Overview and Scope
A ventricular assist device refers to an implantable mechanical circulatory device used to treat heart failure by pumping blood from the heart to the rest of the body, improving circulation to vital organs. A wide range of ventricular assist devices are approved by the US FDA to provide long-term or permanent support to patients with end-stage heart failure.
Sizing and Forecast
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%. The growth in the historic period can be attributed to an increase in the prevalence of heart failure and a rise in 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%. The growth in the forecast period can be attributed to the increasing need for destination therapy, aging population, increasing healthcare expenditure and a rise in awareness regarding heart failure treatment. Major trends in the forecast period include focus on lengthening effective life of vads, miniaturization of vads, advanced pump technologies, increased focus on vad safety and effectiveness, focus on reduction in side effects of vads and percutaneously inserted ventricular assist devices.
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Segmentation & Regional Insights
The ventricular assist device market covered in this report is segmented –
1) By Product: Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), Biventricular Assist Devices (BIVADs).
2) By Type: Pulsatile Flow, Continuous Flow
3) By Design: Transcutaneous Ventricular Assist Devices, Implantable Ventricular Assist Devices
4) By Application: Bridge-To-Transplant (BTT) Therapy, Destination Therapy, Bridge-To-Recovery (BTR) Therapy, Bridge-To-Candidacy (BTC) Therapy
5) By End Users: Hospital, Ambulatory Surgical Centres, Cardiology Centres
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.
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Major Driver Impacting Market Growth
The increase in the prevalence of cardiovascular disorders is driving the growth of the ventricular assist device market. Cardiovascular disorders are heart diseases caused by high blood pressure, smoking, high cholesterol, inactivity, and other factors. The increase in the prevalence of cardiovascular disorders is also due to noncontagious diseases such as diabetes, chronic respiratory illness, and heart attacks due to hypertension. The significant increase in cardiovascular disorders is expected to boost demand for ventricular assist devices as they act as a vital support system for severely ill cardiac patients. For instance, in 2021, according to the World Health Organization, a Switzerland-based government agency, India would account for one-fifth of the total deaths occurring from stroke and ischemic heart disease, mainly in younger adults. In addition, around 12.1 million people in the U.S. are expected to suffer from atrial fibrillation (A-Fib) by 2030. Therefore, the increase in the prevalence of cardiovascular disorders is expected to boost demand for ventricular assist devices during the forecast period.
Key Industry Players
Major companies operating in the ventricular assist device market report are Abiomed, 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
The ventricular assist device market report table of contents includes:
- Executive Summary
- Ventricular Assist Device Market Characteristics
- Ventricular Assist Device Market Trends And Strategies
- Ventricular Assist Device Market – Macro Economic Scenario
- Global Ventricular Assist Device Market Size and Growth
- Ventricular Assist Device Market Segmentation
- Ventricular Assist Device Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Ventricular Assist Device Market
- Ventricular Assist Device Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Ventricular Assist Device Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Ventricular Assist Device Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Ventricular Assist Device Market, Segmentation By Design, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Abiomed Financial Performance
Table 77: Abbott Laboratories Financial Performance
Table 78: Medtronic Financial Performance
Table 79: LivaNova PLC Financial Performance
Table 80: Terumo Corporation Financial Performance
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