Ventricular Assist Device Global Market Report 2024

The ventricular assist device market size has grown rapidly in recent years. It will grow from $1.92 billion in 2023 to $2.18 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. Historical growth can be attributed to the increased prevalence of heart failure and a heightened demand for organ transplantation procedures.

The ventricular assist device market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. Forecasted growth is due to increased demand for destination therapy, an aging population, higher healthcare spending, and greater awareness of heart failure treatments. Key trends include extending VAD lifespan, device miniaturization, advanced pump tech, improved safety/efficacy, reduced side effects, and percutaneously inserted VADs.

The surge in cardiovascular disorders globally is a driving force behind the expansion of the ventricular assist device market. Cardiovascular disorders, stemming from factors such as high blood pressure, smoking, high cholesterol, and inactivity, are on the rise. Noncontagious diseases such as diabetes, chronic respiratory illnesses, and heart attacks linked to hypertension contribute to the escalating prevalence of cardiovascular disorders. This trend underscores the heightened demand for ventricular assist devices, serving as crucial support systems for severely ill cardiac patients. For instance, in 2021, the World Health Organization reported that India was anticipated to account for one-fifth of global deaths from stroke and ischemic heart disease, particularly affecting younger adults. Moreover, projections indicate that around 12.1 million people in the U.S. are expected to experience atrial fibrillation (A-Fib) by 2030. The mounting prevalence of cardiovascular disorders is poised to drive significant demand for ventricular assist devices in the forecast period.

The increased awareness surrounding heart failure treatment is a pivotal factor expected to fuel the growth of the ventricular assist device market. Heart failure, characterized by the heart's diminished ability to effectively pump blood, can result from conditions such as coronary artery disease, heart attacks, high blood pressure, and heart muscle damage. The escalating awareness about heart failure treatments is anticipated to drive the adoption of ventricular assist devices as a means to address heart failure. Notably, the American Heart Association projects a 46% increase in heart failure diagnoses by 2030, surpassing 8 million individuals affected. As the number of people diagnosed with heart failure continues to rise, the heightened awareness of available treatment options is poised to be a key driver for the ventricular assist device market.

Technological advancements stand out as a prominent trend gaining traction in the ventricular assist device market. Companies within the ventricular assist device sector are directing their efforts toward the development of next-generation devices that enhance blood circulation. Key industry players are prioritizing the creation of ventricular assist devices with innovative technologies to gain a competitive advantage and fortify their market positions. An illustrative example is the initiative by CorWave, a France-based medical technology company, in 2021. CorWave successfully developed left ventricular assist device (LVAD) membrane pump technology. This LVAD membrane pump employs a pulse pump, utilizing electromagnetic pulses rather than a rotary pump, to facilitate blood movement, closely mimicking the natural pulsatile action of the heart.

The adoption of percutaneously inserted ventricular assist devices is gaining prominence in the market. Percutaneously inserted ventricular assist devices are non-pulsatile axial flow pumps positioned across the aortic valve, pumping blood from the left ventricle. These devices alleviate the load on the left ventricle, decrease myocardial oxygen consumption, enhance cardiac output, and reduce left ventricular end-diastolic pressure. As an example, in August 2022, Abiomed Inc., a US-based medical device company, introduced the Impella, a percutaneous VAD designed for eligible pediatric patients in the USA. The Impella device provides effective cardiac support to compensate for a failing left ventricle and can serve as an alternative to extracorporeal membrane oxygenation (ECMO) or complement other therapies to enhance hemodynamics.

In August 2022, Medtronic PLC, an Ireland-based medical device company, acquired Affera, Inc. for $925 million. This strategic acquisition broadens Medtronic's portfolio of cardiac ablation products, introducing their initial cardiac mapping and navigation platform. The platform includes radiofrequency ablation, focal pulsed field, and an integrated diagnostic solution. Affera Inc., a US-based medical technology company, specializes in cardiac mapping and navigation systems, along with catheter-based cardiac ablation technologies.

Major companies operating in the ventricular assist device market report are Abiomed Inc, Abbott Laboratories, Medtronic, LivaNova PLC, Terumo Corporation, Berlin Heart GmbH, Cirtec, Jarvik Heart Inc., SynCardia Systems LLC., Calon Cardio-Technology Ltd., Huadong Medicine Co. Ltd., Shenzhen Hexin Zondan Medical Equipment Co. Ltd., Sun Medical Technology Research Corp., Boston Scientific Corporation, CorWave SA, CH Biomedical (USA) Inc., Evaheart Inc., BiVACOR Inc., ReliantHeart Inc., Cardiac Assist Inc., Heart Ware International, Braile Biomedica Ltd.

North America was the largest region in the ventricular assist device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ventricular assist device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ventricular assist device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of VADs include left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). LVADs, battery-operated mechanical pumps, help propel blood from the left ventricle to vital organs. They vary in design as transcutaneous or implantable devices and operate with different flow mechanisms such as pulsatile flow and continuous flow. These devices are used for various purposes including bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy, and bridge-to-candidacy (BTC) therapy. End-users of VADs include hospitals, ambulatory surgical centers, and cardiology centers.

The ventricular assist device market research report is one of a series of new reports that provides ventricular assist device market statistics, including ventricular assist device industry global market size, regional shares, competitors with a ventricular assist device market share, detailed ventricular assist device market segments, market trends and opportunities, and any further data you may need to thrive in the ventricular assist device industry. This ventricular assist device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ventricular assist device market consists of sales of pulsatile and nonpulsatile LVADs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.