Ventricular assist devices: Key market research findings
- The Americas dominate the market
- BTT and BTD therapies account for a majority of the market’s revenue
- Key vendors – ABIOMED, Berlin Heart, HeartWare, and St. Jude Medical
Technavio’s market research analysts predict the global ventricular assist devices market to grow at a CAGR of more than 13% between 2016 and 2020. The market’s growth is augmented by the shortage of heart donors and high cost of heart transplantation. The number of people who require heart transplants is rising annually across the globe, however only some donors are available. This leads to a rise in the average waiting time for heart transplantation. In addition, the procedures of heart transplantation are quite expensive, making them unaffordable for many people. Many people are using VADs due to their cost-effectiveness and easy availability. In 2015, the global ventricular assist devices market was dominated by the Americas with a market share of around 67%. Increased sales of VADs in the US and Canada will contribute to the growth of the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the ventricular assist device segments based on the application.
“Advances in medical technology have led to the development of new devices with innovative features that help improve clinical outcome. This has resulted in the transition of first-generation LVADs to third-generation LVADs with different technology platforms. Vendors are extensively investing in the R&D of a wide range of products, successfully strengthening their device portfolio,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the BTT and BTD therapy segment dominated the global market by accounting for more than 50% of the overall market rate. BTT therapy involves the implantation of VADs for heart management in people with severe heart failure who are awaiting heart transplantation. These devices allow the heart and other body organs to rest, heal, and grow stronger before the stress of a transplant surgery. BTD therapy, on the other hand, involves the implantation of VADs in people when the physician is unsure if the individual is an ideal candidate for heart transplantation.
The key vendors in the global ventricular assist devices market include ABIOMED, Berlin Heart, HeartWare, and St. Jude Medical. The market is highly consolidated, with major vendors acquiring other large or small players, which is leading to intense competition. For instance, St. Jude Medical completed the acquisition of Thoratec in September 2015. The acquisition helped St. Jude Medical increase its product portfolio of VADs. The CE mark approval of HeartMate 3 in Europe and India after the acquisition helped St. Jude Medical strengthen its market position. Similarly, HeartWare International entered into a definitive agreement to acquire Valtech Cardio in September 2015, which will the company increase its market share in EMEA.
A more detailed analysis is available in the Technavio report, Global Ventricular Assist Devices Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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