The global ventricular assist devices market was valued at $809 million in 2016, and is estimated to reach $1,773 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023.
Ventricular assist devices are mechanical pumps used to support cardiac circulation in patients who have weakened hearts. The major factors that drive the growth of the global ventricular assist devices market include increase in incidence of patients with heart failure and shortage of heart donors. Furthermore, the advent of technically advanced VAD (DuraHeart, HeartMate III) propels the market growth. However, certain limitations of these devices such as high cost and serious risks involved with a VAD implantation procedure such as blood clots and bleeding restrict the market growth.
Increase in Incidence of Patients with Heart Failure
In accordance with the estimates of the American Heart Association, approximately 5.5 million individuals are affected by heart failure in the U.S. In addition, in the U.S., approximately 670,000 new cases of heart failure are diagnosed each year. Moreover, it is estimated that in the U.S., approximately 5.7 million patients of age 20 are affected with heart failure, while 30% of patients are below the age of 60.
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Technological Development in VADs
Earlier the devices used had certain shortcomings, which include high risk of infection, thrombus formation, and blood trauma. Therefore, to address such complications, modifications in VADs were done so as to improve efficiency and durability. For instance, the second generation device HeartMate II displayed increased functional capacity and performance. In addition, further advanced devices were developed also known as third-generation devices for example DuraHeart, HeartMate III which incorporated features such as smaller size, lower rotational speeds, higher efficiency, and further enhanced anatomic design. Thus, with the development of more effective VAD, the market is expected to witness growth in future.
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