Ventricular Assist Devices Market Expected to Reach $1,773 Million, Globally, by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 12, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, " Ventricular Assist Devices Market by Product, Application, and Design: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global ventricular assist devices market was valued at $809 million in 2016, and is estimated to reach $1,773 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023.
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Ventricular assist device (VAD) is used to assist a damaged or weakened heart in pumping blood. The device is surgically attached to one or both intact ventricles and thus assists cardiac circulation.
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The major factors that contribute to the market growth include technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and treatment options for management of cardiac disorders. Moreover, increased presence unmet medical needs in the developing and the under developed regions of the world is anticipated to provide lucrative opportunities for the market growth. However, the main challenge in the market is high cost of the VAD procedure. Also, bleeding complications and other associated risks hamper the growth of the ventricular assist devices market.
By product, LVADs accounted for the major share of the global ventricular assist devices market in 2016. By application segment, bridge-to-transplant generated the maximum revenue, thus accounting for more than 49% of the global ventricular assist devices market in 2016. In addition, destination therapy segment is expected to witness the highest CAGR of 13.4% during the forecast period. By design, implantable ventricular assist device dominated the market with three-fourths share in the global ventricular assist devices market in 2016.
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Key Findings of the Ventricular Assist Devices Market:
- The left ventricular assist devices (LVADs) segment is projected to grow at a significant CAGR of 11.7%, during the forecast period (2017-2023).
- Transcutaneous ventricular assist device is projected to grow at a significant CAGR, during the forecast period.
- Destination therapy accounted for more than one-fourth share of the global market in 2016.
- Germany and France are the major shareholders, and together accounted for more than one-third share of the European market in 2016.
- Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific market in 2016.
The Asia-Pacific market is projected to grow at the highest CAGR of 14.9% during the forecast period, owing to increase in awareness about the benefits of digital wound measurement devices in healthcare industry and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.
The major companies profiled in the report are Abiomed, Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Abbott Laboratories (St. Jude Medical, Inc.), Berlin Heart GmbH, Calon Cardio-Technology Ltd., CardiacAssist Technologies, Jarvik Heart, Inc., Medtronic plc, ReliantHeart, Inc., and Terumo Medical Corporation.
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