Monday, March, 18, 2019 06:40:15

Global Ventricular Assist Devices Market was valued over USD 1.0 billion in 2017 and is expected to witness more than 10.5% CAGR from 2018 to 2024. Increase in number of people suffering from heart failure and other cardiovascular diseases in European countries will be one of the major impact rendering factors for the growth of ventricular assist devices market in the forthcoming years. As per the statistics published by the European Heart Network, every year around 4 million people in Europe and over 2 million in Europe Union (EU) die because of several cardiovascular diseases. Increase in patients suffering from cardiovascular diseases leading to heart failure will lead to growing demand and adoption rate of ventricular assist devices, fueling the industry growth.

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Technological advancements in the North America region has resulted in ventricular assist devices becoming an increasingly widespread and accepted therapy for patients suffering from high heart failure rate. Technological advances have led to improved durability of the devices’ implantability, extended support and also lengthened the survival rates in patients. Introduction of latest third generation left ventricular assist device employs magnetic levitation (MAGLEV) technology that allows rotation without wear and friction. Hence, growing technological advancements pertaining to ventricular assist devices in North America will boost the market growth.

High cost of the devices and the implantation procedures will be one of the major factors impeding the growth of the market. The ventricular assist device on an average costs around USD 100,000 and the total procedure costs around USD 700,000 over a six year period. The high cost of the device and procedures is unaffordable to the low and middle income patient population, thereby declining the demand and growth of the business.

Bridge-to-candidacy (BTC) therapy market held the maximum market share an was valued around at USD 316.4 million in the year 2017. Decrease in number of heart donors across the globe has resulted in people opting for ventricular assist devices, but the patients that are not listed for transplantation are provided BTC therapy. Increase in use of BTC therapy for severe heart failure patients needing ventricular assist device implantation urgently will enhance the market growth in the near future.

Destination therapy market is projected to witness considerable amount of growth at a CAGR of 10.8% during the forecast time period. Destination therapy provides long-term support to the patients and is one of the most advised therapies in the treatment of severe end-stage heart failure amongst the population. Several benefits provided such as high survival rate, better quality of life, cost-effectiveness and cost utility will be one of the major reasons for boosting the growth of ventricular assist devices market for destination therapy.

The sales of ventricular assist devices among people aged between 60-79 years was high and was valued at around USD 444.0 million in the year 2017. According to a recent research survey, it was observed that the chances of heart failure are high, and prevalence of cardiovascular diseases is around 70% to 75% in people of 0-79 years of age. Increase in geriatric population across the globe will result in growing number of people prone to cardiovascular diseases, fuelling the growth of ventricular assist devices in the future.

The sales of the ventricular assist devices among people aged between 40-59 years is estimated to grow significantly at a CAGR of 10.6% over the forecast timeframe. As per the research studies, the prevalence of cardiovascular diseases among people aged between 40-59 years is around 40% but, growing sedentary lifestyle, smoking, alcohol consumption and improper eating habits is expected to increase the prevalence. Growing prevalence of cardiovascular disease in people aged between 40-59 years will boost the sales of ventricular assist devices.

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U.S. dominated the North America ventricular assist devices market and was valued at around USD 615.1 million in the year 2017. According to Center for Disease Control and Prevention (CDC), around 610,000 people die of heart disease in the U.S. every year. Increase in number of people suffering from cardiovascular disease, recent technological advancements and favorable reimbursement policies in the country will boost the demand and adoption rate of ventricular assist devices, augmenting the market growth in United States.

Some of the leading key players include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Maquet, Jarvik Heart, Medtronic, Terumo Corporation and others. These companies focus and implement important strategic decisions such as mergers, acquisitions, partnerships and collaborations in order to expand their product portfolio and geographic reach. Also, new product launches and product innovation will benefit the companies in strengthening their market position. In July 2018, Medtronic announced the approval and launch of a new left ventricular assist devices in the U.S., that is less invasive and more beneficial to the patient.