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A mechanical pump called a ventricular assist device supports blood flow and heart function in people with weak hearts or other cardiac issues. Blood is taken from the heart’s lower chamber and assist in pumping into the body and important organs by a ventricular assist device (VAD). When ventricles malfunction due to various medical problems like Bundle branch block or myocardial infarction, these devices are implant in the patient’s body (MI).
The market for ventricular assist devices in 2021 was worth USD 1.39 billion and will be worth USD 2.58 billion by 2030, growing at a 7.13% CAGR during 2021-2030.
The alarming rise in the number of cardiac operations, the rise in government initiatives to develop the pharmaceutical and medical device industries, and the rise in the number of product approvals for ventricular assist devices are the main factors driving the growth of the global market for ventricular assist devices.
Growth Factors
The world’s aging population is becoming more vulnerable to chronic illnesses like diabetes, stroke, end-stage cardiac failure, neurological problems, and cardiovascular diseases. The market for ventricular assist devices is expanding due to the increasing risks of organ failure and the rising demand for organ transplants brought on by these chronic illnesses (VADs). The creation of novel items and sophisticated micro devices with features like infection control methods accelerates the expansion. The wide range of advantages of using VADs, including improved survival rates, durability, and usefulness, are fostering a growing rate of acceptance and expanding the VAD market.
The rising prevalence of cardiovascular illnesses around the world can be attribut to factors such as the speed at which globalization is taking place, the growth of bad lifestyle patterns, low levels of physical activity, rising consumption of junk food and beverages, and alcohol usage.
Restraints
Many people utilize left ventricular assist devices (LVADs) as a stopgap measure before undergoing a heart transplant. LVAD-related problems often arise in 60% of patients within six months of implantation and 80% of patients within a year of implantation, incurring a much greater cost. A single battery for a left ventricular assist device will last for 4 to 5 hours. When the battery gets low, it must be replaced repeatedly, hindering the market’s expansion as a whole.
Market Segmentation
Application Insights
By application, the market is segmented into destination therapy, bridge to transplant therapy, bridge to recovery therapy, and bridge to candidacy therapy.
In 2020, the destination therapy segment held the maximum position in the market, with 43.1% of the revenue share. The incidences of end-stage heart failure and cardiovascular disorders are on the rise, which is responsible for this expansion. For cardiac patients who are ineligible for heart transplant operations, LVADs are employ in destination treatment applications. Abbott, Medtronic, and Jarvik Heart Inc. are significant market participants.
Design Insights
On the basis of design, the market is segmentin into implantable ventricular assist devices and transcutaneous ventricular assist devices.
The implantable ventricular assist devices in 2020 held the maximum market with 71.5% of the revenue share. Since patients who are ineligible for heart transplant procedures are increasingly favoring long-term therapeutic approaches, this market is expect to grow at a profitable rate in the future. The VAD market is seeing the entry of new firms with cutting-edge equipment.
Product Insights
By product, the market is segment into suitable ventricular assist devices, left ventricular assist devices, and biventricular assist devices.
The Left Ventricular Assist Devices (LVAD) segment ruled the entire market in 2020 with a share of 80.5%. This expansion results from 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 worldwide.
The Bi-ventricular Assist Devices (BiVAD) category will expand at the fastest pace of 18.7%. Demand for the product should expand as pneumatically driven BiVADs are used more frequently in TAH transplantation. In patients with highly decompensated heart failure, BiVADs outperform LVADs because they promote efficient heart ventricle function.
Regional Insights
North America regional market held the largest market in 2020 with 54.1% revenue share. The market for VAD is expectin to be driven by the availability of regulate reimbursement policies and coverages and rising awareness regarding VADs, such as bridge to recovery, destination treatments, and bridge-to-transplant. Most obese people are found in the U.S. population, where they are more likely to develop cardiovascular problems. Additionally, 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 will spur regional market growth.
Key Players
- Medtronic
- Teleflex Incorporated
- Abbott Laboratories
- Abiomed
- SynCardia Systems
- CardiacAssist Inc.
- Berlin Heart
- Fresenius Medical Care AG & Co. KGaA
- Getinge
- SENKO MEDICAL INSTRUMENT Mfg. CO., LTD
- Jarvik Heart Inc.
- World Heart Corporation
- CardioDyme
The market for ventricular assist devices in 2021 was worth USD 1.39 billion and will be worth USD 2.58 billion by 2030, growing at a 7.13% CAGR during 2021-2030. The rapid development of technology, the rising prevalence of cardiovascular disorders, and the growing elderly population are the primary drivers of the global ventricular assist device market.
