Ventricular Assist Devices Market

Ventricular Assist Devices Market Research, 2031

The global 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 (VADs) also known as mechanical circulatory support are implanted in the heart to assist the heart's pumping action. Ventricular assist devices are highly efficient medical devices used in treatment of patients with severe heart failure. These devices are implanted in patients who are waiting for a heart transplant or for those who are not eligible for a heart transplant.

The COVID-19 outbreak had negative impact on the global ventricular assist devices market. The pandemic had significant effect on patients, including those who were waiting to be transplanted or the transplant recipients. These challenges regarding survival and safety also impacted the recovery teams, organ procurement organizations, and donors as well as the recipients. In addition, there was a decrease in number of surgeries during the pandemic due to reduction in number of patients visit to the hospitals for diagnosis and treatment of disease other than COVID-19.

Ventricular assist devices offers advantages such as helping improve the patient's quality of life, reduce symptoms of heart failure and prevent frequent hospitalization. There are several types of VADs including continuous-flow VADs and pulsatile-flow VADs, each with their own benefits and drawbacks. VADs are typically placed near the patient's heart and are connected to the heart through tubes or grafts which is powered by batteries which are externally worn or by a cable that is plugged into a power supply. Left ventricular assisted devices (LVADs) are the commonly used VADs that are implanted in the heart to assist the heart's pumping action in case of left ventricular failure. 

“The ventricular assist devices market was negatively impacted during the lockdown period owning decrease in patient visit to the hospitals for diagnosis of diseases other than COVID-19 and decreased government funding for cardiovascular disease treatment.”  

Historical Overview 

The market was analyzed qualitatively and quantitatively from 2016-2023. The ventricular assist devices market grew at a CAGR of around 11.8% during 2017-2023. Most of the growth during this period was derived from the Asia-Pacific owing to the improving health awareness, high population base in countries such as India and China, rising disposable incomes, as well as well-established presence of domestic companies in the region.  

Market Dynamics 

Major factors that drive the growth of ventricular assist devices market size include the increase in prevalence of heart failure cases around the globe, technological advancements in the field of ventricular assist devices and rise in awareness among the population about heart failure and its available treatment options. In addition, growth & innovations in the healthcare industry and a massive pool of patients with cardiovascular disease is also driving the ventricular assist devices market growth. Increase in prevalence of cardiovascular conditions such as heart failure along with increase in prevalence of other conditions which may lead to heart failure also increases the demand for VADs. 

Furthermore, the healthcare industry in emerging economies is developing at a significant rate, owing to rise in demand for enhanced healthcare services, significant investments by government to improve healthcare infrastructure, and development of the medical tourism industry in emerging countries. 

The COVID-19 outbreak had negative impact on the global ventricular assist devices market share. The pandemic had significant effect on patients, including those who were waiting to be transplanted or the transplant recipients. These challenges regarding survival and safety also impacted the recovery teams, organ procurement organizations, and donors as well as the recipients. In addition, there was a decrease in number of surgeries during the pandemic due to reduction in number of patients visit to the hospitals for diagnosis and treatment of disease other than COVID-19. The reduction in patient visit was mainly attributed to the threat of being infected by corona virus infection and the shift of focus of healthcare sector toward COVID-19, which further negatively affected the ventricular assist devices market share. In addition, the government funding and drives regarding cardiovascular diseases were reduced due to increase in COVID- 19 funding, which further reduced the patients opting for heart failure treatment. 

Segmental Overview 

The ventricular assist devices market is segmented on the basis of product, application, design, age, and region. By product, the market is categorized into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). On the basis of application, the market is categorized into bridge-to-transplant (BTT), destination therapy, bridge-to-recovery (BTR), and bridge to candidacy therapy. On the basis of design, the market is bifurcated into transcutaneous ventricular assist devices and implantable ventricular assist devices. By age, the market is divided into adults and pediatrics. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). 

By product the left ventricular assist devices (LVADs) segment dominated the global market in 2021, and is anticipated to grow at a fastest rate with a highest CAGR. This growth of the market is attributed to the advantages offered by left ventricular assist devices such as LVADs can significantly improve survival rates in patients with heart failure, prevents hospitalization and reduce the need for emergency room visits, can be used as a bridge to transplant helping patients who are waiting for a transplant to stay healthy.  

By application the bridge-to-transplant (BTT) segment dominated the global ventricular assist devices industry in 2021, owing to the rise in awareness among the people regarding bridge-to-transplant therapy in case of heart failure. On the other hand, destination therapy segment is anticipated to grow at a fastest rate during the ventricular assist devices market forecast period, due to the dearth in healthy heart donors. It significantly improve survival rates in patients with heart failure, and function as a valuable tool in the management of heart failure condition, which increases its demand in the market 

By design the implantable ventricular assist devices segment held the largest market share in 2021 and is expected to grow at a fastest rate during the forecast period, owing to the increase in prevalence of heart failure cases all-round the globe and rise in adoption of implantable ventricular assisted devices to improve the heart's pumping function, which can lead to a better quality of life for patients.  

By age the adult segment dominated the market in the year 2021, owing to the high demand for ventricular assist devices in the adults and the ageing population, due to greater prevalence of heart failure in adults. Lifestyle factors that increase the risk of heart attack and stroke such as smoking, obesity, bad eating habits and physical inactivity in adults can also lead to heart failure which boost the market growth. 

On the other hand, the pediatric segment is anticipated to dominate the market during the forecast period, owing to the increase in demand for pediatric mechanical circulatory support and due to the technological advancements in development of efficient pediatric VADs. 

By region the ventricular assist devices industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major share of the ventricular assist devices market in 2021 and is expected to maintain its dominance during the forecast period. 

Presence of several major players, such as Abiomed, Inc., Bivacor Inc., Berlin Heart GmbH, NuPulseCV, Inc., Jarvik Heart, Inc., Windmill Cardiovascular Systems, Abbott Laboratories and others is driving the growth of the market in North America region. In addition, technological advancement in manufacturing of ventricular assist devices is leading to the increase in innovation in VADs and rises its adoption in North America. In addition, surge in demands for ventricular assisted devices owing to the rise in prevalence of heart failure in North America, is anticipated to drive the market. 

Furthermore, presence of well-established healthcare infrastructure, high purchasing power, and awareness about advanced technologies in healthcare field in people are expected to boost the market growth. The surge in awareness among the medical community about the advantages of ventricular assisted devices is further responsible to drive the market growth in this region. Growth of the market in U.S. is attributed to unhealthy lifestyle, which leads to cardiovascular disorders, and increase in geriatric population, which is highly susceptible to such abnormalities thereby increasing the demand for VADs.  

Asia-Pacific expected to grow at the highest rate during the forecast period. The market growth in this region is attributable to presence of medical device companies in the region as well as growth in the purchasing power of populated countries, such as China and India. Asia-Pacific offers profitable opportunities for key players operating in the ventricular assist devices market, thereby registering the fastest growth rate during the forecast period. Also, the growing infrastructure of industries, rising disposable incomes, as well as well-established presence of domestic companies in the region is expected to boost the market during the forecast period.  

Competitive Analysis 

Competitive analysis and profiles of the major players in the ventricular assist devices, such as Abbott Laboratories, Abiomed, Inc., AdjuCor GmbH, Berlin Heart GmbH, Bivacor Inc., Calon Cardio-Technology Ltd, Carmat SA, CH Biomedical, Inc., Corewave SA, Evaheart, Inc., Fineheart, Jarvik Heart, Inc., LivaNova PLC, NuPulseCV, Inc., SynCardia Systems, LLC and Windmill Cardiovascular Systems are provided in this report. Major players have adopted product approval, expansion, new product development, product upgrade/development, agreement, clinical trials and acquisition as key developmental strategies to improve the product portfolio of the ventricular assist devices.  

Recent Approvals and Advancements in Ventricular Assist Devices Market

• In June 2021, The Impella RP with SmartAssist, the newest right heart pump from Abiomed has been granted a pre-market approval (PMA) by the FDA as a safe and efficient treatment for acute right heart failure for up to 14 days. 
• In September 2022, Abiomed announced two approvals from the U.S. Food and Drug Administration (FDA) related to clinical research of Impella heart pumps in acute myocardial infarction (AMI) cardiogenic shock patients. The FDA has approved the on-label RECOVER IV randomized controlled trial (RCT) for AMI cardiogenic shock patients. 
• In May 2019, Abiomed announced the U.S. FDA has approval for the expansion of the Impella 5.0 and Impella LD PMA labeling for the treatment of cardiogenic shock. 
• In November 2021, CH Biomedical received approval for the implantable CH-VAD left ventricular assist system by the National Medical Products Administration (NMPA) for marketing in China. 

Acquisitions in the Ventricular Assist Devices Market  

• In June 2021, Abiomed acquired preCARDIA, developer of a proprietary catheter and controller which will complement Abiomed’s product portfolio to expand options for patients with acute decompensated heart failure (ADHF). 
• In December 2022, Abiomed, Inc. was acquired by Johnson & Johnson and will operate as a standalone business within Johnson & Johnson’s MedTech segment.  

Product Development  

In September 2019, Abiomed announced that the first three patients in the world have been successfully treated with Impella RP Flex with SmartAssist, which is a newest heart pump for patients experiencing right heart failure.  

Clinical Trials of Ventricular Assist Devices Market

• In October 2022, CARMAT announced that it has been granted the necessary regulatory approvals from the French National Agency for Medicine and Health Product Safety (ANSM) and the Patient Protection Committee to restart the EFICAS Clinical Study. 
• In September 2021, CARMAT announced that it has received final approval from the Patient Protection Committee for the use of the commercial version of the Aeson heart in the EFICAS study in France. 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ventricular assist devices market analysis from 2021 to 2031 to identify the prevailing ventricular assist devices market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the ventricular assist devices market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global ventricular assist devices market trends, key players, market segments, application areas, and market growth strategies.

 Ventricular Assist Devices Market Report Highlights