Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product (LVAD, RVAD, BiVAD, TAH), By Type of Flow (Pulsatile, Continuous), By Design, By Application, By Region, And Segment Forecasts, 2020 - 2027
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ventricular Assist Device Market Size, Share & Trends Analysis Report By Product, By Type of Flow, By Design, By Application, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05867051/?utm_source=GNW
The global ventricular assist device market size is expected to reach USD 4.1 billion by 2027., registering a CAGR of 11.7% over the forecast period. Increase in prevalence of cardiovascular diseases such as congenital heart diseases, heart failure, hypertension, ventricular septal defect, and stroke due to rise in adoption of unhealthy lifestyle habits such as physical inactivity, smoking, and alcohol consumption drives the demand for ventricular assist devices (VADs). Increase in global geriatric population, along with their susceptibility to cardiovascular diseases, is a major factor driving the market growth. According to estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to witness a twofold increase by 2050 with an estimated population of over 2,000 million. Geriatric population has a high risk of various cardiovascular diseases and a majority of them are expected to suffer from heart failure or stroke.
Moreover, the use of VADs as a bridge to transplant is gaining immense popularity due to improvements in device technology and reduction of VAD-associated complications. For instance, the United Kingdom National Health Service (UK NHS) financed a bridge-to-transplant (BTT) program in which left ventricular assist devices (LVADs) such as HeartMate II and HeartWare are used for treating patients.
According to data published by the CDC in 2015, nearly 1.0% newborns have congenital heart defect (CHD) in U.S. and of those 25.0% of the infants have critical CHD. Furthermore, it is estimated that approximately 1,755 infants with critical CHDs remain undiagnosed. The demand for VADs is primarily driven by the increasing prevalence of CHD, especially cyanotic CHD in adult population. The increasing patient pool for cardiovascular disorders, coupled with growing demand for mechanical assist devices, is expected to drive the demand for VADs over the forecast period. However, high costs of these products, limited insurance coverage, and strict regulatory framework for their approval are some of the barriers limiting market growth.
Further key findings from the report suggest:
• Left ventricular assist devices emerged as the largest product segment in 2019 with a share of 76.9% in the global ventricular assist device market. This is attributed to the increasing demand for LVADs in bridge-to-transplantation for patients suffering from end-stage heart failure
• On the basis of type of flow, continuous flow accounted for the largest share in 2019, and is further projected to register the highest CAGR over the forecast period as these devices require low maintenance and replacement
• Implantable VAD emerged as the leading design type segment in 2019 owing to the increasing preference for long-term treatment methods
• Destination therapy is expected to register a significant growth rate over the forecast period owing to the increasing instances of cardiovascular diseases
• North America dominated the global VAD market in 2019 owing to the presence of majority of the global obese population, which is one of the key factors leading to the rise in cardiovascular diseases
• Key operating players such as Abiomed; Abbott; Medtronic; Cardiac Assist, Inc.; Berlin Heart; and ReliantHeart focus on developing advanced VADs. For instance, in October 2018, Abbott received U.S. FDA approval for Heartmate 3 - LVAD. This pump would help heart failure patients to avoid open heart surgery.
Read the full report: https://www.reportlinker.com/p05867051/?utm_source=GNW
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