Global Ventricular Assist Device Market Size, Shares, Growth, Segments, Industry Analysis & Outlook 2018-2024Market
Rising the incidence of cardiovascular diseases such as coronary artery disease, hypertension, and heart failure. Moreover, growing the occurrence of diabetes, genetic factors, lifestyle factors such as tobacco consumption, junk food, alcohol addiction, substance abuse, are likely to contribute towards cardiovascular disease population. On the other hand, the high cost associated with devices and its implementation and high risks involved with a VAD implantation procedure are likely to hamper the growth of the market. Furthermore, research and development carried on the innovation of the novel device are likely to bring more opportunities to the market. For instance, in 2017, Heartmate III has been approved by the FDA. It is smaller than its predecessor HeartMate II and uses a full maglev impeller instead of the cup-and-ball bearing system found in HeartMate II.
North America region to contribute to growth in the global Ventricular Assist Device market over the next 6 years
Among the regions, North America is expected to be the largest market for VAD. Rising occurrence of cardiovascular diseases developed healthcare infrastructure, high patient awareness levels and better compensation policies for implantation procedures is the key factors drive the growth in this region. According to the CDC, about 5.7 million adults in the U.S. have heart failure. The constant improvement in healthcare infrastructure in emerging countries such as India is likely to drive the growth of the Asia-Pacific region.
Mergers and Acquisitions to remain key expansion strategies of the leading players in the Ventricular Assist Device market between 2018-2024
Medtronic to Expand Heart Failure Portfolio with Acquisition of HeartWare International
In June 2016, Medtronic plc, the global leader in medical technology, and HeartWare International, Inc. a leading innovator of less invasive, miniaturized circulatory support technologies for the treatment of advanced heart failure, acquired HeartWare in a transaction valued at approximately $1.1 billion. Medtronic's acquisition of HeartWare would expand Medtronic's portfolio of diagnostic tools, therapies and services for patients suffering from heart failure, aligning with Medtronic's Mission of alleviating pain, restoring health and extending life, and is in line with the Company's strategy to surround the physician with innovative products while focusing on patients and disease states.
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