The global ventricular assist devices and artificial heart systems market was estimated at $2.20 billion in 2018 and is anticipated to reach $2.70 billion by 2023
NEW YORK, July 30, 2019 /PRNewswire/ --
Global Ventricular Assist Devices and Artificial Heart Systems Market to Reach $2.70 Billion by 2023
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Key Questions Answered in the Report:
• What are the key features of ventricular assist devices and artificial heart systems which makes them suitable for the end-stage heart failure patients?
• What is the industry structure of the global ventricular assist devices and artificial heart systems market?
• How many patents are currently active in the global ventricular assist devices and artificial heart systems market?
• How does the value chain function in the global ventricular assist devices and artificial heart systems market?
• What are the key development strategies which are implemented by the key players to stand out in the market?
• How did the ventricular assist devices and artificial heart systems market evolve and what is its scope in the future?
• What are the major market drivers, challenges, and opportunities in the global ventricular assist devices and artificial heart systems?
• What are the leading companies dominating the global ventricular assist devices and artificial heart systems market?
• What are investors' perceptions about the global ventricular assist devices and artificial heart systems market? Also, what is the reimbursement scenario of the market?
• What are the regulations pertaining to the global ventricular assist devices and artificial heart systems market? What are the initiatives implemented by different government bodies to overcome the shortage of organ donors?
• What was the market value of the leading segments and sub-segments of the global ventricular assist devices and artificial heart systems market?
• How is each segment of the global ventricular assist devices and artificial heart systems market expected to grow during the forecast period and what is the revenue expected to be generated by each of the segments by the end of 2023?
Global Ventricular Assist Devices and Artificial Heart Systems Market Forecast, 2019-2023
The global ventricular assist devices and artificial heart systems market was estimated at $2.20 billion in 2018 and is anticipated to reach $2.70 billion by 2023. In 2018, ventricular assist devices contributed about 90% of market share.
Heart attack and stroke have resulted in the increasing mortality rate worldwide as per the World Health Organization (WHO). In 2016, it was estimated that about 17.9 million people died due to CVDs, which represented about 31% of the global mortality rate. Heart attack and stroke have contributed to the growing number of individuals suffering from CVDs. According to the WHO, stroke or cerebrovascular accident are the second leading cause of death worldwide.
The prevalence of heart failure has been estimated to increase during the recent years, due to the changing lifestyle, high levels of alcohol and tobacco consumption, and unhealthy diet plan.The ventricular assist devices and artificial heart systems are two key products used for mechanical circulatory support in end-stage heart failure patients.
The market demand for these devices has emerged due to lack of organ donors and high incidence of heart failure cases worldwide.
Expert Quote on the Global Ventricular Assist Devices and Artificial Heart Systems Market
"North America is currently the leading contributor in the global ventricular assist devices and artificial heart systems market. The North America ventricular assist devices and artificial heart systems market was valued at $1.42 billion in 2018. Factors such as increasing incidence of heart failure cases, rise in aging population, pediatric heart failure cases, changing reimbursement policies, and established healthcare infrastructure are driving the growth of the ventricular assist devices and artificial heart systems market in North America."
Scope of the Market Intelligence on Global Ventricular Assist Devices and Artificial Heart Systems Market
The purpose of the study is to gain a holistic view of the global ventricular assist devices and artificial heart systems market in terms of various factors influencing it such as recent trends and technological advancements of the market. The scope of this report is centered upon conducting a detailed study of the mechanical circulatory assist devices which have the potential to help the end-stage heart failure patients.
The global ventricular assist devices and artificial heart systems market is segmented into three types: product type, distribution channel, and region.The global market value was estimated using these three different approaches, which were validated with one another.
The report offers the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions.
Market Segmentation
The ventricular assist devices market is further sub-segmented into left-, right-, and bi-ventricular assist devices.The left-ventricular assist device segment contributed maximum to the product revenue contributing 60% of share in 2018.
The product launches in pipeline are expected to increase the CAGR of the market in the coming future.
Based on distribution channel, hospitals occupied higher market share contributing more than 90% to the market revenue as of 2018. In 2018, cardiology clinics showed a significant growth in the market with a CAGR of 4.19%, with the rising number of patient reference to these clinics by the VAD centers.
The global ventricular assist devices and artificial heart systems market is segmented by the geographical regions into North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).The RoW region comprises Latin America, Middle East, and Africa.
North America is the leading contributor to the global ventricular assist devices and artificial heart systems market with a contribution of about 64.5% of the total market share in 2018. The North America market is also expected to grow at a CAGR of 3.26% in the forecast period 2019-2023. The global ventricular assist devices and artificial heart systems market is majorly dominated by the U.S. and the European players. However, several emerging countries of Asia-Pacific and Latin America displayed high potential to witness robust growth rate during the period. The emerging countries have low access to the ventricular assist devices and artificial heart systems due to cost constraints in the market.
Key Companies Operating in the Global Ventricular Assist Devices and Artificial Heart Systems Market
The key players who have significant contributions to the global ventricular assist devices and artificial heart systems market are Abbott Laboratories, Medtronic PLC, LivaNova PLC, Abiomed, SynCardia Systems, LLC, Jarvik Heart Inc., Berlin Heart, BiVACOR, among others.
Countries Covered
• North America
• The U.S.
• Canada
• Europe
• Germany
• The U.K.
• France
• Italy
• Sweden
• Asia-Pacific
• Japan
• China
• Australia
• India
• Rest-of-the-World
• Latin America
• Middle East and Africa
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