The demand within the global market for ventricular assist devices has been rising on account of the rising incidence of cardiovascular diseases, finds Transparency Market Research (TMR). The vendors operating in the global ventricular assist devices have resorted to innovative hacks for business growth. The market for ventricular assist devices currently endows multiple opportunities for growth, and the vendors are keen on utilizing them. The global market for ventricular assist devices shall undergo successive fragmentation in the coming years. This owes to the easy entry of new vendors into the global ventricular assist devices market. Furthermore, the presence of a receptive healthcare industry has also created commendable for the market vendors.
The global market for ventricular assist devices consists of a number of players who have made ardent efforts towards market growth. The leading vendors in the global ventricular assist devices market are forming strategic alliances in order to avert the entry of newbie vendors. It is expected that these vendors would accumulate voluminous revenues at the back of favourable market demand and supply forces. Some of the key vendors in the global ventricular assist devices market are Berlin Heart GmbH, SynCardia Systems LLC, St. Jude Medical, Sunshine Heart Inc., and Heart Ware International Inc.
Transparency Market Research (TMR) predicts that the global market for ventricular assist devices would expand at a stellar CAGR of 9.20% over the period ranging from 2016 to 2024. Furthermore, the global market for ventricular assist devices is projected to reach a value of US$1.07 bn by 2024, rising up from a value of US$0.49 bn in 2015. On the basis of geography, the market for ventricular assist devices in North America would attract voluminous revenues in the years to come.
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Rising Incidence of Cardiovascular Diseases Pushes Market Growth
The demand within the global market for ventricular assist devices has been escalating at a stellar pace, majorly due to advancements in the medical fraternity. The healthcare industry has become open to the induction of new technologies that can assist medical practitioners and specialists during treatment. Cardiovascular diseases have become extremely widespread, and a large population of people is affected by its adversities. Hence, the global market for ventricular assist devices is also expected to expand alongside the rising incidence of these diseases. Moreover, the healthcare industry has begun deploying advanced technologies for the betterment of patient health which has in turn propelled market demand.
Improvement in the Revenue Index of Healthcare Centers to Drive Demand
The number of annual patients hosted by healthcare centers and hospitals has been rising at a stellar rate in recent times. This has in turn generated huge-scale revenues for the healthcare industry. An increase in the revenue base of hospitals allows them to install seamless technologies. Hence, growing revenues have paved way for the growth of the global ventricular assist devices market in recent times. Moreover, improved research and development initiatives have led to the manufacture of high-end ventricular assist devices. This factor has also played a crucial role in the growth of the global ventricular assist devices market.
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The review is based on TMR’s report titled, “Ventricular Assist Device Market: (Product Type – Left Ventricular Assist Device (LVAD), Right Ventricular Assist Device (RVAD), Bi-Ventricular Assist Device (Bi-VAD), and Total Artificial Heart (TAH); Indication – Bridge To Transplant (BTT), Destination Therapy (DT), and Bridge To Recovery (BTR)) – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
Market Segmentation
By Product
- Left Ventricular Assist Device (LVAD)
- Right Ventricular Assist Device (RVAD)
- Bi-Ventricular Assist Device (Bi-VAD)
- Total Artificial Heart (TAH)
By Indication
- Bridge to Transplant (BTT)
- Destination Therapy (DT
- Bridge to Recovery (BTR)
By Geography
- U.S.
- Canada