The ventricular assist devices market was valued at $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.
Ventricular assist device (VAD), also known as mechanical circulatory support (MCS) device, supports the pumping function of the heart. It is used to increase the amount of blood that flows through the patient’s body. It enables a patient with advanced heart failure to lead an improved quality of life once again. A ventricular assist device (VAD) helps in supporting either of the right or the left ventricle, however, is mostly implanted in the left ventricle. When placed in the left ventricle, it is called a left ventricular assist device (LVAD).
Ventricular assist devices are commonly used in treatment of heart failure. The VAD transplant can be temporary or permanent depending on the function for which it is implanted. They are implanted temporarily when the patient is either waiting for a heart transplant or is receiving treatment to help the heart recover until it is healthy enough to pump blood on its own.
On the other hand, it is implanted permanently to ensure proper blood flow through the heart in the patient with abnormal ventricle function. Such applications of ventricular assist devices in treatment of heart failure increases its demand in the healthcare sector and thus boost the growth of the market. In addition, rise in awareness among the patients and healthcare practitioners about ventricular assist devices fosters the market growth.
Moreover, there are initiatives taken up by the governments and other organizations in creating awareness among the people regarding cardiovascular diseases and its advanced treatment options. For instance, the National Health Service (NHS) Long Term Plan for England designated heart failure as a priority in 2019, with a focus on promoting earlier detection of heart failure in the community through primary care networks (PCNs), a stronger emphasis on multidisciplinary teams (MDT)-led care, and quicker access to specialized care in hospitals. Such awareness programs initiated by various organizations increase the public awareness about advanced treatment options in heart failure including the ventricular assist devices. This further leads to the expansion of the ventricular assist devices market.
Although, various key factors are driving the growth of the market, there are few factors such as high cost associated with the device & implantation and serious risks involved in the procedure are hampering the growth of the market. These high prices create limitations in accessing ventricular assist devices majorly in developing and underdeveloped countries. Moreover, lack of awareness about advanced treatment procedures for heart failure among the people in underdeveloped countries also acts as a restraint to the growth of the market. In addition, implanting a VAD may result in blood clots and bleeding from the surgery that may cause infection and device malfunction, which act as a restraint to the market.
On the other hand, the 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.
For instance, in October 2022, Abiomed announced that Impella RP Flex with SmartAssist received U.S. Food and Drug Administration (FDA) pre-market approval (PMA), as safe and effective to treat acute right heart failure for up to 14 days. Thus, more such product approvals and launches contribute to the growth of the market. Moreover, surge in incidences of heart failure across the globe, new technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and shortage of heart donors drive the market growth.
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 fragmented 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).
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.
Ventricular assist device (VAD), also known as mechanical circulatory support (MCS) device, supports the pumping function of the heart. It is used to increase the amount of blood that flows through the patient’s body. It enables a patient with advanced heart failure to lead an improved quality of life once again. A ventricular assist device (VAD) helps in supporting either of the right or the left ventricle, however, is mostly implanted in the left ventricle. When placed in the left ventricle, it is called a left ventricular assist device (LVAD).
Ventricular assist devices are commonly used in treatment of heart failure. The VAD transplant can be temporary or permanent depending on the function for which it is implanted. They are implanted temporarily when the patient is either waiting for a heart transplant or is receiving treatment to help the heart recover until it is healthy enough to pump blood on its own.
On the other hand, it is implanted permanently to ensure proper blood flow through the heart in the patient with abnormal ventricle function. Such applications of ventricular assist devices in treatment of heart failure increases its demand in the healthcare sector and thus boost the growth of the market. In addition, rise in awareness among the patients and healthcare practitioners about ventricular assist devices fosters the market growth.
Moreover, there are initiatives taken up by the governments and other organizations in creating awareness among the people regarding cardiovascular diseases and its advanced treatment options. For instance, the National Health Service (NHS) Long Term Plan for England designated heart failure as a priority in 2019, with a focus on promoting earlier detection of heart failure in the community through primary care networks (PCNs), a stronger emphasis on multidisciplinary teams (MDT)-led care, and quicker access to specialized care in hospitals. Such awareness programs initiated by various organizations increase the public awareness about advanced treatment options in heart failure including the ventricular assist devices. This further leads to the expansion of the ventricular assist devices market.
Although, various key factors are driving the growth of the market, there are few factors such as high cost associated with the device & implantation and serious risks involved in the procedure are hampering the growth of the market. These high prices create limitations in accessing ventricular assist devices majorly in developing and underdeveloped countries. Moreover, lack of awareness about advanced treatment procedures for heart failure among the people in underdeveloped countries also acts as a restraint to the growth of the market. In addition, implanting a VAD may result in blood clots and bleeding from the surgery that may cause infection and device malfunction, which act as a restraint to the market.
On the other hand, the 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.
For instance, in October 2022, Abiomed announced that Impella RP Flex with SmartAssist received U.S. Food and Drug Administration (FDA) pre-market approval (PMA), as safe and effective to treat acute right heart failure for up to 14 days. Thus, more such product approvals and launches contribute to the growth of the market. Moreover, surge in incidences of heart failure across the globe, new technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and shortage of heart donors drive the market growth.
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 fragmented 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).
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.
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 opportunities.
- 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.
Key Market Segments
By Product
- Left Ventricular Assist Devices (LVADs)
- Right Ventricular Assist Devices (RVADs)
- Biventricular Assist Devices (BIVADs)
By Application
- Bridge-To-Transplant (BTT)
- Destination Therapy
- Bridge-To-Recovery (BTR)
- Bridge To Candidacy Therapy
By Design
- Transcutaneous Ventricular Assist Devices
- Implantable Ventricular Assist Devices
By Age
- Adults
- Pediatrics
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Evaheart, Inc.
- Abiomed, Inc.
- Abbott Laboratories
- CH Biomedical, Inc.
- Carmat SA
- Calon Cardio-Technology Ltd
- Bivacor Inc.
- LivaNova PLC
- Berlin Heart GmbH
- Fineheart
- AdjuCor GmbH
- NuPulseCV, Inc.
- Jarvik Heart, Inc.
- SynCardia Systems, LLC
- Corewave SA
- Windmill Cardiovascular Systems
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VENTRICULAR ASSIST DEVICES MARKET, BY PRODUCT
CHAPTER 5: VENTRICULAR ASSIST DEVICES MARKET, BY APPLICATION
CHAPTER 6: VENTRICULAR ASSIST DEVICES MARKET, BY DESIGN
CHAPTER 7: VENTRICULAR ASSIST DEVICES MARKET, BY AGE
CHAPTER 8: VENTRICULAR ASSIST DEVICES MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Ventricular Assist Devices Market," the ventricular assist devices market 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) are medical devices designed to support the function of the heart in patients with heart failure. It works by assisting the heart in pumping blood and maintaining blood flow throughout the body. VADs are typically used as a temporary measure to support patients with heart failure while the patient undergoes further treatment, such as heart surgery. They can also be used as a bridge to transplant, allowing patients with heart failure to wait for a heart transplant while still receiving support from a VAD.
Key factors driving the growth of the ventricular assist device market include increase in incidence of heart failures, technological advancements, rise in patient awareness about heart failure treatment options and dearth of heart donors. In addition, growing demand for minimally invasive surgical procedures such as VADs is also driving the growth of the market. VADs are becoming increasingly popular due to their minimally invasive nature and their ability to provide a bridge to transplant or recovery. Compared to traditional open-heart surgeries, VADs can be implanted with a smaller incision and minimal disruption to the surrounding tissues. This further results in a shorter hospital stay, faster recovery, and less pain for the patient having VAD implantation. Moreover, VADs can be used as a bridge to transplantation, allowing patients to recover and wait for a suitable donor heart without undergoing multiple open-heart surgeries. These advantages are contributing to the growing demand for VADs as a treatment option for heart failure which is boosting the growth of ventricular assist devices market.
Factors such as Expansion into new markets and increasing reimbursement policies is anticipated to offer lucrative opportunities for the growth of ventricular assist devices market. There is an increase in reimbursement for ventricular assist devices by the insurance companies, which makes it possible for the people in developing countries to procure the devices. In addition, government programs providing greater financial coverage or reimbursement for these devices is also anticipated to increase the adoption of VADs. This can make it easier for patients to access ventricular assist devices as a treatment option for heart failure, which is estimated to boost the market during the forecast period.
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 fragmented 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).
The key players profiled in the study include 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. The players in the market have been actively engaged in the adoption various strategies such as product upgrade/development, new product development, product approval, clinical trials, and product launch, acquisition and others to remain competitive and gain advantage over the competitors in the market. For instance, 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.
Key Market Insights
- By product, the Left Ventricular Assist Devices (LVADs) segment was the highest revenue contributor to the market and is estimated to reach $2298.23 million by 2031, with a fastest rate at a CAGR of 8.3%.
- By application, the Bridge-To-Transplant (BTT) segment dominated the global market. However, the Destination Therapy segment is expected to be the fastest-growing segment with a CAGR of 9.1% during the forecast period.
- Based on design, the Implantable Ventricular Assist Devices segment was the highest revenue contributor to the market and is anticipated to grow at a fastest rate with a CAGR of 8.1% during the forecast period.
- Based on age, the adults segment dominated the market in 2021, and the pediatrics segment is anticipated to grow at a fastest rate during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 11.1% during the forecast period
Companies Mentioned
- Evaheart, Inc.
- Abiomed, Inc.
- Abbott Laboratories
- CH Biomedical, Inc.
- Carmat SA
- Calon Cardio-Technology Ltd
- Bivacor Inc.
- LivaNova PLC
- Berlin Heart GmbH
- Fineheart
- AdjuCor GmbH
- NuPulseCV, Inc.
- Jarvik Heart, Inc.
- SynCardia Systems, LLC
- Corewave SA
- Windmill Cardiovascular Systems
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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