Sellbyville, DE -- (SBWIRE) -- 05/24/2019 -- The Ventricular assist devices market is set to exceed USD 2.0 billion by 2024; according to a new research study published by Global Market Insights, Inc. 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 advancements will be one of the major factors for boosting the market growth in the near future.

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.

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The risks associated with the product and procedure will be one of the major market impeding factors. Patients with left ventricular assist devices have chances of health risks such as bleeding, infection, device pumping issues and right side heart failure. Such health risks will result in hampering the growth of ventricular assist devices market growth in future.

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 industry growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Terumo Medical Corporation
- Medtronic
- Abiomed
- LivaNova
- Berlin Heart GmbH
- BiVACOR Inc
- Cardiobridge GmbH
- Cardiokinetix
- Evaheart, Inc.
- Maquet Getinge Group
- HeartWare Inc
- ReliantHeart Inc.
- SynCardia Systems, LLC
- Kalila Medical (Abbott Laboratories)

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.

The sales of ventricular assist devices in the people aged between 60-79 years is estimated to grow significantly at a CAGR of 10.5% over the forecast timeframe. Growing sedentary lifestyle has led to increase in life style diseases such as cardiovascular diseases (CVD) and heart failure. Rising prevalence of CVD diseases in geriatric population will result in boosting demand and adoption rate of ventricular assist devices, augmenting the business growth.

U.S. ventricular assist devices market is projected to grow at a CAGR of 9.8% during the forecast timeframe. According to the statistics published by Johns Hopkins Medicine Organization, around 84 million Americans suffer from some or the other form of cardiovascular disease. Growing population suffering from CVD disease, recent technological advancements in the country and favorable reimbursement policy will be few major impact rendering factors on the growth of the ventricular assist device market in the region.

Ventricular assist devices market by Product

1 Left ventricular assist devices (LVADs)
2 Right ventricular assist devices (RVADs)
3 Biventricular assist devices (BIVADs)
4 Percutaneous Ventricular Assist Devices
5 Total Artificial Heart

Ventricular assist devices market by Application

1 Destination therapy
2 Bridge-to-candidacy (BTC) therapy
3 Bridge-to-transplant (BTT) therapy
4 Bridge-to-recovery (BTR) therapy

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary

2.1. Ventricular assist devices industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Age group trends
2.1.5. Regional trends

Chapter 3. Ventricular assist devices Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Increase in number of heart failures and cardiovascular diseases in Europe
3.3.1.2. Technological advancements in North America
3.3.1.3. Growing geriatric population in Asia Pacific
3.3.1.4. Rise in awareness regarding heart failure treatment in Latin America
3.3.1.5. Decrease in number of heart donors across the globe

3.3.2. Industry pitfalls & challenges

3.3.2.1. High cost of the device and procedure
3.3.2.2. High health risk associated with product and procedures
3.3.2.3. Stringent regulatory regulations

Chapter 4. Ventricular assist devices Market, By Product

4.1. Global ventricular assist devices market share, by product, 2017 & 2024

4.2. Left ventricular assist devices (LVADs)
4.2.1. Market estimates and forecast, by region, 2013 – 2024 (USD Million)

4.3. Right ventricular assist devices (RVADs)
4.3.1. Market estimates and forecast, by region, 2013 – 2024 (USD Million)

4.4. Biventricular assist devices (BIVADs)
4.4.1. Market estimates and forecast, by region, 2013 – 2024 (USD Million)

4.5. Percutaneous Ventricular Assist Devices
4.5.1. Market estimates and forecast, by region, 2013 – 2024 (USD Million)

4.6. Total Artificial Heart
4.6.1. Market estimates and forecast, by region, 2013 – 2024 (USD Million)

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Data Tables

TABLE 1. Ventricular Assist Devices industry 3600 synopsis, 2013 – 2024
TABLE 2. Global ventricular assist devices market, 2013 – 2016 (USD Million)
TABLE 3. Global ventricular assist devices market, 2017 – 2024 (USD Million)
TABLE 4. Global ventricular assist devices market, by product, 2013 - 2017 (USD Million)
TABLE 5. Global Ventricular Assist Devices market, by product, 2017 - 2024 (USD Million)
TABLE 6. Global ventricular assist devices market, by application, 2013 - 2017 (USD Million)
TABLE 7. Global Ventricular Assist Devices market, by product, 2017 - 2024 (USD Million)
TABLE 8. Global ventricular assist devices market, by age, 2013 - 2017 (USD Million)
TABLE 9. Global Ventricular Assist Devices market, by product, 2017 - 2024 (USD Million)
TABLE 10. Global Ventricular Assist Devices market, by region, 2013 – 2016 (USD Million)