Ventricular Assist Device Market Report
Ventricular Assist Device Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028 See less
Ventricular Assist Device Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
Ventricular Assist Device Market is segmented by Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart), by Type of Flow (Pulsatile Flow, and Continuous Flow), by Application type (Bridge to Transplant, Destination Therapy, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
Ventricular Assist Device Market is segmented by Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart), by Type of Flow...
The ventricular assist device market was estimated at US$ 1.3 billion in 2021 and is expected to grow at a CAGR of 8.56% during 2022-2028 to reach US$ ~2.78 billion in 2028.
The increased prevalence of chronic conditions such diabetes, neurological disorders, cardiovascular diseases, hypertension, and stroke, as well as the expanding worldwide elderly population, are some of the key drivers that are projected to fuel demand for ventricular assist devices (VADs). The prevalence of unhealthy lifestyles is rising as a result of rapid globalisation, which is occurring in both developed and developing countries. In consequence, it is anticipated that the rising frequency of cardiovascular disorders will increase demand for ventricular assist devices. Additionally, these illnesses raise the possibility of organ failure. As a result of the shortage of organ donors and the hold-up in organ transplants, there will likely be an increase in demand for VADs in the years to come.
Certain product recalls in the industry hinder the market growth. The Medtronic Heartware HVAD left ventricular assist device was no longer being sold or distributed, according to a June 2021 announcement by Medtronic (LVAD). The business advised doctors to stop implanting the HVAD System on June 3 and switch to an other type of long-lasting mechanical circulatory support. Abbott, its main rival in the LVAD market, also declared it has the ability to satisfy rising LVAD demand as Medtronic exits the industry. The HVAD system has a higher prevalence of neurological adverse events, such as stroke and mortality, compared to other circulatory support devices that are available to patients, according to a growing corpus of observational clinical data. This led Medtronic to take the action.
In August 2022, due to performance difficulties, Medtronic recalled over 40,000 batteries for its HeartWare Ventricular Assist Device (HVAD) system, extending the heart pump's product safety issues. The recall was given the Food and Drug Administration's most serious rating, a Class I occurrence. Despite the fact that the business ceased selling the device in June 2021 due to safety concerns, this is Medtronic's third Class I recall for the system in 2022.
Several investments/guidelines in the market have been directed in recent years, which would boost the overall market. Some of them are:
The market is divided based on product, type of flow, and application. On the basis of product, the market is further segmented into left ventricular assist device, right ventricular assist device, bi-ventricular assist device, and total artificial heart. The left ventricular assist device segment is expected to grow highest over the anticipated period. This expansion is the result of the many LVAD implantation operations that patients have had. By 2018, Abbott had implanted the HEARTMATE II LVAD in more than 26,6000 heart failure patients around the world. According to the American College of Cardiology report, readmissions following LVAD installation were more expensive and prolonged hospital stays. The market for VAD is anticipated to expand over the next years as a result of the growing patient population suffering from end-stage cardiac failure and the lack of effective therapeutic options. The American Heart Association has noted gains in LVAD patients' functionality, welfare, and length of life, which supports the prevalence of LVAD use.
Based on type of flow, the ventricular assist device market has been divided into pulsatile flow, and continuous flow. Continuous flow VADs produce very little noise, have fewer revolving parts, require less maintenance, and are rarely replaced. Because of these advantages, continuous flow VADs are a common treatment choice among scientists and medical professionals. The elimination of moving parts in the machines is a primary goal of product development for the continuous flow VADs market. The major companies have introduced HeartMate 3 LVADs and DuraHeart, respectively, because they don't have any spinning parts and instead use magnetic levitation technology.
On the basis of application, the market is segmented into bridge to transplant, destination therapy, and others. the destination therapy segment is dominating the market. This expansion is related to the rise in cardiovascular disease and end-stage heart failure occurrences. For cardiac patients who are ineligible for heart transplant operations, LVADs are employed in destination treatment applications.
The ventricular assist device market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America is anticipated to be the ventricular assist device market's largest region. In the upcoming years, it is projected that the market for VAD will be driven by the availability of regulated reimbursement policies and coverages, rising awareness regarding VADs such bridge-to-recovery, destination therapies, and bridge-to-transplant. The majority of obese people are found in the U.S. population, where they are more likely to develop cardiovascular problems. Additionally, it is anticipated that the development of technologically advanced healthcare facilities in the U.S. will increase the number of treatments and fuel market expansion. By supporting the rising treatment rate, the presence of advantageous reimbursement policies and insurance coverages that lower out-of-pocket costs is anticipated to spur growth.
The market for ventricular assist device is highly competitive. The market players are highly focused on mergers, expansions, and product approvals, to sustain in this market. Below are a few key developments:
The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the ventricular assist device market:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The market is expected to grow at a CAGR of 8.56% during 2022-2028.
The market size is estimated to grow from US$ 1.3 billion in 2021 to US$ ~2.78 billion by 2028.
North America is expected to remain the largest market for ventricular assist device during 2022-2028.
Abbott, Abiomed, Berlin Heart, Cardiac Assist, Inc., Jarvik Heart, Inc., Medtronic, ReliantHeart, Inc., Sun Medical Technology Research Corp are some of the key players in the market.
Continuous flow VADs produce very little noise, have fewer revolving parts, require less maintenance, and are rarely replaced. Because of these advantages, continuous flow VADs are a common treatment choice among scientists and medical professionals.
The increased prevalence of chronic conditions such diabetes, neurological disorders, cardiovascular diseases, hypertension, and stroke, as well as the expanding worldwide elderly population, are some of the key drivers that are projected to fuel demand for ventricular assist devices (VADs).
The study period of the market is 2016-2028.