by Ventricular assist devices (VADs) are mechanical pumps that are used to support heart function and blood flow in people who have weakened hearts. There are various types of VADs available in the market which can be implanted inside the body or worn outside on the skin. Left Ventricular Assist Devices (LVADs) are the most commonly used type which helps the left lower chamber of the heart pump blood to the rest of the body. LVADs are implanted in patients with severe heart failure as a Bridge to Transplant (BTT) or as destination therapy for those who are not eligible for a heart transplant. The global ventricular assist devices market encompasses various product types such as implantable VADs, transcutaneous VADs. The market is witnessing promising growth opportunities owing to the rising prevalence of heart failure cases worldwide and growing demand for mechanical circulatory support devices.
The global ventricular assist devices market is estimated to be valued at US$ 1.37 billion in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the primary drivers fueling the ventricular assist devices market growth is the growing demand for mechanical circulatory support devices among patients with severe heart failure. According to the American Heart Association Statistics Committee and Stroke Statistics Subcommittee report published in 2022, over 6 million adults in the United States suffer from heart failure. Out of these, approximately half die within 5 years of diagnosis. This rising prevalence of heart failure cases is leading to increased adoption of VADs as a destination therapy or bridge to transplant. Furthermore, ongoing technological advancements in VAD design aimed at making them smaller, more effective and easier to use is also boosting the market expansion. For instance, development of third generation continuous-flow LVADs have significantly improved outcomes for advanced heart failure patients. In addition, favorable reimbursement policies for VAD therapy in developed regions and growing awareness about VADs as an alternative treatment option are some other factors expected to propel the ventricular assist devices industry growth over the forecast period.
Segment Analysis
The ventricular assist devices market is dominated by the left ventricular assist devices sub segment. Currently left ventricular assist devices account for over 80% of the total ventricular assist devices market. This is because left ventricular assist devices are used to treat advance cases of heart failure when patient’s native left ventricle is unable to pump sufficient blood to the body.
PEST Analysis
Political: Governments across developed countries are raising public awareness and funding for treatment of heart failure which is positively impacting the growth of the ventricular assist devices market. Some governments are also providing reimbursements for ventricular assist devices which is encouraging their adoption.
Economic: Rising incidence of risk factors for heart failure such as obesity, diabetes etc. has significantly increased geriatric population suffering from advanced heart failure. Treatment of such patients utilizing ventricular assist devices is improving their quality of life which has strong economic benefits in terms of reduced hospitalization costs and improved productivity.
Social: Growing social support groups for heart disease patients are educating people about latest treatment options like ventricular assist devices. This is creating more acceptability for ventricular assist devices in general public.
Technological: Continuous innovation is underway in ventricular assist devices space. New devices are getting smaller in size, more portable and designed to be less invasive which is improving patient comfort and long term outcomes. Some new devices are even being developed to be fully implantable.
Key Takeaways
The global Ventricular Assist Devices Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand to bridge heart transplant wait times. The global ventricular assist devices market is estimated to be valued at US$ 1.37 billion in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Regional analysis – North America region currently dominates the ventricular assist devices market due to presence of major players and higher awareness levels. However, Asia Pacific region is expected to emerge as the fastest growing market due to improving healthcare facilities and rising focus of players in developing countries like India and China.
Key players operating in the ventricular assist devices market are Abiomed, Abbott Laboratories, Berlin Heart, Medtronic, Jarvik Heart etc. Abiomed is the current market leader with its range of Impella pump devices occupying majority share. Other players are focusing on developing innovative technologies like fully implantable or small pumps to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
