Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Ventricular Assist Devices
Ventricular assist device (VAD), also known as the mechanical circulatory support device is a mechanical pump which assists the pumping of the blood from the lower chambers of the heart to rest of the body. People who have a weakened heart require these devices. A VAD can be placed in both the ventricles of the heart. But, it is more often used in the left ventricle of the heart. It supports the function of the heart as well as the blood flow.
The ventricular assist device (VAD) draws blood from the lower chamber of the heart and supports the pumping process of the blood to the vital organs. The parts of the VAD includes a small narrow tube which carries blood out of the heart to the pump, whereas, another tube carries blood from the pump to several blood vessels, which delivers blood to different parts of the body. The flow pumps can be pulsatile or continuous. The major role of the continuous flow pump is to circulate blood throughout the body whereas, on the other hand, the pulsatile pump mimics the natural heart pulse. These devices are implanted in the body of the patient when there is a failure in ventricular functioning on account of various medical conditions which includes myocardial infraction and bundle branch block.
Market Size and Forecast
The market is observing vibrant growth on account of increasing incidence of heart failure, rising technological advancements in the field of ventricular assist devices and growing incidences of people suffering from cardiovascular diseases (CAD) coupled with the rise in the geriatric population. Additionally, an increase in the number of kidney and liver transplants and effective reimbursement policies are some of the factors which are anticipated to enhance the growth of the market in upcoming years.
The global ventricular assist devices market is anticipated to record a CAGR of 11% over the forecast period i.e. 2019-2027. The market is segmented by product type into right ventricular assist device (RVAD), left ventricular assist device (LVAD), biventricular assist device (BIVAD), percutaneous ventricular assist device (PVAD) & total artificial heart, out of which, left ventricular assist device is expected to have the largest market share on account of enhancement in the number of people suffering from end stage heart failure which is resulting in the high demand for left ventricular assist devices. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers
Rise in Cardiovascular Disease
Cardiovascular diseases account for significant death count across the globe. According to World Health Organization (WHO), almost 17.9 million people died because of cardiovascular diseases in the year 2016 which represented 31 percent of the total global death count. Out of these deaths, 85 percent were because of heart attack and strokes. The growing incidence of cardiovascular diseases across the globe is anticipated to increase the demand for ventricular assist devices as they are extensively used in patients who are suffering from these diseases on the back of their properties to support the heart and the blood flow for proper functioning of the heart.
Rising Geriatric Population
Geriatric population is more susceptible to coronary heart diseases and atrial fibrillation among other health issues as aging makes the heart and the blood vessels to stiffen which could possibly lead to these types of conditions. According to the World Bank, the total geriatric population was 8.482 percent of the overall world population in the year 2016 which enhanced to 8.696 percent of the overall population in the year 2017. This growing rate of the geriatric population and their susceptibility to heart problems is anticipated to enhance the demand for ventricular assist devices, further augmenting the growth of the market across the world.
Restraints
Expensive Price Tag
The ventricular assist devices are very expensive as they cost around USD 100,000. People residing in the middle income and low income countries find it difficult to purchase these devices. This neck cutting price associated with ventricular assist devices is anticipated to hinder the growth of the market over the forecast period.
Market Segmentation
Our-in depth analysis of the global ventricular assist devices market includes the following segments:
By Product Type
By Application
By Age
By Design
By Region
On the basis of regional analysis, the global ventricular assist devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to have the largest market share on account of rising incidence of cardiovascular diseases, increasing technological advancements and growing popularity pertaining to ventricular assist devices across the region.
Europe is anticipated to be a lucrative region for the market on account of rising geriatric population coupled with increasing prevalence of heart failure around the Europe region. Further, the Asia Pacific region is anticipated to showcase a high market growth in the global ventricular assist devices market on the back of growing mortality rate due to increased prevalence of cardiovascular diseases in the region.
The global ventricular assist devices market is further classified on the basis of region as follows:
Key Players
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