According to their latest report, Technavio analysts expect the global left ventricular assist device (LVAD) market for 2016-2020 to exceed USD 1,295 million by 2020, growing at a CAGR of over 13%.
According to Barath Palada, lead research analyst at Technavio for cardiovascular devices research, "The global LVADs market is likely to grow rapidly during the forecast period due to factors such as sedentary lifestyles, unhealthy food intake, alcohol consumption, smoking, stress, and obesity, as these factors can increase blood pressure, lipids, and blood glucose levels, and cause cardiovascular disease (CVDs), kidney disorders, and diabetes."
Technavio's lead healthcare and life sciences market research analysts have identified the following three factors that will drive the global left ventricular assist device market:
- Rise in incidence of CVDs
- Shortage of heart donors
- Focus on unmet needs for advanced heart failure
Rise in incidence of CVDs
There has been a rise in the incidence of CVDs on a global scale. Increased stress, unhealthy diets, increase in consumption of tobacco and alcohol, and sedentary lifestyles are leading to a rise in the prevalence of diabetes, hypertension, and increased lipid levels. This in turn is leading to a rise in the incidence of cardiac disorders, particularly in individuals aged 65 and above. In 2013, WHO estimated that, by 2050, about two billion people worldwide will be aged 60 and above.
It was also found that these diseases usually affect people living in the middle-and low-income countries. In 2012, WHO estimated that CVDs are the cause of more than 80% of deaths among men and women living in these countries, and this is likely to reach 23.3 million by 2030.
The widespread prevalence of CVDs is expected to increase the demand for cardiovascular information systems and LVADs.
Shortage of heart donors
CVDs can sometimes lead to severe heart failure. In such cases, it becomes mandatory for people to undergo heart transplantation. However, it is difficult to obtain heart transplants due to the shortage of heart donors. The number of people worldwide that require heart transplantations is rising with each passing year, but there has not been a corresponding rise in heart donors, which is leading to an increase in the average waiting time for heart transplantation.
The average waiting time for heart transplantation in the US is 9-11 months. However, in most cases, it goes up to two years. In 2013, the Health Resources and Services Administration estimated that about 18 people die every day in the US due to a shortage of donor hearts.
This has led to a demand for VADs. Also, VADs help the heart rest post their implantation. They are also implanted in people awaiting donor hearts and are indicated for long-term use in individuals with advanced congestive heart failure. LVADs are the most commonly used VADs, as they supplement the pumping of blood by the heart. This helps reduce the load on the heart, which enhances the potential for recovery. However, these devices are difficult to manufacture due to their complex architecture and compatibility issues with different cell types.
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 LVADs can cause infections and bleeding, affecting the quality of life. This can result in poor patient compliance and lead to low survival rates. In addition, these devices have been unsuccessful in significantly improving treatment options for advanced heart failure.
Vendors also need to develop devices that are durable and long-lasting. Thoratec and HeartWare International are focusing on developing mechanical circulatory assist devices to address these unmet needs. The developers of the recent third-generation LVADs are collaborating with cardiac surgeons and physicians to provide better treatment options for people with CVDs. Also, vendors are innovating continuously to address these issues and increase survival rates. The research and ongoing clinical trials of LVAD devices will have a substantial impact on the introduction of new LVAD devices with better safety and efficacy, which in turn is likely to enhance adoption rates.
Browse Related Reports:
- Digital X-RAY System Market in The US 2015-2019
- Global Cardiovascular Implants Market 2015-2019
- Global Ventricular Assist Devices (VAD) Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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