Ventricular Assist Devices Market Expected to Reach $2,880.66 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Ventricular Assist Devices Market," The ventricular assist devices market size was valued at $1,338.53 million in 2021, and is projected to reach $2,880.66 million by 2031, growing at a CAGR of 7.9% from 2022 to 2031. Ventricular assist devices market analysis provided from 2021 to 2031 to identify the prevailing market opportunities.

Major factors that drive the growth of ventricular assist devices include the increase in prevalence of heart failure, technological advancements in the field of medical devices, and surge in patient awareness about ventricular assist devices.

In addition, presence of key market players which focuses on development and manufacturing of wide range of ventricular assist devices is also boosting the market all around the globe. These key players are offering a wide range of products with different specifications and abilities that helps in efficient treatment of heart failure. Abiomed Inc., Berlin Heart GmbH, Abbott Laboratories, and Syncardia Systems LLC are few of the major key players offering ventricular assisted devices. In addition, major players have adopted some key strategies, which help in expanding the company’s existing product portfolio and also contribute to expansion of the business.

For instance, in January 2022, Abiomed received regulatory approvals in three countries for Impella surgical products. The U.S. Food and Drug Administration's (FDA) has granted Early Feasibility Study (EFS) and Investigational Device Exemption (IDE) approval to the Impella BTR (Bridge-to-Recovery) and on the other hand, in Asia, Impella 5.5 with SmartAssist has received approval from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) and Hong Kong’s Medical Device Division (MDD). Thus, more such product approvals and launches by companies are anticipated to augment the market growth during the forecast period.

On the basis of product, the ventricular assist devices industry is classified into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). The left ventricular assist devices (LVADs) segment dominated the ventricular assist devices market in the year 2021. This increase in adoption of Left Ventricular Assist Devices (LVADs) is mainly attributed as it is used more commonly than Right Ventricular Assist Devices (RVADs) for several reasons such as the left ventricle is the main pumping chamber of the heart and providing support to the left ventricle can have a significant impact on overall heart function. Furthermore, heart failure is typically caused by dysfunction in the left ventricle, so LVAD can address the root cause of the condition. LVADs have been available and in use for longer than RVADs, due to their safety and efficacy.

On the basis of application, the ventricular assist devices industry is categorized bridge-to-transplant (BTT), destination therapy, bridge-to-recovery (BTR), and bridge to candidacy therapy. The bridge-to-transplant (BTT) segment exhibited the highest growth in 2021, owing to the rise in awareness among people regarding bridge-to-transplant therapy, which has significantly increased the success rate of transplant surgeries. On the other hand, destination therapy segment is anticipated to grow at a high rate during the forecast period as VADs have become a prominent solution for people with heart failure and for those who are ineligible for heart transplantation.

On the basis of design, the market is segmented into transcutaneous ventricular assist devices and implantable ventricular assist devices. The implantable ventricular assist devices segment held the largest share of revenue in 2021 and is anticipated to grow at a fastest CAGR rate during the forecast period. This growth is attributed to the technological advancements in the field of VADs and rise in research activities to develop efficient and high quality implantable ventricular assist devices.

On the basis of age, the market is bifurcated into adults and pediatric. The adults segment was the largest segment in terms of revenue in 2021, owing to the rise in heart failure in adults due to lifestyle changes such as smoking. On the other hand, pediatrics segment is anticipated to grow at a fastest rate during the forecast period, owing to technological advancements in the field of VADs and development of pediatric VADs that are highly efficient in treating heart failure in pediatric patients.

Region wise, North America obtained the highest market share in 2021, whereas Asia-Pacific is expected to witness highest growth during the forecast period. In North America, rise in prevalence of heart failure, high adoption of technologically advanced ventricular assist devices, developed healthcare infrastructure, and increase in patient awareness about the availability of treatment options for heart failure are boosting the ventricular assist devices market share. In Asia-Pacific, growth is supplemented by surge in demand for sophisticated ventricular assist devices, large number of healthcare reforms, high prevalence of cardiac disorders, and increase in focus of key players to develop technologically advanced & cost-effective devices.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “The growth of the ventricular assist devices market size is attributed to the increase in the prevalence of heart failure in population all around the globe. The new product launches and product approvals in VADs by the public and private players will provide a lucrative opportunity for the market. Also, the increase in strategic initiatives such as mergers, collaborations, and acquisitions, by leading players is expected to provide favorable environment for the growth of the ventricular assist devices market trends".

Key Findings of The Study

• By product, the left ventricular assist devices (LVADs) segment was the highest contributor to the market in 2021 and is anticipated to grow at a fastest rate during the ventricular assist devices market forecast period.
• By application, the bridge-to-transplant (BTT) segment dominated the market in 2021 in terms of revenue and destination therapy segment is anticipated to grow at a fastest rate during the forecast period.
• By design, the implantable ventricular assist devices segment dominated the global market in 2021 and is anticipated to grow at a high rate during the forecast period.
• By age, the adults segment dominated the market in 2021. However, pediatrics segment is anticipated to grow at the highest CAGR during the forecast period.
• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.