LVAD market: Key market research findings
- Dearth of heart donors drives market growth
- Destination therapy accounts for majority share of market’s revenue
- Key vendors – Abiomed, HeartWare, and St. Jude Medical
Technavio’s market research analysts predict the global LVAD market to grow at a CAGR of around 13% between 2016 and 2020. The demand for left ventricular assist device (LVADs) is the market is spurred by the shortage in the number of heart donors across the globe. LVADs are implanted in people awaiting donor hearts and are indicated for long-term use in individuals with advanced congestive heart failure. During 2015, the Americas dominated the global LVAD market by accounting more than 68% of the overall market space. The growing incidences of heart failures, favorable reimbursement policies, and regulatory approvals are some of the factors that will drive growth in the market during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the LVAD segments based on the application.
“Recently, there has been an increase in the emphasis on evidence-based research activities in the market. Vendors are working together with researchers, academics, and research institutes to obtain clinical evidence and data for the approval and commercialization of their products. They are also focusing on the initiation of clinical trials and research activities of pipeline products to analyze their efficacy and safety profiles,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The destination therapy segment accounted for almost 47% of the overall market space to become the dominant shareholder in the global LVAD market in 2015. This therapy involves implantation of LVADs in patients with irreversible heart failure and is a viable alternative for the individuals with heart failure who are ineligible for transplantation. This therapy exhibits improved outcomes and lesser post-surgical complications in patients, which will lead to its augmented adoption in the coming years.
The key vendors in the global LVAD market include Abiomed, HeartWare, and St. Jude Medical. As the global LVAD market presents tremendous opportunities for growth, many vendors are adopting numerous strategies to remain competitive. Vendors are focusing on promising product pipelines and strategic alliances with other vendors to expand their geographical presence and improve technology.
A more detailed analysis is available in the Technavio report, Global LVAD Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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