LONDON, July 21, 2016 /PRNewswire/ -- The global ventricular assist device market is expected to reach USD 1.97 billion by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to its rapid growth include rising prevalence of cardiovascular disorders coupled with the development of technological advanced products such as miniature device with infection reduction technology.
Furthermore, increasing healthcare expenditure, favorable reimbursement policies and advanced technological facilities, are expected to positively reinforce ventricular assist device market growth over the next seven years.
Ventricular assist device market is segmented on the basis of type of product which includes left ventricular, right ventricular and bi-ventricular assist device. Key factors attributing to rapidly increasing number of patients with end stage heart failure and low availability of therapeutic options are among the key factors attributing to the market growth.
With continual shortage of organ donors and increasing demand of LVADs' for bridge to transplantation in patients suffering from end stage heart failure, is expected to positively reinforce market growth over the forecast period.
Lack of developed reimbursement policies in underdeveloped economies of Africa and Asia is one of the key factors attributing for low penetration of these device. However, constant economic development, improving healthcare infrastructure and reimbursement policies in countries such as India and China is expected to positively reinforce market growth in next seven years.
Technological advancements in VADs have been a continuous process since the launch of first generation device. First generation VADs are referred to as pulsatile volume displacement pumps which are powered by pneumatic or electrical drive systems. Some of the U.S. FDA approved products are the Abiomed BVS5000, Worldheart Novacor System (LVAS).
Second generation ventricular assist device which are usually known as continuous flow LVADs were developed to overcome several limitations of the pulsatile displacement systems. At present, second generation LVADs that are available include the TandemHeart pVAD, Thoratec Heartmate II, Jarvik 2000, and the Impella Pump System.
Third generation ventricular assist device such as VentrAssist, DuraHeart, HeartMate III LVAD and others are currently under various stages of development, clinical trials and commercialization stages. These third generation ventricular assist device are continuous flow device with more advancement in product design, materials, battery capacity and size. Constant development in these devices serves as a high impact rendering driver for the growth of the market.
Further key findings from the report suggest:
In 2014, North America accounted for largest market share of over55%. Key factors attributing to its large share include presence of advanced healthcare infrastructure, and high level of collaboration between various stakeholders including medical fraternity, medical device industry, regulatory authorities, universities and others.
Furthermore, presence of high research expenditure by public and private entities in healthcare sector is anticipated to propel market growth for ventricular assist device in the coming seven years.
Asia Pacific is expected to be one of the fastest growing markets, growing at a CAGR of over17% during the forecast period. Key factors attributed to the growth are high economic growth in countries such as China, Brazil, India, and South Korea coupled with high unmet medical needs is expected to boost usage rates of ventricular assist device.
Key players operating in ventricular assist device market include Abiomed, HeartWare International, Thoratec, Inc., Berlin Heart, Cardiac Assist and ReliantHeart
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