The global ventricular assist devices market size exceeded USD 2.1 billion in 2018 and expected to reach USD 3.7 billion by 2026 is set to register over 6.7% CAGR up to 2026.
Growing geriatric population in developing nations of Asia Pacific region will be a significant market driving factor over the forecast timeframe. Cardiovascular diseases are one of the major causes of death in Asia Pacific countries and the growing geriatric population in the region will eventually increase the chances of people getting affected by end-stage heart failure. Hence, rise in the number of older populations will result in augmenting the demand and adoption of ventricular assist devices, fueling the business growth.
Increase in number of people suffering from heart failure along with decrease in number of heart donors across the globe will boost the demand for ventricular assist devices thereby, augmenting the business growth in the near future. Also, growing research and development activities by the major players has resulted in expanding and enhancing the product portfolio with novel and efficient products. Hence, introduction of new novel products in the market by major players will spur the industry growth in the near future.
Recent technological advancements in the design and functioning of ventricular assist devices making it more efficient, risk-free and less invasive will lead to growing demand and adoption rate of the device. Improvements in the devices and the implantation procedures has reduced the health risk and increased the survival rate in patients. This rapid technological advancement will be one of the major factors for boosting the market growth in the near future.
Left ventricular assist devices industry was valued at around USD 910.9 million in the year 2018 and is estimated to expand at a substantial rate over the forthcoming years. Modern day advancements in the device such as high survival rate, efficiency and low risk will be one of the major factors responsible for the market growth. Growing heart failure rate and lack of heart donors across the globe has led to increase in number of people opting for ventricular assist devices, boosting the industry growth.
Application of ventricular assist device in destination therapy held maximum market share of around 45% in the year 2018. As per the Centers for Medicare & Medicaid Services, destination therapy is one of the most preferred therapies that is used in the heart failure patients and constitutes a major and growing portion of the overall heart implants. Growing use of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure will enhance the market growth.
The sales of ventricular assist devices in the people aged between 60-79 years is estimated to grow significantly at a CAGR of 6.4% over the forecast timeframe. Growing sedentary lifestyle has led to increase in diseases such as cardiovascular diseases (CVD) and heart failure. Rising prevalence of CVD diseases in geriatric population will result in boosting demand and adoption rate of ventricular assist devices, augmenting the business growth.
Transcutaneous ventricular assist devices market was valued at around USD 489.8 million in 2018. This device has its power source and pump located outside of the body. The tubes of the pump connect to the heart through small holes in the abdomen. This type of device can be used for short-term support during or after surgery. Hence, increase in number of heart failure patients will boost the market growth.
Pulsatile flow ventricular assist devices industry is estimated to grow at 7.6% over the forecast timeframe. These devices have been widely accepted for the support to the patients suffering from severe heart failure. Also, pulsatile flow is mainly used in total artificial heart (TAH) as the existing TAH are all volume-displacement pulsatile-flow pumps and have significant limitations in their large size and durability. Hence, aforementioned factors are estimated to play vital role in augmenting the market growth.
The report analyzes and forecasts the ventricular assist devices market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global ventricular assist devices market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the ventricular assist devices market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of ventricular assist devices market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
The main objective of this report is to aid the user in understanding the market as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part of the report preparation. Those reading the report will be able to get a detailed understanding about the market. Industry experts have verified and checked the data and information that have been taken from credible sources like websites, annual reports of companies, journals, and other resources. In order give the facts and data a pictorial form, diagrams, graphs, pie charts, and other representations have been used. That augments the visual appeal of the report and makes understanding it much easier.
Some of the leading players in the ventricular assist devices market share include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Jarvik Heart, Medtronic and Terumo Corporation. These companies mainly focus on strategic decisions to increase the research and development investment in order to manufacture more advanced and innovative products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market. This particular section has also included a SWOT analysis of the companies featured in the report. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors in the chemical and material industry across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players functioning in the industries. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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