The Ventricular Assist Devices Segment Dominates the Global Cardiac Assist Devices Market
The cardiac assist devices market is expected to witness a CAGR of 11.7% to reach $2.98 billion by 2025
Bangalore, India, March 27, 2019: With its recently published study “Global Cardiac Assist Devices Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global cardiac assist devices market will continue to grow owing to high incidence of cardiac diseases across the globe, increasing aged population, and shortage of donors in the heart transplant cases across the globe. Increase in healthcare spending and demand for improved treatment in developing economies, increased approvals, funding, and robust pipeline products is expected to support market growth during the forecast period.
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The cardiac assist devices market by product type is segmented into intra-aortic balloon pump (IABP), ventricular assist devices (VAD), and total artificial heart (TAH). Among these, ventricular assist devices segment occupied a major share in 2018 and is expected to grow at high CAGR during the forecast period. The VAD segment based on the product type is further segmented into left ventricular assist devices (LVAD), right ventricular assist devices (RVAD), and biventricular assist devices (BIVAD). The left ventricular assist devices segment occupied the largest share in 2018 and is projected to grow at high CAGR during the forecast period. Reduced risk associated with devices, increased survival rate, and efficacy & upsurge in the number of end-stage heart failure patients marks LVAD as the most common among other ventricular assist devices.
The global cardiac assist devices market by region is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America occupied the major market share in 2018 followed by Europe. Asia Pacific is expected to grow at high CAGR during the forecast period. Upsurge in the incidence of CVD, presence of dominant vendors, favorable reimbursement policies, and accessibility of advanced technologies makes the region, a major growth engine in terms of market growth in 2018. Government initiatives in establishing advanced technologies, increasing prevalence of lifestyle related disorders, and rising healthcare expenditure makes Asia Pacific the fastest growing region during the forecast period.
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“The cardiac assist devices market is currently growing at a steady rate due to increased technological advancements that have led to prolonged survival rate, low risk, and high durability, which has resulted in increased acceptance of the devices. The key companies operating in the market are focusing on new approvals, funding, and development of new products. For instance, in April 2018, Abiomed announced the receival of CE Mark approval for Impella 5.5 heart pump in the European Union. Further, the increased demand for total artificial heart and increasing incidence of heart failure cases are expected to provide a better opportunity for the increase in the demand of cardiac assist products,” said Arpitha Shetty, Research Analyst, Infoholic Research.
Key insights of the report include:
- By Product:
- Intra-Aortic Balloon Pump (IABP)
- Ventricular Assist Devices (VAD)
- Left Ventricular Assist Devices (LVAD)
- Right Ventricular Assist Devices (RVAD)
- Biventricular Assist Devices (BIVAD)
- Total Artificial Heart (TAH)
- By Regions:
- North America
- Asia Pacific
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities