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Ventricular Assist Devices Market

Rising Awareness of Heart Diseases Leading to Significant Growth in Ventricular Assist Devices Market

Global Ventricular Assist Devices Market by Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, Total Artificial Heart)

Market Snapshot

The Ventricular Assist Devices Market was held at around US$ 2.3 Billion in 2022 and is expected to grow with a CAGR of 22.8% from 2023 to 2033. As the prevalence of cardiovascular disorders has increased in recent years, demand for ventricular assist devices is likely to increase. The market is expected to account for an absolute dollar opportunity of nearly US$ 17.9 Billion from 2023 to 2033.

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Details

Global Ventricular Assist Devices Market (2023)

US$ 2.7 Billion

Global Ventricular Assist Devices Market (2033)

US$ 20.6 Billion

Global Ventricular Assist Devices Market (2023 to 2033)

22.8%

U.S. Ventricular Assist Devices Market (2023 to 2033)

21%

Key Companies Profiled

  • Abiomed
  • Medtronic
  • Abbott
  • Berlin Heart
  • Cardiac Assist, Inc.
  • Jarvik Heart, Inc.
  • ReliantHeart, Inc.
  • Sun Medical Technology Research Corp
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Revenue of Ventricular Assist Devices Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the Ventricular Assist Devices Market industry research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 17.9% CAGR. The market is projected to grow at a CAGR of 22.8% over the coming ten years.

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Which Factors are driving the Ventricular Assist Devices demand?

Ventricular assist devices are expected to be highly sought-after among cardiac assist devices, where the former accounts for more than 62% worldwide revenue share of the latter. The rise of VAD is being aided by the rising need for left ventricular assist devices.

They are predicted to gain popularity as healthcare experts and engineers work on next-generation devices that can be implanted on both sides of the heart. Technological developments have increased cardiac arrest rates, and a scarcity of organ donors is contributing to the market growth.

According to the World Health Organization, some 17.9 million people die every year from cardiovascular illnesses, with heart failure being one of the leading causes of death. According to the Centers for Disease Control and Prevention, about 6.2 million adults in the United States suffer from heart failure, with 379,800 people dying of it in 2018. (CDC). The adoption of ventricular assist devices, particularly left ventricular assist devices, has increased as the frequency of heart failure has increased.

In 2018, Abbott's HeartMate II left ventricular assist device (LVAD) was implanted in more than 27,000 patients in the United States. Furthermore, breakthroughs and upgrades in LVAD development have aided acceptance. Leading healthcare businesses including Abbott Laboratories, Medtronic PLC, and Abiomed are ramping up their research efforts to produce upgraded LVADs to meet the growing demand.

Companies are seeking fast-track permits from regulatory agencies in order to keep up with rapid development, which is leading to increased investment. The market for technologically advanced ventricular assist devices is predicted to grow rapidly over the next decade, driven by rising demand for these devices.

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Region-wise Analysis

Which region holds significant opportunity in the Ventricular Assist Devices Market?

In 2020, North America dominated the market for ventricular assist devices, accounting for over 50% of total sales. The availability of authorized repayment insurance policies and coverages, as well as increased awareness of VADs such as bridge-to-recovery, destination treatments, and bridge-to-transplant, are expected to drive the VAD industry in the future years.

Obesity is prevalent among Americans, making them vulnerable to cardiovascular disease. Furthermore, the development of technologically advanced healthcare facilities in the United States is predicted to boost treatment numbers and stimulate market expansion. Favorable reimbursement policies and insurance coverage that reduce out-of-pocket expenses are likely to increase growth by supporting the rising treatment rate.

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Country-wise Analysis

United States Ventricular Assist Devices Market Analysis:

The market in the United States is expected to grow to be worth US$ 8.5 Billion by 2033, with an absolute dollar growth of US$ 7.2 Billion from 2033 to 2033. The market in the country has grown at a CAGR of 18.4% from 2018 to 2022 and is expected to grow at a CAGR of 21% from 2023 to 2033.

United Kingdom Ventricular Assist Devices Market Analysis:

The market in the United Kingdom is expected to grow to be worth US$ 626.6 Million by 2033, with an absolute dollar growth of US$ 542 Million from 2023 to 2033. The market in the United Kingdom grew at a CAGR of 18.9% from 2018 to 2022 and is expected to grow at a CAGR of 22.3% from 2023 to 2033.

Japan Ventricular Assist Devices Market Analysis:

The market in Japan is expected to grow to be worth US$ 760.1 Million by 2033, with an absolute dollar growth of US$ 688 Million. The market in the country grew at a CAGR of 21.8% from 2018 to 2022 and is expected to grow at a CAGR of 26.8% from 2023 to 2033.

India Ventricular Assist Devices Market Analysis

The cardiac assist devices market in India is expected to be one of the most profitable in South Asia. The market growth is being aided by the expansion of the healthcare industry and the development of ventricular assist devices. In addition, the country's high prevalence of heart failure has fuelled demand for cardiac assist equipment. Increased government financing and initiatives to expand healthcare facilities will also help the Indian market grow.

According to the International Diabetes Federation, India has the world's largest diabetic population, with about 77 million individuals affected by the disease. Diabetes has been the leading cause of significant heart disease in the country.

Coronary heart disease kills one-fifth of India's population. According to the American Heart Association Journal, 1/3rd of fatalities in India in 2020 were caused by coronary heart disease and cardiac failure. With an increase in the number of cases of coronary heart disease, India is witnessing an increase in the number of cases of heart failure, particularly among the young population.

Patients are choosing minimally invasive therapies as the incidence of heart failure rises in the country. As a result, demand for ventricular assist devices has surged in India, particularly for left ventricular assist devices.

The market for cardiac assist devices is growing owing to increased government financing and initiatives. For example, the Government of Assam's Department of Health and Family Welfare launched a program under which the government will cover the costs of surgery for children with coronary heart disease.

Category-wise Insights

Why is the market for Bi-ventricular Assist Devices booming?

Over the next few years, the Bi-ventricular Assist Devices demand is expected to increase at over 15% CAGR. Its demand is predicted to expand as the usage of pneumatically driven BiVADs in TAH transplantation grows. In people with highly decompensated heart failure, BiVAD’s effectiveness is more than LVADs because they allow the heart ventricles to perform more efficiently. The benefits of BiVADs outlined above are likely to improve the VAD market and enable rapid adoption.

What are the prospects for the market for Left Ventricular Assist Devices?

The Left Ventricular Assist Devices (LVAD) segment generated more than 80% of the total revenue of ventricular assist devices in 2020. The numerous LVAD implantation operations observed among patients are responsible for this rise. Abbott's LVAD named HEARTMATE II had been implanted in more than 26,600 heart failure patients around the world by 2018. Readmissions after LVAD implantation were more expensive and related to longer hospital stays, according to an American College of Cardiology analysis.

Furthermore, the market for VAD is predicted to rise in the next years as the number of patients suffering from end-stage cardiac failure grows and there is a shortage of effective therapeutic techniques. Furthermore, the American Heart Association reported gains in LVAD patients' functionality, patient welfare, and life span, all of which promote LVAD adoption.

The market participants are concentrating on their merger and collaboration strategies in order to address the shortage of organ donors and meet the growing demand for LVADs for patients who are waiting for transplantation.

Competitive Analysis

The key players in the global Ventricular Assist Devices Market are Abiomed, Medtronic, Abbott, Berlin Heart, and Cardiac Assis Inc.

  • In June 2020, the FDA approved Abiomed's Impella ECP First-in-Human Trial in high-risk percutaneous coronary intervention patients. Furthermore, they are pursuing various methods like mergers and acquisitions and increasing their manufacturing facilities in order to enhance their business and broaden the reach of their technology.
  • In June 2021, Abbott increased its manufacturing capacity and supplies to meet the rising demand for mechanical circulatory support (MCS) devices, which are used to treat severe heart failure.
  • In February 2021, CARMAT gained FDA approval to utilize a new version of their artificial heart in a United States Early Feasibility Study (EFS).
  • In October 2019, Medtronic obtained the FDA's breakthrough device designation for the 'HVAD,' an implantable heart pump designed to treat patients with severe heart failure.

Market Segments Covered in Ventricular Assist Devices Market Analysis

By Product Type

  • Left Ventricular Assist Device
  • Right Ventricular Assist Device
  • Bi-Ventricular Assist Device
  • Total Artificial Heart

By Flow Type

  • Pulsatile Flow
  • Continuous Flow

By Application

  • Bridge to Transplant
  • Destination Therapy
  • Other Applications

By Design Type

  • Implantable Ventricular Assist Device
  • Transcutaneous Ventricular Assist Device

By Region

  • North America
    • United States
    • Canada
  • Europe
    • United Kingdom.
    • Germany
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Thailand
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • United Arab Emirates

- Companies Covered in This Report -

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

- Frequently Asked Questions -

The global market is estimated at US$ 2.3 Billion in 2022 and is estimated to grow further to US$ 2.7 Billion in 2023.

The market value is projected to increase at a CAGR of around 22.8% from 2023 to 2033.

The market value increased at a CAGR of around 17.9% from 2018 to 2022. 

As the prevalence of cardiovascular disorders has increased in recent years, which has augmented the demand for ventricular assist devices.

Top 5 countries driving demand for the Ventricular Assist Devices are the United States, China, Japan, the U.K., and South Korea

United States accounted for over 50% of global market demand in 2022.

The market in the UK is projected to expand at a CAGR of around 22.3% from 2023 to 2033. 

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