The global ventricular assist devices and artificial heart systems market was estimated at $2.20 billion in 2018 and is estimated to reach $2.70 billion by 2023. The global ventricular assist devices and artificial heart systems market is expected to witness a robust growth rate between 2019 and 2023 aided by the technological advancements and increased product launches.
Cardiovascular diseases are a class of diseases leading to complications associated with blood vessels or the heart functioning. Coronary heart disease, cerebrovascular disease, peripheral arterial disease, rheumatic heart disease, congenital heart disease, and deep vein thrombosis are some of the common CVDs. According to the World Health Organization (WHO), heart attack and stroke have resulted in increasing mortality rate worldwide. End-stage heart failure cases have contributed to the high demand for the mechanical circulatory support devices worldwide.
The increasing mortality rate triggered the use of mechanical circulatory support devices such as ventricular assist devices and artificial heart systems in the market. These mechanical circulatory support devices are used to provide support to the end-stage heart failure patients. The market is segmented based on the product type and distribution channel for the implantation of these circulatory support devices. Collaborations, partnerships, agreements, and acquisitions are some of the common strategies adopted by these companies in order to sustain the competition in the global ventricular assist devices and artificial heart systems market.
Furthermore, manufacturers such as Medtronic PLC, Abbott Laboratories, ABIOMED, LivaNova PLC, among others are engaged in the development of miniaturized products. Product development and product approvals are expected to help new entrants during the forecast period, propelling the growth of this market. Moreover, technological advancements and increased R&D expenditure are some of the crucial drivers expected to advance market growth during the forecast period between 2019 and 2028.
According to Nidhi Srivastava, North America is currently the leading contributor in the global ventricular assist devices and artificial heart systems market. The North America ventricular assist devices and artificial heart systems market was valued at $1.42 billion in 2018. Factors such as increasing incidence of heart failure cases, rise in aging population, pediatric heart failure cases, changing reimbursement policies, and established healthcare infrastructure are driving the growth of the ventricular assist devices and artificial heart systems market in North America.
- Developed markets such as Germany and the U.S. have a higher percentage share in the global ventricular assist devices and artificial heart systems market. The government policies in the developed nations have helped in patient support for the implantation of mechanical circulatory support systems.
- Based on product type, ventricular assist devices possessed the highest market share in the global ventricular assist devices and artificial heart systems market in 2018. However, artificial heart systems are expected to witness the highest growth rate of 6.44% during the forecast period between 2019 and 2023.
- The market has witnessed about 21 key developments and strategies in the global ventricular assist devices and artificial heart systems, as of 2018. In mid-2020, CARMAT is expected to receive its CE mark approval for the fully-implantable and automated artificial heart systems.
- Based on the distribution channel, hospitals accounted for the highest market of approximately 90.0% in 2018, whereas cardiology clinics channel is expected to witness a much higher growth rate of 4.19% as of 2018.
Prominent quotations from leading industry sources:
"Medtronic aims to advance the field of mechanical circulatory support and, consequently, the overall management of heart failure patients who can benefit from the therapy, - Medtronic PLC
"The final outcomes are seen in MOMENTUM 3 herald a new era in LVAD therapy for our patients, characterized by longer overall survival while avoiding complications of a stroke, bleeding and the need for surgically replacing malfunctioning pumps,"- Abbott Laboratories
This market intelligence report provides a multidimensional view of the global ventricular assist devices and artificial heart systems market in terms of market size and growth potential. This research report aims at answering various aspects of the global ventricular assist devices and artificial heart systems market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product approvals, funding, regulatory, partnerships, collaborations, product development as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, and manufacturers and trend analysis by segments and demand analysis by various regions.
This report is a meticulous compilation of research on about 10 major players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of 10 leading companies, market participants, and vendors. The report also profiles 10 companies including several key players, including Abbott Laboratories, Medtronic PLC, LivaNova PLC, Abiomed, SynCardia Systems, LLC, Jarvik Heart Inc., Berlin Heart, BiVACOR, and CARMAT.
- Growing Geriatric Population
- Rising Incidence of Lifestyle Diseases
- Increasing Need of Organ Transplantation and Deadly Shortage of Available Donors
- Persistent Support from Government and Non-Governmental Organizations
- Technological Advancements and Increased R&D Expenditure
- Risks of Device Malfunction and Other Related Concerns
- Immune Barrier to Artificial Organ
- Stringent Regulation and Poor Reimbursement Coverage
- Exorbitant Cost of Product
- Application of Advanced Biomaterials in Artificial Organs
- Organ-on-chips Technology
- Abbott Laboratories
- Berlin Heart
- Jarvik Heart Inc.
- Sun Medical Technology Research Institute, Inc.
- LivaNova PLC
- Medtronic PLC
- SynCardia Systems, LLC
Buy This Premium Report, Please Email Us at: email@example.com Or Contact +91-9975400624