Global Ventricular Assist Device Market : Industry Analysis and Forecast (2019-2Posted by rahul on March 17th, 2021 Global Ventricular Assist Device Market was valued at US$ 2.10 Bn in 2019 and is expected to reach US$ 2.4 Bn by 2027, at a CAGR of 10.24 % during the forecast period. The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region. Ventricular assist devices are pumps, which are used to support cardiac circulation in patients who have debilitated hearts. Growth in occurrences of heart failure across the globe, innovative technological advancements in ventricular assist devices, increasing awareness among patients about monitoring of the heart, and lack of heart donors are some of the prominent factors behind the growth of the global ventricular assist device market. Growing government funding for new product development coupled with ongoing research activities is expected to propel the growth of ventricular assist devices. New advancements in designs are also expected to boost the growth in demand. Innovative technologies contain the usage of centrifugal pumps, which precludes the blood from becoming static and escapes the risk of clotting. The high cost of ventricular assist devices and the implantation procedures are limiting the growth in the global ventricular assist device market. The ventricular assist devices are available in the market on average costs around $ US XX and the total procedure costs around USD $US XX. The cost of the device and procedures is excessive to the low and middle-income patient population, which is declining the demand for ventricular assist devices. The left ventricular assist devices are expected to lead the global ventricular assist device market. The leading position in the market can be attributed to the growing number of patients who are suffering from last-stage heart failure, development in technology like effectiveness, high survival rate, and reduced risk of the devices. A growing number of patients suffering from cardiac complications like cardiomyopathy, stroke, and class III & class IV heart failure are expected to need a heart transplant. The destination therapy segment is projected to witness significant growth in the global ventricular assist device market. This therapy is one of the most preferred therapies, which is used in heart failure patients and creates a major and growing portion of the heart implants. The increasing usage of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure is expected to propel the global ventricular assist device market growth. Geographically, North America is estimated to hold a leading position in the global ventricular assist device market. The leading position in the market is attributed to the ongoing clinical trials for the testing of these devices and augmented government funding. Rising patient awareness about the availability of these ventricular assist devices and improved R&D activities for new product development is projected to boost the market growth. Furthermore, the Asia Pacific region is expected to grow at a XX % rate of CAGR during the forecast period. The region is projected to register productive growth during the forecast period (2018-2026) owing to the growing healthcare expenditure, and recent improvements in healthcare infrastructure in developing countries like China, Japan, India. The development and up-gradation of devices are expected to increase the competition among key players. Some of the many key players are focusing on product endorsements and developing innovative products to reinforce their product portfolio, which strengthens the market competition. For instance, in 2018 FDA approved HeartMate 3 left ventricular assist device, which is developed by Abbott, as a destination therapy for patients with innovative heart failure. The objective of the report is to present a comprehensive assessment of the market and contain insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments and, projects the global ventricular assist device market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global ventricular assist device market. visit at-https://www.maximizemarketresearch.com/market-report/global-ventricular-assist-device-market/31262/
Global Ventricular Assist Device Market, by Product • Left Ventricular Assist Device Global Ventricular Assist Device Market, by Flow • Pulsatile Flow Global Ventricular Assist Device Market, by Design • Transcutaneous Ventricular Assist Devices Global Ventricular Assist Device Market, by Application • Bridge to Transplant Global Ventricular Assist Device Market, by Region • North America • CardiacAssist, Inc.
Maximize Market Research provides B2B and B2C market research on Like it? Share it! More by this author |