Changing lifestyle, rise in geriatric population, and technological advancements in the healthcare sector are some of the factors boosting Left ventricular assist device (LVAD) Market.
Market Size – USD 1.06 Billion in 2018, Market Growth - CAGR of 11.3%, Market Trends –Technological advancements in the healthcare sector.
The Global Left ventricular assist device (LVAD) Market is forecast to reach USD 2.32 Billion by 2026, according to a new report by Reports and Data.
Various factors drive the growth of the LVAD market. Change in lifestyle has been one of the essential elements that have resulted in boosting the growth of this sector. It is because of changing lifestyle, individuals are exposed to habits like smoking and alcohol consumption. It is because of association with these habits, individuals have become more prone to cardiovascular disease that has resulted in increased demand for LVAD. With changing lifestyle, dietary habits of individuals are also changing, which is leading to an increased rate of obesity. Obesity is one of the underlying reason for cardiovascular diseases. Across the globe, more than 3 billion individuals are affected by obesity. With such a rise in the rate of obesity, there has been an increase in the demand for cardiovascular care, which in turn has resulted in promoting the LVAD market.
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| Left Ventricular Assist Device (LVAD) Market |
In addition to that, developments in the healthcare sector have resulted in a rise in the geriatric population. This section of the population is highly prone to cardiovascular diseases, which has resulted in an increased demand for cardiovascular care. Such a rise in demand for cardiovascular care has a positive impact on the market growth of the industry. Apart from that, cardiovascular diseases require continuous support, and, an increase of such conditions have increased the burden on care providing organizations. To cope up with such an increased burden and to ensure a quality life for care users, LVAD has become an indispensable part of cardiac care. Each year, 18 million deaths occur across the globe due to cardiovascular diseases. Such high death rate associated with cardiovascular diseases have promoted increased investment in the healthcare sector to minimize the number of deaths related to the condition which also has a positive impact on the growth rate of the market.
In regards to region, North America can be seen to dominate the market that is primarily due to the high occurence rate of cardiovascular diseases, rise in geriatric population and rise in investments in the healthcare sector in this region.
Further key findings from the report suggest
- The Left ventricular assist device (LVAD) market held a market share of USD 1.06 Billion in the year 2018 and is forecasted to witness a CAGR of 11.3% during the forecast period.
- Changing lifestyle, rise in geriatric population, and increased investment in the healthcare sector are some of the factors that have resulted in boosting the growth of the market.
- In context to type, Implantable LVAD can be seen to occupy the largest market share. In the year 2018, it generated a higher revenue of USD 0.64 Billion with a growth rate of 11.7% during the forecast period. The fact that cardiovascular conditions require continuous support and Implantable LVAD is useful in providing long term solutions have contributed to its market revenue.
- Geriatric population is highly susceptible to cardiovascular diseases. In regards to Age group, 60-79 years segment can be seen to occupy the largest market share that generated USD 0.50 Billion in 2018 with a growth rate of 11.6% during the forecast period.
- In context to Pump type, the highest revenue can be seen to be generated by Continuous Centrifugal Pumps segment that yielded USD 0.95 Billion in the year 2018 with the highest growth rate of 11.9%. The fact that this type of pump is associated with features like long durability, simple placement process through surgery and minimal risk of thrombosis as compared to other types of pump have resulted in this segment to generate the highest revenue.
- In the application segment, Bridge-to-Recovery (BTR) Therapy can be seen to occupy the largest market share that generated the highest revenue of USD 0.35 Billion in 2018 with a CAGR of 12.1% during the forecast period. The rise in the occurrence rate of traumatic cardiac failure and the associated need for continuous cardiac support has resulted in this segment to dominate the market.
- In the end-user segment, hospitals yielded the highest revenue of USD 0.64 Billion in 2018 with a CAGR of 11.5% during the forecast period. The requirement of providing care services to various health conditions that require cardiac support have resulted in this segment to dominate the market.
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- North America holds the largest market share that generated the highest revenue of USD 35 Billion in 2018, with a CAGR of 11.7% during the forecast period. Factors like high occurrence rate of cardiovascular disease, availability of advanced technology, and rise in the geriatric population have contributed to the market share of this region.
- Key participants Sunshine Heart, CorWave, Apaxis Inc., Sun Medical Technology Research, Evaheart, Abiomed, HeartWare International, Jarvik Heart, HeartWare International, Reliantheart, Transonic, Thoratec, Terumo.
For the purpose of this report, according to Type, Age group, Pump type, Application, End-user, and Region:
Type Outlook (Revenue, USD Billion; 2016-2026)
- Transcutaneous LVAD
- Implantable LVAD
Age group Type Outlook (Revenue, USD Billion; 2016-2026)
- 20-39 years
- 40-59 years
- 60-79 years
Pump type Outlook (Revenue, USD Billion; 2016-2026)
- Pulsatile volume-displacement pumps
- First-Generation Devices
- Axial flow pumps
- Second-Generation Devices
- Continuous flow centrifugal pumps
- Third-Generation Devices
Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Bridge-to-Recovery (BTR) Therapy
- Bridge-to-Transplant (BTT) Therapy
- Destination Therapy
- Bridge-to-Candidacy (BTC) Therapy
End-user Outlook (Revenue, USD Billion; 2016-2026)
- Cardiology Centers
- Hospitals
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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Reasons for Buying Left Ventricular Assist Device (LVAD) Market Report:
A. The report performs an analysis of the dynamic competitive landscape that can help the reader/client move ahead in the global sector.
B. It also presents an in-depth view of the different factors driving or restraining the growth of the global market.
C. The Global Left Ventricular Assist Device (LVAD) Market report provides an eight-year forecast derived on the basis of the potential growth of the market.
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