Driven by a spate of technological advancements in the domain of medical equipment, ventricular assist devices (VADs) market has come up to be one of the most lucrative verticals of the healthcare space. A VAD is essentially a medical device that is used to help with the heart functions & blood flow in patients with failing or weak hearts. Technological developments of late are making VADs less invasive, more risk-free and efficient, fueling a significant increase in their adoption rate, further advancing ventricular assist devices industry growth. These technological enhancements coupled with constantly improving implementation procedures have successfully reduced the associated health risks while also ensuring an increased survival rate in patients.
Ventricular Assist Devices Market size was valued over USD 1.0 billion in 2017 and is expected to witness more than 10.5% CAGR from 2018 to 2024.
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The global VADs market is also expected to accumulate significant proceeds on account of the growing obese and geriatric population worldwide, a demographic most likely to experience heart problems & heart diseases. According to the World Health Organisation (WHO), a survey in 2016 discovered that over 1.9 billion adults, above 18 years of age, were overweight with approximately 650 million of them being obese. Meanwhile, a report from the United Nations predicts the global geriatric population to more than double by 2050. These factors are quite overtly, compelling further innovations in the healthcare industry, expediting ventricular assist devices market trends.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Abbott Laboratories (St. Jude Medical, Inc.)
3. Berlin Heart
5. Calon Cardio-Technology Ltd
6. CardiacAssist, Inc.
7. Cardiobridge Gmbh
8. Cardiokinetix, Inc
U.S. VADs market | Impact of growing cardiovascular diseases on the regional industry growth
The United States ventricular assist devices market is touted to be largely driven by the growing number of cardiovascular disease CVD cases across the nation. According to a 2018 report by the American Heart Association, approximately 92.1 million adults across the U.S. are suffering from some form of CVD or the after-effects of a stroke. Around 2,300 Americans lose their lives to CVDs every day – an average one death every 38 seconds. The U.S. Centers for Disease Control & Prevention (CDC) lists high cholesterol, high blood pressure and smoking as the key risk factors leading to heart diseases, further specifying that approximately 47% of Americans are suffering from at least one of the three listed risk factors.
These conditions coupled with recent technological advancements across the nation as well as favorable reimbursement policies would be some of the major influencing parameters fueling the growth of the U.S. ventricular assist devices market. As a matter of fact, the U.S. ventricular assist devices industry size is projected to register a modest CAGR of 9.8% over 2018-2024.
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