Nigeria Ventricular Assist Device Market Growing at a CAGR of 7.4 % During 2018-2025
The Nigeria Ventricular Assist Device market was valued at USD XX million in 2018, and is projected to reach USD XX million by 2025, growing at a CAGR of 7.4% during 2018–2025.
The major driving factors of the market are:
- Increasing prevalence of patients with cardiac diseases
- Increase in heart failures is expected to boost the market growth
- Growing acceptance of technologically advanced ventricular assist device.
Ventricular Assist Device market in Nigeria is fuelled by factors such as high adoption of technically advanced cardiac devices. Rising prevalence of heart failures and number of patients with cardiac diseases drives the demand for Ventricular Assist Device (VAD). Rapid increase in incidence of heart diseases is expected to fuel the growth of this market.
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According to GMI Research, BTT (Bridge to transplant) is the most popular application segment in Nigerian market due to shortage of heart donors and increase in number of patients waiting for transplant. However, the BTR segment is expected to flourish in the forecast period due to rising cardiac health concerns.
GMI Research expects Implantable design segment to acquire maximum revenue share in the market during the forecast period due to cost effectiveness and lower rate of thrombosis. Transcutaneous design type is predicted to have the highest growth rate as it is based on the latest technology and offers various advantages over the existing design type like lowering of blood pressure etc.
Left Ventricular Device is gaining traction year on year due to introduction of innovative product launches and improving healthcare infrastructure in the region–GMI Research
Key takeaways/key essentials:
- In 2017, Bridge to transplant application segment held the major share in the VAD market.
- Transcutaneous design type is expected to have the highest growth rate in the forecast period
- Major player established their presence through elongated distribution channel
Various notable players operating in Nigeria Ventricular Assist Device Market include Grafil Medical Limited, Coscharis Medical, Bijo Surgical & Scientific Co. Ltd., Bolsboy International Limited, Oakmed Continental Nigeria Ltd., Abbott Healthcare, May & Baker Nigeria Plc, Biotec Laboratory Products Nigeria, Kenny Medicals and OrthoEx Nigeria Limited among others.
The Nigeria Ventricular Assist Device market has been segmented on the basis of Application, Type and Design Segmentation. Based on Application type, the market comprises of Bridge-to-transplant (BTT) Therapy, Destination Therapy and Bridge-to-recovery (BTR) Therapy. The Product type includes Left Ventricular, Right Ventricular and Biventricular Assist Device.
The research report “Nigeria Ventricular Assist Device Market” provides in-depth analysis of the Ventricular Assist Device market, Nigeria, based on application type, product type and design type for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report provides market size and forecast for Ventricular Assist Device Market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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