The global ventricular assist device market size is expected to reach USD 4.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 11.7% over the forecast period. Increase in prevalence of cardiovascular diseases such as congenital heart diseases, heart failure, hypertension, ventricular septal defect, and stroke due to rise in adoption of unhealthy lifestyle habits such as physical inactivity, smoking, and alcohol consumption drives the demand for ventricular assist devices (VADs). Increase in global geriatric population, along with their susceptibility to cardiovascular diseases, is a major factor driving the market growth. According to estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to witness a twofold increase by 2050 with an estimated population of over 2,000 million. Geriatric population has a high risk of various cardiovascular diseases and a majority of them are expected to suffer from heart failure or stroke.
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Moreover, the use of VADs as a bridge to transplant is gaining immense popularity due to improvements in device technology and reduction of VAD-associated complications. For instance, the United Kingdom National Health Service (UK NHS) financed a bridge-to-transplant (BTT) program in which left ventricular assist devices (LVADs) such as HeartMate II and HeartWare are used for treating patients.
According to data published by the CDC in 2015, nearly 1.0% newborns have congenital heart defect (CHD) in U.S. and of those 25.0% of the infants have critical CHD. Furthermore, it is estimated that approximately 1,755 infants with critical CHDs remain undiagnosed. The demand for VADs is primarily driven by the increasing prevalence of CHD, especially cyanotic CHD in adult population. The increasing patient pool for cardiovascular disorders, coupled with growing demand for mechanical assist devices, is expected to drive the demand for VADs over the forecast period. However, high costs of these products, limited insurance coverage, and strict regulatory framework for their approval are some of the barriers limiting market growth.
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Grand View Research has segmented the global ventricular assist device market on the basis of product, type of flow, design, application, and region:
Ventricular Assist Devices Product Outlook (Revenue, USD Million, 2016 – 2027)
Ventricular Assist Devices Type of Flow Outlook (Revenue, USD Million, 2016 – 2027)
Ventricular Assist Devices Design Outlook (Revenue, USD Million, 2016 – 2027)
Ventricular Assist Devices Application Outlook (Revenue, USD Million, 2016 – 2027)
Ventricular Assist Devices Regional Outlook (Revenue, USD Million, 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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