Ventricular Assist Devices Market Poised for Heightened Growth in Healthcare SecPosted by rushi007 on February 21st, 2019 Ventricular assist devices are external devices attached to a patient’s body, which helps to pump blood to whole body. It is principally used in case of patients with heart failure. It is a high-end device that mimics the function of the heart. Heart failure is a condition in which heart muscles weaken, and thus unable to pump sufficient amount of blood to body. Various conditions such as heart attacks, high blood pressure, defective heart valves, irregular heart rhythms, diabetes, and chronic kidney and lung diseases cause heart failure.
Medication, implantable heart devices (pacemakers), and heart transplantation are some of the options for treatment of heart failure. However, these approaches have limitations that may lead to advanced heart failure condition, thereby increasing the demand for ventricular assist devices (VADs). VADs lowers the work load on failing heart and help in maintaining smooth blood flow to vital organs. These devices were originally designed to temporarily assist surgeons while performing transplant surgeries or while treating other medical problems. However, VADs eventually emerged as a pioneer life support for patients suffering from the final stage of heart failure. VADs consist of three parts namely, inflow pipe that receives blood from ventricles, pump that pulls blood from ventricles and pushes it into outflow pipe that carries blood to aorta to supply blood to body.
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Regional Insights:
Ventricular assist devices market is geographically divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to hold a dominant position in the VADs market during forecasted period due to high prevalence of heart failure and affordability of these devices in the region. According to a study published in the Journal Circulation in 2016, over 5.7 million people in the U.S. suffered suffering from HF (heart failure), which is expected to increase to 8 million by 2030 and over 250,000 patients are expected to develop advanced heart failure, thus requiring VADs. Shortage of heart donors in the U.S. is also expected to drive growth of the market.
According to statistics provided by the American College of Cardiology in 2017, only 2,200 heart donor are available each year in the U.S. Europe is a lucrative region for ventricular assist devices market, as it accounts for the highest geriatric population in world according UN report in 2017 (25% of entire population) along with high prevalence of heart failure. According to report by the European Heart Network, in 2017, cardiovascular diseases cause 3.9 million deaths in Europe and over 1.8 million deaths in the European Union, each year. Asia Pacific is expected to represent enormous opportunities for market growth in the near future, owing to the growing mortality rate caused due to CVD in the region. More than 75% deaths occurs in middle-low income countries 2as per WHO factsheet 2016)
Competitive Landscape:
Key players operating in the ventricular assist devices market include Abiomed, Inc., Abbott Laboratories, Heart Ware International, Inc, Berlin Heart GmbH, Thoratec, Inc., Liva Nova plc, Jarvik Heart, Inc., Medtronic plc, ReliantHeart, Inc., and Calon Cardio-Technology Ltd.
Market Taxonomy:
On the basis of application, ventricular assist devices market is segmented into • Bridge to Recovery Post-surgery • Transplantation Bridge • Destination/Life Support
On the basis of product type, ventricular assist devices market is segmented into • Left Ventricular Assist Devices • Right Ventricular Assist Devices
On the basis of design, ventricular assist devices market is segmented into • Implantable Ventricular Assist Devices • Transcutaneous Ventricular Assist Devices
On the basis of region, ventricular assist devices market is segmented into • North America • Latin America • Europe • Asia Pacific • Middle East • Africa
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