Technavio Announces the Publication of its Research Report Global Ventricular Assist Devices (VADs) Market 2016-2020
Technavio recognizes the following companies as the key players in the global ventricular assist devices (VADs) market: ABIOMED, Berlin Heart, HeartWare, and St. Jude Medical.
Other Prominent Vendors in the market are: CardiacAssist Technologies, CORWAVE, EVAHEART, Jarvik Heart, Leviticus Cardio, ReliantHeart, Sunshine Heart, and Ventracor.
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Commenting on the report, an analyst from Technavios team said: Focusing on evidence-based research will be a key trend for market growth. Vendors are collaborating with researchers, academics, and research institutes to obtain sufficient clinical evidence data for the approval and commercialization of their products. Vendors also initiate clinical trials and research activities of their pipeline products to obtain their efficacy and safety profile. For instance, Thoratec is enrolling people for the HeartMate III US clinical trial. In December 2014, the company enrolled 50 individuals under the HeartMate III CE Mark trial at 10 sites across Europe, Canada, and Australia. In August 2014, the company enrolled 50 individuals for its HeartMate PHP CE Mark trial at sites in Europe and South America.
According to the report, one of the major key drivers for market growth will be to focus on unmet needs for advanced heart failure. The unmet medical needs of the market present significant opportunities for new and emerging vendors to launch new products and expand their businesses. Many available VADs can cause infections and bleeding, affecting the quality of life. This results in poor patient compliance and leads to low survival rates. In addition, these devices have been unsuccessful in significantly improving the treatment options for advanced heart failure. Vendors also need to develop devices that have prolonged duration of action.
Further, the report states that product recalls will be a major challenge for the market. Cardiac diseases are the leading cause of death worldwide. Various companies are developing medical devices that help treat these diseases. While developing, companies should emphasize on patient safety to avoid adverse effects. However, many clinical studies have failed to ascertain the complete safety and efficacy of various VADs. These high-risk medical devices can cause adverse events, which has and may lead to their recall from the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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VADs are of three types LVADs, BiVADs, and RVADs that are used to treat heart failure. VADs help the weakened heart to pump blood for circulation to other body organs. Surgeons implant these mechanical devices as a treatment option for severe heart conditions such as acute or chronic cardiac functional deterioration and heart failure.
Technavios analysts forecast the global ventricular assist devices (VADs) market to grow at a CAGR of 12.04% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global ventricular assist devices (VADs) market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of different VADs. They are left ventricular assist devices, biventricular assist devices, and right ventricular assist devices.
The market is divided into the following segments based on geography:
Technavio’s report, Global Ventricular Assist Devices (VADs) Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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