Know More About “Ventricular Assist Device Market 2020-2027” Growth Worldwide
Posted by Mrudula Anil Karmarkar on February 3rd, 2022
The global ventricular assist device market size is expected to reach USD 4.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 11.7% over the forecast period. An increase in the prevalence of cardiovascular diseases such as congenital heart diseases, heart failure, hypertension, ventricular septal defect, and stroke due to the rise in adoption of unhealthy lifestyle habits such as physical inactivity, smoking, and alcohol consumption drives the demand for ventricular assist devices (VADs). An increase in the 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. The geriatric population has a high risk of various cardiovascular diseases and a majority of them are expected to suffer from heart failure or stroke.
According to data published by the CDC in 2015, nearly 1.0% of newborns have a congenital heart defect (CHD) in the 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 the adult population. The increasing patient pool for cardiovascular disorders, coupled with the 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 the market growth.
To overcome this shortage, ventricular assist devices (VADs) are increasingly used in hospitals. Data suggests that in?hospital mortality and length of stay after ventricular assist device implantation, including hospital costs, have declined. The U.S. healthcare system spends more than USD 26.0 billion annually on patients with heart failure, according to the American Heart Association. Approximately 250,000 overall 6 million patients with heart failure have advanced disease with recurrent hospital admissions and high mortality, according to an article in the Journal of the American College of Cardiology. This is expected to drive the demand for ventricular assist devices worldwide over the forecast period.
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Technological advancements pertaining to novel product development is a key market differentiator. As a result of continual investments made to upgrade technology, new product developments are expected to attract investments from private equity players and venture capitals (VCs). Novel technologies include the use of a centrifugal pump that avoids the risk of clotting by preventing the blood from becoming static. HeartWare HVAD System by Medtronic is one such centrifugal VAD available in the market.
Ventricular Assist Device Market Report Highlights
The players adopt strategies such as mergers, acquisitions, product launches, and geographical expansion. Several market players engage in acquisitions to strengthen their market position. This strategy enables companies to increase their capabilities and expand their product portfolios. Acquisitions accounted for around 35.0% of all strategic initiatives undertaken in the market. Some of the prominent players in the ventricular assist device market include:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 877
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