Report Code: A01694 | Feb 2023 | Pages: 316 | ||
Tables: 187 | Charts: 59 |
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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
Acquisitions in the Ventricular Assist Devices Market
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
Ventricular Assist Devices Market Report Highlights
Aspects | Details |
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Market Size By 2031 | USD 2.9 billion |
Growth Rate | CAGR of 7.9% |
Forecast period | 2021 - 2031 |
Report Pages | 316 |
By Product |
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By Application |
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By Design |
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By Age |
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By Region |
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Key Market Players | Jarvik Heart, Inc., SynCardia Systems, LLC, AdjuCor GmbH, Berlin Heart GmbH, Evaheart, Inc., Corewave SA, Abbott Laboratories, LivaNova PLC, Carmat SA, Windmill Cardiovascular Systems, Calon Cardio-Technology Ltd, Abiomed, Inc., Bivacor Inc., NuPulseCV, Inc., CH Biomedical, Inc., Fineheart |
This section provides opinions of top level CXOs in the global ventricular assist devices market. According to the insights of CXOs, the increase in demand for advanced treatment procedures for cardiovascular diseases is expected to offer profitable opportunities for the expansion of the market. Increase in demand for ventricular assist devices among heart failure patients is driving the growth of the ventricular assist devices market.
Furthermore, technological advancements in ventricular assist devices contribute to the expansion of the market. CXOs further added that rise in incidences of heart failure in population of both developed and developing regions largely contributed to generating market revenue in 2021 and is expected to maintain this trend during the forecast period. In addition, increase in awareness among the population regarding ventricular assist devices as a treatment option for heart failure and its advantages boosts its demand in the healthcare sector. Moreover, rise in funding and reimbursements for ventricular assist device (VAD) implantation offered by government and other organizations around the globe boosts the growth of market.
Furthermore, North America is expected to witness highest growth, in terms of revenue owing to high prevalence of cardiovascular disorders in the region along with increase in awareness among the population regarding VADs. However, Asia-Pacific is anticipated to witness notable growth, owing to surge in investments for manufacturing of ventricular assist devices, high population base, and upsurge in healthcare expenditure in emerging economies such as India and China.
A. The upcoming trends are key market players are investing on a large scale for the R&D activities related to ventricular assist devices. Companies are focusing on innovation to develop advanced ventricular assist devices that can overcome the drawbacks of the existing VADs. Moreover, large number of clinical and developmental studies are carried out to prove the efficiency of the devices, and to get the approval for the same. This is anticipated to drive the market expansion during the forecast period.
A. Bridge-to-transplant (BTT) is the leading application of Ventricular Assist Devices Market.
A. North America is the largest regional market for Ventricular Assist Devices.
A. The ventricular assist devices market valued for $1,338.53 million in 2021 and is estimated to reach $2,880.66 million by 2031, exhibiting a CAGR of 7.9% from 2022 to 2031.
A. Major Key players that operate in the global ventricular assist devices market are 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.
A. Yes, the Ventricular Assist Devices market report provides PORTER Analysis
A. The base year is 2021 in Ventricular Assist Devices market.
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