LVAD market Size to Grow by $ 962.42 Million through 2021-2025 | Forecast and Trend Analysis
Technavio has been monitoring the LVAD market and it is expected to grow by $ 962.42 million, accelerating at a CAGR of almost 12.23% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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LVAD market: Emerging Trends to Impact Market Growth
Favorable reimbursement policies are a key driver influencing the growth of the LVAD market. Health insurance companies have started offering specialized health insurance policies such as critical illness insurance, insurance for senior citizens, and pre-existing illness plans to lure customers. These specialized health insurance plans enable individuals in the US to undergo expensive medical procedures. Similarly in countries such as the Philippines, China, and India, private health insurance companies offer convenient reimbursement policies. New reimbursement systems in emerging markets will encourage people to undergo expensive medical procedures, such as open-heart surgery, which is expected to contribute to the growth of the LVAD market in the region during the forecast period.
Destination therapy which involves the use of an LVAD or mechanical circulatory support to keep the existing heart going, not just until a heart transplant can be done but for the rest of the patient's life. It is, therefore, a course of treatment for patients with severe heart failure in whom a heart transplant is nearly impossible. Destination therapy provides the possibility of extending the lives of such patients and improving their quality of life.
This report provides a detailed analysis of all the trends that are likely to influence the growth of individual segments within the market as well as the overall market in focus. This analysis will enable clients to assess their play in the market and plan for growth opportunities.
LVAD market: Vendor Analysis
The market is concentrated due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, Abiomed Inc., Berlin Heart GmbH, CorWave SA, Jarvik Heart Inc., LivaNova Plc, Medtronic Plc, Sun Medical Technology Research Institute Co. Ltd., Terumo Corp., and Transonic Systems Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.
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