Los Angeles, October 31, 2019 – The left ventricular assist device (LVAD) market is driven by rising incidences of heart failure. Growing number of cardiovascular conditions due to various diseases and conditions and scarcity of organ donors have upped the demand for LVADs in recent years. QY Research has recently added a report title, “Global (United States, European Union and China) LVAD Market Research Report 2019-2025”, predicting the growth opportunities in market.
The global (United States, European Union, and China) LVAD market was worth US$1553 mn in 2018 and is expected to rise to US$3384 mn by the end of 2025, registering a CAGR of 11.93% during the forecast period of 2019 to 2025.
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Research & Development Leading to New Product Launches will Transform Market
LVAD device is for a patient with a weak heart or for patients after open heart when the heart needs help to pump blood. Rising number of diseases leading to cardiovascular conditions, shortage of organs for heart transplant, and rising number of baby boomers reaching old age are the reasons for the increasing demand of LVAD devices. The market is also fueled by advanced technologies and launch of innovative products. It is witnessing steady growth as key players in the market are investing in designing products that factor in end-user perspective.
Government bodies are investing in clinical trials over the past few years so the field is expected to be revolutionized with availability of improved devices. Patients are also becoming aware about the devices because research and development activities has augmented new products in the market.
Improved healthcare infrastructure, healthcare budgets, and increasing cardiovascular diseases are expected to help the market thrive in the developing countries. However, alternative treatments and expensive implantation can act as a restrain in the market.
BTT Therapy to Flourish Owing to Availability of Devices
The global (United States, European Union, and China) LVAD market is segmented into product type and application. The product type segment is divided into BTT therapy, destination therapy, and other. The application segment is divided into hospitals and clinics. The BTT therapy segment is expected to lead during the forecast period owing to availability of devices for bridge-to-transplantation therapy.
North America to Lead Market as Lifestyle Choices are Poor
North America is expected to rise during the forecast period because majority of Americans have heart diseases due to their unhealthy eating habits, lifestyle, and sedentary choices. This region also retain dominant vendors, reimbursement policies, and accessible advance technology.
Europe will likely be the second largest region as million cases of chronic heart failure due to lifestyle disorder is recorded in this region.
The key players operating in the global (United States, European Union, and China) market are AbioMed, ReliantHeart, Sun Medical Technology Research, Jarvik Heart, Berlin Heart, Medtronic (Heartware), and Abbott (Thoratec).
The market has massive opportunities for developing as well as developed companies. Upgradation and advancements are setting new dynamics of the market. Players in the market are focusing on funding, developing, and approvals of new products. Telefax in 2017 announced its approval by FDA for intra-aortic balloon pump. FDA approved left ventricular assist device, HeartMate 3 by Abbott, for advanced heart failure patients as a destination therapy in 2018.
● The key factors bolstering the market are government policies, advancement in technology, and intense competition.
● North America holds the largest share and is likely to lead the market owing to high investments by key players in this region.
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