Ventricular support system is a mechanical device that circulates the blood from heart to the rest of the body. This is useful for patients with cardiac failure or a weak heart.
Ventricular Support Systems Market: Introduction
- Ventricular support system is a mechanical device that circulates the blood from heart to the rest of the body. This is useful for patients with cardiac failure or a weak heart.
- Heart failure is a global pandemic affecting approximately 26 million people worldwide and the prevalence is increasing. This is driving the ventricular assist devices (VADs) market.
- The device can be implanted in the left, right or both ventricles of the heart; however, often it is placed in the left ventricle known as the Left Ventricular Assist Device (LVAD)
- LVADs are implanted into the body through the open-heart surgery where its function is to receive blood from left ventricle and pumps it to the aorta, which is then circulated to all parts of body. The device works, along with the patient’s heart and this treatment option is for end-stage heart failure patients. From the past two decades, several hospitals and international research centers are using VADs for treating heart patients.
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Key Drivers & Restraints for Global Ventricular Support Systems Market
- Researchers have developed VADs. The function of VADs is to ease the workload of heart in patients with heart failure.
- Heart failure is common worldwide. Moreover, western lifestyle in developing countries is contributing towards incidences of heart failure. The occurrence of cardiovascular problems is expected to increase due to rapidly aging population and advancements in treatment procedures. This will further result in increased hospitalization rates as well as health care costs.
- According to a journal published by the National Center for Biotechnology Information (NCBI) in 2017, presently, 5.7 million people in the U.S. have heart conditions. It is expected that by 2030, more than 8 million people will be suffering from this condition, a 46% increase in prevalence.
- Requirement of high initial investment for design, set up, infrastructure then implementation of the process also the maintenance cost is high. These factors limits the entry of new player in market.
- Despite of growing prevalence of heart failure, there are few limitations, which is hindering the growth of the global ventricular support systems market, such as the high cost of the device. Moreover, risks associated with the procedure restrains the growth of the market.
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North America to Hold Major Share of Global Ventricular Support Systems Market
- North America is a leading contributor to the global market. Rise in elderly population, increase in cases of heart failure, favorable reimbursement policies, and eminent infrastructure are major factors propelling the growth of the ventricular support systems market in North America.
- The global ventricular support systems market is majorly led by the U.S., followed by Europe. In a study performed in Spain, there is a growing prevalence of heart diseases. For instance, in 2,000, 895 out of 100,000 were suffering from heart condition, which increased to 2,126 cases in 2007. The prevalence rate of major countries of Europe is around 2%, which comprises of Germany (1.8%) and Sweden (2.2%).
- Heart failure is prevalent in Asia, ranging between 1.3% and 6.7%. In China, Japan, and India, there are approximately 4.2 million, 1 million, and 3 million people suffering from heart failure, respectively. In Southeast Asian countries, over 9 million people have heart conditions. The prevalence is 6.7% in Malaysia and 4.5% in Singapore, which is on the higher side. Thus, countries of Asia Pacific and Latin America offer high potential for market growth. However, due to limitations of cost, new companies are struggling to be a part of the market.
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Key Players Operating in Global Market
- Medtronic plc
- Abbott Laboratories
- ReliantHeart Inc.
- Berlin Heart GmbH
- Jarvik Heart, Inc.
- ABIOMED, Inc.
- Calon Cardio-Technology Ltd.
- LivaNova PLC (Acquired Tandem Heart which manufactures VADs)
- Evaheart Medical USA, Inc. (Asahi Kasei Corp.)
- Fresenius Medical Care AG & Co. KGaA (XENIOS AG)
- Maquet GmbH (Getinge AB)
- Informa plc
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