Global Cardiac Assist Devices Market Share, Supply, Analysis and Forecast to 2025
New Study On “2019-2025 Cardiac Assist Devices Market Global Key Player, Demand, Growth, Opportunities and Analysis Forecast” Added to Wise Guy Reports Database
PUNE, MAHARASHTRA, INDIA, December 6, 2019 /EINPresswire.com/ -- Report Overview:
Cardiac Assist Devices (CADs) are hemodynamic support devices that improve the pumping efficiency and maintain optimum blood flow throughout the body. They are used to treat end stage heart failure.
The global cardiac assist devices market size was worth $ 977 million in 2018 and is forecasted to reach $ 2384 million by 2026, at a CAGR of 11.8% during the forecast period (2019-2026).
Market Dynamics: Drivers, Restraints, Opportunities Challenges:
The cardiac assist devices market growth is driven by increasing prevalence of heart failures and number of patients with cardiovascular diseases (CVDs) which drives the demand for cardiac assist devices as they helps mechanically pump blood in patients with heart failures or weakened heart.
According to the National Health and Nutrition Examination Survey (NHANES) data (2016), an estimated 6.2 million American adults ≥20 years of age (2.2%) had heart failure between 2013 and 2016 compared with an estimated 5.7 million between 2009 and 2012. More than 5.7 million Americans suffer from heart failure, and there are approximately 915,000 new patients diagnosed with the disease annually. For patients with advanced heart failure stage, ventricular assist devices support the weakened heart by pumping blood through the body.
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Rising government funding for product development along with ongoing research activities are also driving the growth of the cardiac assist devices market. For instance, in 2018, CorWave, a France based medical equipment company raised about USD 16.5 million to support CALYPSO Research and Development (R&D) program involved in the development of CorWave Neptune device, a new LVAD. Also, in 2016, Jarvik Heart received an approval for Investigational Device Exemption (IDE) clinical trial to test its miniature LVAD system in infants and children.
However, high cost of ventricular assist devices (VADs) for advanced heart failure coupled with expensive follow up care is restraining the growth of the cardiac assist devices market. On an average, the VADs costs around US$ 100,000 and the total procedure costs around US$ 700,000 over a six year period. The high cost of the device and procedures is too expensive for the low and middle income patient population, hence, declining the demand and growth of the market.
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KEY SEGMENTS:
Global Cardiac Assist Devices Market, By Type:
• Ventricular Assist Device
o Left Ventricular Assist Device (LVAD)
o Right Ventricular Assist Device (RVAD)
o Bi-Ventricular Assist Device (BIVAD).
• Total Artificial Heart
• Intra-Aortic Balloon Pump
• Other
Global Cardiac Assist Devices Market, By Application:
• Bridge-to-transplant (BTT) Therapy
• Destination Therapy
• Others (such as bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy).
Among these, the destination therapy is estimated to grow at the highest CAGR during the forecast period (2019-2026), owing to high success rate, structural innovations, and higher quality of life with ventricular assist devices for destination therapy. For instance, from 2006 to 2007, more than 42% of VAD patients were listed for transplant and only 14.5% for destination therapy. The trend was reversed later, as from 2011 to 2013, there were more than 41% implanted devices were for destination therapy and only 21% for the transplant.
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