Asia Pacific Left Ventricular Assist Device Market
Emerging countries such as India and China are expected to offer significant growth opportunities to the left ventricular assist device market players mainly due to the rising patient population, increasing R&D activities, growing CVD awareness, surging disposable incomes, improving healthcare infrastructure, and comparatively lenient policies compared to developed countries. These emerging markets have also seen a sustained increase in heart failure cases over the past decade. To capitalize on high growth opportunities prevailing in emerging markets, manufacturers are adopting strategic activities such as R&D for business expansion in these countries. According to the World Bank, health spending in China and India, increased by 5.35% and 3.01%, respectively, from 2018 to 2019. According to the India Brand Equity Foundation, the healthcare sector in India has flourished at a CAGR of 17%; it was worth US$ 280 billion in 2020, with hospitals accounting for ~71% of revenue. In China, the number of private hospitals has doubled to reach 16,900 during 2011–2017. Private hospitals account for ~57.2% of total hospitals in the country. Therefore, advancements in healthcare facilities in developing economies, along with a surge in the number of hospitals, are likely to drive the adoption of LVADs in emerging economies in the Asia Pacific left ventricular assist device market.
The Asia Pacific left ventricular assist device market is segmented into China, Japan, India, South Korea, Australia, South Korea, and the Rest of Asia Pacific. The market growth in this region is attributed to the rising geriatric population, increasing heart failure cases, surging cardiovascular disease prevalence, and inclusion of LVAD-associated costs in insurance coverage. Rapid socioeconomic progress and changes in China are affecting the lifestyle of populations, which in turn, increases the risk of cardiovascular diseases. According to an article published in BioMed Central (BMC), CVDs contribute to more than 40% of deaths in China. In addition, in 2019, ~120.33 million people suffered from CVDs in China. CVD further leads to heart failure; therefore, the increase in cases of CVDs fuels the demand for LVADs in China.
The Asia Pacific left ventricular assist device market is segmented into type of flow, design, application, and country.
Based on type of flow, the Asia Pacific left ventricular assist device market is segmented into non-pulsatile and pulsatile flow. The non-pulsatile segment registered the largest market share in 2022.
Based on design, the Asia Pacific left ventricular assist device market is bifurcated into implantable ventricular assist devices and transcutaneous ventricular assist devices. The implantable ventricular assist devices segment registered the largest market share in 2022.
Based on application, the Asia Pacific left ventricular assist device market is segmented into destination therapy, bridge to transplantation, bridge to candidacy, and bridge to recovery. The destination therapy segment registered the largest market share in 2022
The Asia Pacific left ventricular assist device market, based on country, is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the market in 2022.
ABIOMED Inc; Abbott Laboratories; Medtronic Plc; LivaNova Plc; Terumo Corp; BiVACOR Inc; Evaheart Inc; and BioVentrix Inc are the leading companies operating in the Asia Pacific left ventricular assist device market.
The Asia Pacific Left Ventricular Assist Device Market is valued at US$ 263.01 Million in 2022, it is projected to reach US$ 370.99 Million by 2028.
As per our report Asia Pacific Left Ventricular Assist Device Market, the market size is valued at US$ 263.01 Million in 2022, projecting it to reach US$ 370.99 Million by 2028. This translates to a CAGR of approximately 5.9% during the forecast period.
The Asia Pacific Left Ventricular Assist Device Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Left Ventricular Assist Device Market report:
The Asia Pacific Left Ventricular Assist Device Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Left Ventricular Assist Device Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Left Ventricular Assist Device Market value chain can benefit from the information contained in a comprehensive market report.
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