Rising prevalence of chronic diseases such as ventricle blockage and heart attacks are major factors driving the global ventricular assist devices market. Ventricular assist devices are pumping equipments which regulates the blood flow from heart to the body. These devices are generally used to enhance the functioning of ventricles. In addition, various technological advancements in ventricular assist equipments such as elongated durability, usage of none or fewer bearings or valves, rising awareness pertaining to heart disorders and longer life expectancy are anticipated to further fuel the global ventricular assist devices market over the forecast period.
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Left ventricular assist devices (LVAD) application segment held the largest market share as of 2014. Rapidly increasing cases of left ventricle disorders worldwide, is the key factor propelling the growth of left ventricular assist devices market. Right ventricular assist devices (RVAD) segment is anticipated to witness substantial growth owing to its usage to support right ventricle after LVAD surgeries. Increasing usage of ventricular assist devices is a direct consequence of their increasing applications in kidney and liver transplants. According to WHO, around 17 million people are suffering from cardiovascular diseases globally, in 2012. This cardiovascular patient base is further expected to increase, which is anticipated to boost the global ventricular assist devices market over coming seven years.
Geographically, North America dominated the entire ventricular assist devices market owing to rising incidences of heart ventricle disorders and presence of prominent player’s FDA’s approved products pertaining to VADs. For example, HeartMate II Left Ventricular Assist System of Thoratec Corporation. Europe held the second largest share in terms of revenue due to increasing geriatric population base. Asia Pacific is expected to witness lucrative growth over the forecast period. Huge untapped opportunities in the emerging countries such as India and China and increasing awareness among people about the treatment of heart diseases are expected to further fuel the growth of ventricular assist devices market over the forecast period.
The global ventricular assist devices market is oligopolistic in nature with few players dominating the whole market. Some major players operating in the market include Thoratec, Inc., World Heart Corporation, Terumo Inc, Berlin Heart GmbH and HeartWave International. Other prominent players in the market include Reliant Heart, SynCardia and Fierce Medical Devices.
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