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    Ventricular Assist Device Market Report

    Ventricular Assist Device Market Report
    Report code - SR2203 Delivery - 2 Weeks
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    Ventricular Assist Device Market Size, Share, Trend, Forecast, Competitive Analysis, and G See more...

    Market Insights

    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 care of heart failure using ventricular assist devices (VADs) as DT and bridges to transplantation is crucial (BTT). The treatments used for end-stage heart failure include destination therapy and bridge-to-transplantation. The LVADs were given the go-ahead by the US Food and Drug Administration (USFDA) as destination therapy for patients with end-stage heart failure. Additionally, the Heartmate III, HVAD, and Heartmate II have US FDA approval for bridge-to-transplantation (BTT). The need for these devices has grown as a result of organ shortages, an increase in the number of heart failure patients, and technological advancements in mechanical circulatory support.

    Segment Analysis

    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.

    Key Players

    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:

    • Following Medtronic's decision to discontinue the global distribution and sale of the Medtronic HeartWare ventricular assist device, Abbott announced in June 2021 that the company has the capacity and supply to successfully support the growing demand for mechanical circulatory support (MCS) devices for the effective treatment of advanced heart failure (HVAD). Additional doctors who will now be recommending Abbott's HeartMate 3 heart pumps to their patients will receive support from Abbott in the form of training and education programmes.
    • In August 2022, Abbott Laboratories released statistics demonstrating that patients with advanced heart failure who received the HeartMate 3 left ventricular assist device (LVAD) had a higher five-year survival rate than those who had the HeartMate II LVAD. The heart pump, which the Food and Drug Administration approved in 2017, offers patients with severe heart failure mechanical circulatory support. In sum, the HeartMate 3 had a five-year survival rate of 58%, versus a survival rate of 44% for the HeartMate II. The difference was mostly attributable to the newer generation device's lower rate of fatalities from bleeding, clotting, and stroke.

     

    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:

    • Abbott
    • Abiomed
    • Berlin Heart
    • Cardiac Assist, Inc.
    • Jarvik Heart, Inc.
    • Medtronic
    • ReliantHeart, Inc.
    • Sun Medical Technology Research Corp

    Research Methodology

    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.

    Report Features

    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:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Frequently Asked Questions (FAQs)

    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.