Piezoelectric Ventricular Assist Device (PVAD) Market Size and Growth Rate:
According to the Research Report by Research Cosmos, The Global piezoelectric Ventricular Assist Device (PVAD) market Size was valued at USD 762.90 million in 2017 and is anticipated to Reach 2 Billion by 2024, growing at a CAGR of 3.9% witness positive growth over the projected period 2018-2024.
Piezoelectric Ventricular Assist Device (PVAD) Market Growth Drivers and Restraints:
Recent technological improvements in the design and functioning of ventricular assist devices making it more effective, risk-free and less invasive, which will lead to increased demand and adoption rate of the device. Advances in the devices and the implantation procedures have decreased the health risk and improved the survival rate in patients. This rapid technological improvement will be one of the main factors for increasing market growth in the near future.
The risks connected with the product and procedure will be one of the major market blocking factors. Patients with left ventricular assist devices have lots of health risks such as bleeding, disease, device pumping issues, and right-side heart failure. Such health risks will result in hindering the growth of ventricular assist devices market growth in the future.
Modern-day advancements in the device such as great survival rate, efficiency, and low risk will be one of the major circumstances responsible for the market growth. Improving heart failure rate and lack of heart donors across the globe has led to increasing in a number of people opting for ventricular assist devices, boosting the industry growth.
In 2016, the left ventricular assist devices segment is leading market due to circumstances such as rising number of patients suffering from cardiac complications like cardiomyopathy, blow and class III & class IV heart failure waiting for a heart transplant. Right ventricular assist devices are expected to register faster growth throughout the projection period 2017-2025 majorly due to the rise in a number of geriatric patients suffering from cardiopulmonary complications like congestive heart failure and pulmonary hypertension.
Piezoelectric Ventricular Assist Device (PVAD) Market – Regional Presence:
Increasing geriatric population in developing nations of Asia Pacific region will be a significant market pushing factor over the forecast timeframe. Cardiovascular disorders are one of the major causes of death in Asia Pacific nations and the growing geriatric population in the region will eventually improve the chances of people getting attacked by end-stage heart failure. Hence, a rise in the number of older populations will result in augmenting the interest and adoption of piezoelectric ventricular assist devices, feeding business growth.
Some of the Prominent Companies leading the Global Piezoelectric Ventricular Assist Device (PVAD) Market Profiled in the Report are:
- Piezo Systems Inc
- Mad City Labs Inc
- CeramTech GmbH
- Lutz Pickelmann GmbH
- Morgan Advanced Materials
- APC International, Ltd
This research report includes following segmentation for the Piezoelectric Ventricular Assist Device (PVAD) Market size and forecast until 2024:
Piezoelectric Ventricular Assist Device (PVAD) Market – By Product:
- The left ventricular assist device
- The right ventricular assist device
- Bi-ventricular assist device
Piezoelectric Ventricular Assist Device (PVAD) Market – By Region:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa