An extensive study of the product application and services conducted by subject matter experts assessing the Left Ventricular Assist Device (LVAD) market will help product owners to make a wise decision.
New York, United States – June 2, 2020 /MarketersMedia/ —
Various factors drive the growth of the LVAD market. Change in lifestyle has been one of the essential elements that have resulted in boosting the growth of this sector. It is because of changing lifestyle, individuals are exposed to habits like smoking and alcohol consumption. It is because of association with these habits, individuals have become more prone to cardiovascular disease that has resulted in increased demand for LVAD. With changing lifestyle, dietary habits of individuals are also changing, which is leading to an increased rate of obesity. Obesity is one of the underlying reason for cardiovascular diseases. Across the globe, more than 3 billion individuals are affected by obesity.
This report covers the recent COVID-19 incidence and its impact on Left Ventricular Assist Device (LVAD) market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Key participants Sunshine Heart, CorWave, Apaxis Inc., Sun Medical Technology Research, Evaheart, Abiomed, HeartWare International, Jarvik Heart, HeartWare International, Reliantheart, Transonic, Thoratec, Terumo.
In addition to that, developments in the healthcare sector have resulted in a rise in the geriatric population. This section of the population is highly prone to cardiovascular diseases, which has resulted in an increased demand for cardiovascular care. Such a rise in demand for cardiovascular care has a positive impact on the market growth of the industry. Apart from that, cardiovascular diseases require continuous support, and, an increase of such conditions have increased the burden on care providing organizations. To cope up with such an increased burden and to ensure a quality life for care users, LVAD has become an indispensable part of cardiac care.
For the purpose of this report, according to Type, Age group, Pump type, Application, End-user, and Region:
Type Outlook (Revenue, USD Billion; 2016-2026)
• Transcutaneous LVAD
• Implantable LVAD
Age group Type Outlook (Revenue, USD Billion; 2016-2026)
• 20-39 years
• 40-59 years
• 60-79 years
Pump type Outlook (Revenue, USD Billion; 2016-2026)
• Pulsatile volume-displacement pumps
• First-Generation Devices
• Axial flow pumps
• Second-Generation Devices
• Continuous flow centrifugal pumps
• Third-Generation Devices
Application Type Outlook (Revenue, USD Billion; 2016-2026)
• Bridge-to-Recovery (BTR) Therapy
• Bridge-to-Transplant (BTT) Therapy
• Destination Therapy
• Bridge-to-Candidacy (BTC) Therapy
End-user Outlook (Revenue, USD Billion; 2016-2026)
• Cardiology Centers
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Regional Outlook (Revenue, USD Billion; 2016-2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• The Left ventricular assist device (LVAD) market held a market share of USD 1.06 Billion in the year 2018 and is forecasted to witness a CAGR of 11.3% during the forecast period.
• Changing lifestyle, rise in geriatric population, and increased investment in the healthcare sector are some of the factors that have resulted in boosting the growth of the market.
• In context to type, Implantable LVAD can be seen to occupy the largest market share. In the year 2018, it generated a higher revenue of USD 0.64 Billion with a growth rate of 11.7% during the forecast period. The fact that cardiovascular conditions require continuous support and Implantable LVAD is useful in providing long term solutions have contributed to its market revenue.
• In context to Pump type, the highest revenue can be seen to be generated by Continuous Centrifugal Pumps segment that yielded USD 0.95 Billion in the year 2018 with the highest growth rate of 11.9%.
• In the application segment, Bridge-to-Recovery (BTR) Therapy can be seen to occupy the largest market share that generated the highest revenue of USD 0.35 Billion in 2018 with a CAGR of 12.1% during the forecast period. The rise in the occurrence rate of traumatic cardiac failure and the associated need for continuous cardiac support has resulted in this segment to dominate the market.
• In the end-user segment, hospitals yielded the highest revenue of USD 0.64 Billion in 2018 with a CAGR of 11.5% during the forecast period. The requirement of providing care services to various health conditions that require cardiac support have resulted in this segment to dominate the market.
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In the end, the report covers segment data, including industry segment, type segment, channel segment, etc., as well as the segments’ market size, both in terms of volume and value. In addition, the report mentions client data from different industries, which is vital to manufacturers. The report has been collated with in-depth secondary research, comprehending the market access aspects across various geographies.
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