Growth of the global ventricular assist devices market is majorly driven by alarming increase in number of cardiac surgeries, rise in government initiatives for development of pharmaceutical and medical device industry, and increase in number of approvals for ventricular assist device product. In addition, as per the Health Resources and Services Administration, 106,430 number of men, women, and children were on the national transplant waiting list and 39,000 transplants were performed in 2020, globally. The rise in demand for organ transplantation procedure and surge in usage of ventricular assist devices product drives the market growth. Furthermore, as per Organization for Economic Co-operation and Development, in 2018, 45,307 cases of coronary artery bypass grafting procedures were performed in Germany. Hence, the increasing incidences of emergency surgeries and extensive uses of ventricular assist devices propel the growth of the market.
Increase in government support for management of heart diseases and surge in demand for effective treatment are the major factors that drive the global ventricular assist devices market. In addition, key players, such as Abbott Laboratories and Medtronic Plc, provide numerous ventricular assist devices products and contribute toward the market growth. Rise in demand for ventricular assist devices during surgical procedures acts a key driving force for expansion of the global market.
Cardiovascular diseases (CVDs) are the leading cause of death globally, and it takes an estimated 17.9 million lives each year. According to the report by the British Heart Foundation, in 2021, 7.6 million people live with heart & circulatory diseases and it causes about 25% death in the UK. Cardiovascular diseases are a group of disorders of the heart & blood vessels and include, coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions. Thus, rise in use of ventricular assist devices during cardiac surgeries is expected to contribute towards the growth of ventricular assist and devices market.
However, high cost associated with ventricular assist devices and certain risks associated with the VAD implantation procedure hinder the growth of the market. Conversely, introduction of novel ventricular assist and devices is expected to create lucrative opportunities for the market.
The ventricular assist devices market is segmented on the basis of product, application, design, and region. Based on product, it is divided into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). By application, the market is classified into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy. Based on design, the market is bifurcated into transcutaneous and implantable ventricular assist devices. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global ventricular assist devices market are Abiomed, Inc., Berlin Heart GmbH, Boston Scientific Corporation, Calon Cardio, Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, ReliantHeart Inc., Abbott Laboratories, and Terumo Medical Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global ventricular assist and devices market to identify the prevailing opportunities
- This study presents the competitive landscape of the global market to predict the competitive environment across geographies
- Comprehensive analysis of factors that drive and restrict the market growth is provided
- Region- & country-wise analysis is provided to understand the market trends and dynamics
KEY MARKET SEGMENT
By Product
- Left Ventricular Assist Devices (LVADs)
- Right Ventricular Assist Devices (RVADs)
- Biventricular Assist Devices (BIVADs)
By Application
- Bridge-to-Transplant (BTT) Therapy
- Destination Therapy
- Bridge-to-Recovery (BTR) Therapy
- Bridge-to-Candidacy (BTC) Therapy
By Design
- Transcutaneous Ventricular Assist Devices
- Implantable Ventricular Assist Devices
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Abiomed, Inc
- Berlin Heart GmbH
- Boston Scientific Corporation
- Calon Cardio
- Jarvik Heart, Inc
- LivaNova PLC
- Medtronic plc
- ReliantHeart Inc
- Abbott Laboratories
- Terumo Medical Corporation
What is the estimated value of the Ventricular Assist Devices Market?
What is the growth rate of the Ventricular Assist Devices Market?
What is the forecasted size of the Ventricular Assist Devices Market?
Who are the key companies in the Ventricular Assist Devices Market?
Report Attribute | Details |
---|---|
No. of Pages | 209 |
Published | March 2022 |
Forecast Period | 2020 - 2030 |
Estimated Market Value ( USD | $ 1237.74 million |
Forecasted Market Value ( USD | $ 2825.94 million |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |
Table of Contents
Executive Summary
According to a new report titled, “Ventricular Assist Devices Market by Product, Application and Design: Global Opportunity Analysis and Industry Forecast, 2021–2030, the ventricular assist devices market size was valued at $1237.74 million in 2020, and is estimated to reach $2825.94 million by 2030, growing at a CAGR of 8.6% from 2021 to 2030.Ventricular assist devices are the mechanical pump, which is implanted in patients with heart failure. The main purpose of the ventricular assist device is to unload the failing heart and help maintain blood flow to vital organs. In case of bridge-to-transplant therapy or destination therapy, ventricular assist devices are typically placed through a chest incision after the patient has been placed on the bypass machine.
The major factors that contribute to the ventricular assist devices market growth include, technological advancements in ventricular assist devices, awareness among patients about monitoring of the heart, and treatment options for management of cardiac disorders. In addition, rise in concerns to decrease surgical injuries propels the growth of the market. Furthermore, as per iData Research, approximately 13 million laparoscopic surgeries were performed globally every year. Further, the FDA aims to enhance availability of appropriate, reliable, and accurate ventricular assist devices to meet public health needs and increase access to treatments for consumers.
Moreover, advancements in ventricular assist devices have led to higher success rates in treatment of heart failures. Earlier, the devices that were used had certain shortcomings, such as high risk of infection, thrombus formation, and blood trauma. To address such complications, modifications were done in VADs to improve efficiency and durability. The devices, such as the second-generation device, HeartMate II, displayed increased functional capacity and performance. Third-generation devices, such as DuraHeart and HeartMate III were further developed that incorporated features such as smaller size, lower rotational speeds, higher efficiency, and enhanced anatomic design. Thus, with the development of more effective VADs, the market is expected to witness significant growth in the near future, thereby propelling growth of the ventricular assist devices market.
Moreover, rise in awareness among patients about monitoring of heart and treatment options for cardiac disorders plays a vital role in the growth of the ventricular assist device market. Several educational and awareness programs have been initiated by the government and key players to increase the awareness of the treatment of cardiac disorders among patients, doctors, and healthcare providers, which boost the growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic and cardiovascular diseases led to increase in number of surgeries, which propels the growth of the market.
For instance, in February 2020, Abbott received an approval from the U.S FDA for its fully implantable left ventricular assist system. As per the report published in the Journal of Geriatric Cardiology by Li-Yuan Ma, there were approximately 290 million patients of cardiovascular disorders in China and approximately 2 in 5 deaths occurred in China due to cardiovascular disorders. Therefore, the rise in number of cardiovascular diseases results in increase in number of organ transplantation procedures. This has led to increase in usage of ventricular assist devices that boosts the growth of the market. Ageing population is at a high risk of having cardiovascular diseases, which leads to increase in demand for surgical interventions. Thus, increase in geriatric population is also expected to drive the substantial growth of the ventricular assist devices market during forecast period.
The ventricular assist device market is segmented on the basis of product, application, design, and region. By product, it is divided into left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). The XXX segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of cardiac surgeries, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of ventricular assist devices.
On the basis of application, the ventricular assist device market is classified into bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy. By design, the market is bifurcated into transcutaneous and implantable ventricular assist devices. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for a majority of the global ventricular assist devices market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular surgeries, increase in number of approvals for ventricular assist products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in organ transplantation procedures, rise in number of geriatric populations, and growth in the healthcare industry.
Key Findings Of The Study
- By type, the left ventricular assist devices segment was the highest contributor to the ventricular assist devices market in 2020
- On the basis of indication, the bridge-to-transplant dominated the market in 2020, and is expected to continue this trend during the forecast period
- On the basis of Application, the transcutaneous ventricular assist devices segment dominated the ventricular assist device market in 2020, and is expected to continue this trend during the forecast period
Companies Mentioned
- Abiomed, Inc.
- Berlin Heart GmbH
- Boston Scientific Corporation
- Calon Cardio
- Jarvik Heart, Inc.
- LivaNova PLC
- Medtronic plc
- ReliantHeart Inc.
- Abbott Laboratories
- Terumo Medical Corporation.
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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