. These are used during emergent procedures for patients in acute heart failure due to left ventricular dysfunction or cardiogenic shock.
North America accounted for more than half of the overall market in 2016. This large share is attributed to a number of factors such the presence of advanced healthcare infrastructure and increased adoption of technologically advanced products. Asia Pacific is expected to witness lucrative market growth over the forecast period, due to the availability of untapped and unsaturated markets coupled with rising demand for VADs. Rapid economic development along with increasing patient awareness levels is a major avenue for the companies in the VADs industry.
The global VADs market is highly consolidated with major players acquiring smaller vendors. Some of the major companies include Abiomed, Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, LivaNova PLC, Medtronic plc, Berlin Heart GmbH, ReliantHeart Inc., HeartWare International, Inc., Jarvik Heart, Inc., and St. Jude Medical, Inc. (recently acquired by Abbott Laboratories).
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Key Findings of the Research Study:
- LVADs segment accounted for the largest share of the global market in 2016 and is projected to maintain its lead over the forecast period. This large share is attributed to the growing number of people with damage in left ventricular.
- U.S. dominated the overall VADs market in 2016 and is projected to dominate the market during the forecast period, due to rising prevalence of cardiovascular diseases such as heart failure and stroke, favorable reimbursement policies for implantation, and increased patient awareness about the treatments.
- Asia-Pacific is projected is poised to grow at the highest CAGR during the forecast period, due to presence of high unmet medical needs, rising disposable income of patients, and the constantly improving healthcare infrastructure.
- Thoratec Corporation leads the global VADs market by accounting for more than two-third share in 2016.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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