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. Growing geriatric population in developing nations of Asia Pacific region will be a significant market driving factor over the forecast timeframe. Cardiovascular diseases are one of the major causes of death in Asia Pacific countries and the growing geriatric population in the region will eventually increase the chances of people getting affected by end-stage heart failure. Hence, rise in the number of older population will result in augmenting the demand and adoption of ventricular assist devices, fueling the business growth.
Recent technological advancements in the design and functioning of ventricular assist devices making it more efficient, risk-free and less invasive will lead to growing demand and adoption rate of the device. Improvements in the devices and the implantation procedures has reduced the health risk and increased the survival rate in patients. This rapid technological advancement will be one of the major factors for boosting the Ventricular Assist Devices Market growth in the near future.
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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 Ventricular Assist Devices Market.
U.S. VADs market | Impact of growing cardiovascular diseases on the regional industry growth
The United States ventricular assist devices market is touted to be largely driven by the growing number of cardiovascular disease CVD cases across the nation. According to a 2018 report by the American Heart Association, approximately 92.1 million adults across the U.S. are suffering from some form of CVD or the after-effects of a stroke. Around 2,300 Americans lose their lives to CVDs every day – an average one death every 38 seconds. The U.S. Centers for Disease Control & Prevention (CDC) lists high cholesterol, high blood pressure and smoking as the key risk factors leading to heart diseases, further specifying that approximately 47% of Americans are suffering from at least one of the three listed risk factors.
These conditions coupled with recent technological advancements across the nation as well as favorable reimbursement policies would be some of the major influencing parameters fueling the growth of the U.S. ventricular assist devices market. As a matter of fact, the U.S. ventricular assist devices industry size is projected to register a modest CAGR of 9.8% over 2018-2024.
Left ventricular devices market is estimated to grow at a CAGR of 10.6% during the projection period. Modern day advancements in the device such as high survival rate, efficiency and low risk will be one of the major factors responsible for the market growth. Growing heart failure rate and lack of heart donors across the globe has led to increase in number of people opting for ventricular assist devices, boosting the Ventricular Assist Devices Market growth.
Destination therapy market held the maximum market share and was valued over USD 419.5 million in the year 2017. As per the Centers for Medicare & Medicaid Services, destination therapy is one of the most preferred therapies that is used in the heart failure patients and constitutes a major and growing portion of the overall heart implants. The growing use of destination therapy for ventricular assist devices in patients suffering from end-stage heart failure will enhance the market growth.
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Some of the leading players in the ventricular assist devices market include Abbott, Abiomed, Berlin Heart, Bivacor, CardiacAssist, Inc., Evaheart, Maquet, Jarvik Heart, Medtronic and Terumo Corporation. These companies mainly focus on strategic decisions to increase the research and development investment in order to manufacture more advanced and innovative products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.