The global ventricular assist devices market is segmented on the basis of product type, application, age, design and region. The product type is further segmented into right ventricular assist device (RVAD), left ventricular assist device (LVAD), biventricular assist device (BIVAD), percutaneous ventricular assist device (PVAD) & total artificial heart, out of which, the left ventricular assist device is expected to lead the product type segment on account of enhancement in the number of people suffering from end stage heart failure. On the basis of application, the market is sub-segmented into destination therapy, bridge-to-transplant therapy, bridge-to-candidacy therapy & bridge-to-recovery therapy. Based on age, the market is divided into the age group of – below 18, 19-39, 40-59, 60-79 & above 80. The market is segmented by design into implantable ventricular assist device & transcutaneous ventricular assist device. The ventricular assist devices industries across the globe are focusing on effectively increasing the life expectancy of the patients suffering from cardiovascular diseases which is anticipated to be the major reason behind the growth of the market in upcoming years.
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The global ventricular assist devices market is anticipated to expand at a CAGR of around 11% during the forecast period i.e. 2019-2027. Increasing cases of heart failure coupled with rising incidence of people suffering from cardiovascular diseases are the major reasons that are anticipated to drive the growth of the market. Additionally, rising technological advancements pertaining to ventricular assist devices and rise in the geriatric population are some of the factors which are expected to support the growth of the market over the forecast period.
Geographically, the global ventricular assist devices market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa, out of which, North America is anticipated to have the largest market share on account of rising incidence of cardiovascular diseases, increasing technological advancements and growing popularity pertaining to ventricular assist devices across the region. Europe is anticipated to be a lucrative region for the market on account of rising geriatric population coupled with increasing prevalence of heart failure around the Europe region. Further, the Asia Pacific region is anticipated to showcase a high market growth in the global ventricular assist devices market on the back of growing mortality rate due to increased prevalence of cardiovascular diseases in the region.
Increasing Incidence of Cardiovascular Diseases to Boost Market Growth
The rising incidence of cardiovascular diseases such as stroke and myocardial infraction among others are expected to boost the growth of the market. On the other hand, growing rate of the geriatric population having a higher susceptibility to cardiovascular diseases is anticipated to boost the market revenue over the forecast period.
However, expensive price tag associated with the ventricular assist devices is anticipated to deter the growth of the market over the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global ventricular assist devices market which includes company profiling of key companies such as Berlin Heart GmbH, Medtronic PLC, ReliantHeart, Inc., CardiacAssist Inc., Abiomed, Inc., BiVACOR, Calon Cardio-Technology Ltd., LivaNova PL, Abbott Laboratories and other prominent players.The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ventricular assist devices market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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