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Ventricular Assist Device Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 115 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4833351
UP TO OFF until Dec 31st 2023
The Ventricular Assist Devices Market is poised to grow at a CAGR of 7.23% by 2027.

Coronavirus disease 2019 (COVID-19) is challenging the care for cardiovascular patients, resulting in serious consequences with increased mortality in pre-diseased heart failure patients. According to the article published in the ESC Heart Failure in November 2020, titled "Ventricular assist device for a coronavirus disease 2019-affected heart" cardiogenic shock caused by the coronavirus disease 2019 (COVID-19) was treated with emergency surgery and the implantation of a left ventricular assist device (LVAD) in a young patient with a history of cardiomyopathy and a low left ventricular ejection fraction (LVEF). Although COVID-19 has a direct effect on pre-diseased hearts, the repercussions can be successfully cured with LVAD implantation. Thus, the ventricular assist device market is significantly impacted by COVID-19.

The major factors attributing to the growth of the ventricular assist device market are technological advancement of devices for cardiac diseases management, growing initiatives and awareness regarding cardiovascular diseases, and the increasing burden of cardiac diseases and heart failure. According to the World Health Organization 2021, an estimated 17.9 million people die due to cardiovascular diseases worldwide, each year. This represents 35% of global deaths. Additionally, 85% of these cardiovascular disease deaths are due to heart attack and stroke. ​In addition, according to the article published in Cureus Journal of Medical Science in July 2020, ischemic heart disease (IHD) is a leading cause of death worldwide. Ischemic heart disease affects around 126 million individuals (1,655 per 100,000) globally, which is approximately 1.72% of the world’s population. The global prevalence of ischemic heart disease is expected to exceed 1,845 per 100,000 by the year 2030.

VAD implantations are lifesaving equipment for patients with severe heart failure. They are useful in minimizing the symptoms of heart failure, thus helping patients to resume their daily activities. Coronary heart diseases associated with hypertension are a very common cause of chronic heart failure. Apart from that, other cardiac conditions, such as ischaemic and dilated cardiomyopathies, also require a significant level of surgical interventions. For all the patient cases requiring advanced heart failure-related therapy, heart transplantation is a long-term successful procedure.

However, due to less availability of organs, the waiting time is more than six months. Such cases require the immediate assistance of VAD, which acts as a bridge to transplantation. Here, the demand for, and availability of, VAD play a critical role, and thus, the growing burden of cardiac diseases and heart failure is a major force to propelling the VAD market at the global level. However, there are also risks involved in the VAD implant, hence these risks are showing an impact on the market growth.

Key Market Trends

Left Ventricular Assist Device (LVAD) is Expected to Hold the Major Share in the Type of Ventricular Device Segment

LVAD is implanted during an open heart surgery, where it receives blood from the left ventricle and delivers it to the aorta. It works along with the patient’s own heart. It is mostly given as a treatment option for patients with end-stage heart failure. There are a number of international hospitals and research centres that widely use VAD programs since the past two decades, particularly in the developed markets, as well as for help in new investigational devices.

Abbott (Thoratec), Berlin Heart, and Medtronic are among the top players in this segment that are well established in the developed market. Moreover, new product launches and continuous government support projected to boost the segment growth. For instance, in February 2020, Abbott has received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its in-development Fully Implantable Left Ventricular Assist System (FILVAS). The FDA launched the Breakthrough Devices Programme in 2018 to help expedite the development and review of submissions for technology that offers significant advantages over existing approved products.

Furthermore, with the increased utilization of durable mechanical support devices, it is important for all emergency departments of hospitals to have a well-written protocol to provide optimal care for patients with VADs.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the rising prevalence of cardiac diseases, is expected to propel the high growth of the ventricular assist device in the North American region. In the North American region, the United States holds the largest share. This is due to the presence of a large population with heart disease. In the United States, cardiovascular diseases and hypertension cases account for a major share of the people that require surgery.

According to the Center for Disease Control and Prevention in 2021, about 600,000 Americans die of heart disease annually. This represents almost 25% of all U.S. deaths. To raise awareness of this disease, February has been recognized as “American Heart Month” since 1963. Thus, the growing burden of heart failure and growing initiatives and awareness regarding cardiovascular diseases

A large number of cardiac considerations and systemic considerations are taken into account, as there are several factors associated with preoperative, perioperative, and postoperative complications. Additionally, according to the American Heart Association, statistics published in January 2019, reports that nearly half of the Americans have cardiovascular diseases which include hypertension, coronary heart diseases, etc. The prevalence of cardiac diseases generates a need for cardiovascular devices monitoring and diagnostic devices. ​The global high burden of cardiac diseases and heart failures has been one of the major factors for the growing demand and growth of the segment over the period.

Competitive Landscape

The ventricular assist device market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Abiomed Inc., BiVACOR Inc, Abbott Laboratories (St. Jude Medical Inc.), Medtronic PLC, and Terumo Corporation, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Cardiac Diseases and Heart Failure
4.2.2 Technological Advancement of Devices for Cardiac Diseases Management
4.2.3 Growing Initiatives and Awareness Regarding Cardiovascular Diseases
4.3 Market Restraints
4.3.1 High Cost of Devices and Procedures
4.3.2 Several Risks Associated to VAD Implant
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type of Ventricular Device
5.1.1 Left Ventricular Assist Device (LVAD)
5.1.2 Right Ventricular Assist Device (RVAD)
5.1.3 Biventricular Assist Device (BIVAD)
5.2 By Application
5.2.1 Bridge-to-transplant (BTT) Therapy
5.2.2 Destination Therapy
5.2.3 Other Therapies
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East & Africa GCC South Africa Rest of Middle East & Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Abiomed Inc.
6.1.2 BiVACOR Inc.
6.1.3 Abbott Laboratories (St. Jude Medical Inc.)
6.1.4 Berlin Heart GmbH
6.1.5 Calon Cardio
6.1.6 Jarvik Heart Inc.
6.1.7 Medtronic PLC
6.1.8 SynCardia Systems LLC
6.1.9 Terumo Corporation

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Abiomed Inc.
  • BiVACOR Inc.
  • Abbott Laboratories (St. Jude Medical Inc.)
  • Berlin Heart GmbH
  • Calon Cardio
  • Jarvik Heart Inc.
  • Medtronic PLC
  • SynCardia Systems LLC
  • Terumo Corporation