Ventricular Assist Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Ventricular Assist Devices Market is segmented By Product Type (Left Ventricular Assist Device, Right Ventricular Assist Device, Biventricular Assist Device), By Design (Implantable Ventricular Assist Devices, Transcutaneous Ventricular Assist Devices), By Application (Bridge to Candidacy Therapy, Bridge to Transplant Therapy, Bridge to Recovery Therapy, Destination Therapy), By End-User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Ventricular Assist Devices Market Overview

Global Ventricular Assist Devices Market is expected to reach at a high CAGR during the forecast period 2023-2030.

A ventricular assist device (VAD) is a mechanical pump that is used to support heart function and blood flow in people with weak or failing hearts. It is used either to partially or to completely replace the function of a failing heart.

VADs are designed to assist either the right ventricle (RVAD) or the left ventricle (LVAD) or to assist both ventricles (BiVAD). By relieving the heart's workload, a VAD can prolong life and improve symptoms such as fatigue and breathlessness.

Ventricular Assist Devices Market Scope

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Ventricular Assist Devices Market Dynamics

Increasing cardiac disease and heart failure burden  

The increase in the number of cardiac diseases and the increase in the heart failure burden is expected to drive the market growth. These factors increase the demand for ventricular assist devices. Additionally, the increase in technological advancements and the increase in the approvals of the devices are also expected to drive the market. 

For instance, according to the report published in 2022, it is estimated that heart failure has an estimated prevalence of 26 million people worldwide and contributes to increased healthcare costs worldwide. Heart failure remains a highly prevalent disorder worldwide with a high morbidity and mortality rate.

Additionally, according to the report published in the Journal of the American College of Cardiology, high systolic blood pressure remains the leading modifiable risk factor globally for attributable premature cardiovascular deaths, which was about 10.8 million cardiovascular deaths and 11.3 million deaths overall in 2021, and has been particularly linked to ischemic heart disease and stroke-related deaths. Thus, the above factors are expected to drive the market growth in the forecast period.

High costs of devices and the procedures 

Factors such as high cost and serious complications involved with the usage of ventricular assist devices such as blood clots and bleeding, are restricting the global ventricular assist devices market growth. 

Ventricular Assist Devices Market Segment Analysis

The global ventricular assist devices market is segmented based on product type, design application, end-user and region.

Left ventricular assist device segment accounted for 48.3% of the market share 

The left ventricular assist devices segment is expected to hold a dominant share in the global ventricular assist devices market because of the advantages of the LAVD over other types.. The left ventricular assist device (LVAD) is the most common device applied to a defective heart (it is sufficient in most cases. 

Left Ventricular Assist Devices (LVADs) are mechanical devices that are implanted in patients with advanced heart failure, help the heart pump blood more effectively, and could benefit patients with advanced heart failure as they await donors. They improve the function of the kidneys, liver, brain, and other organs by increasing blood flow to the body.

Left Ventricular Assist Device (LVAD) helps the left side of the heart pump blood to a large blood vessel called the aorta and to the rest of the body. 

Additionally, the increase in the number of heart diseases, an increase in the geriatric population, and the increase in the number of launches of the devices are expected to drive the segment’s growth.  Thus, the above factors are expected to hold a significant position in the market share. 

Ventricular Assist Devices Market Geographical Share

North America is expected to hold a significant position in the global ventricular assist devices market share

North America holds a dominant share in the ventricular assist devices market share owing to technological advancements and, an increase in the burden of heart diseases and is expected to continue throughout the forecast period. 

For instance, according to the report by CDC in 2021, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 33 seconds in the United States from cardiovascular disease and about 695,000 people in the United States died from heart disease in 2021.

According to the report by the Centers for Disease Control & Prevention (CDC) in 2023, it is estimated that about 805,000 people in the United States have a heart attack every year. Among these, 605,000 are a first heart attack and 200,000 happen to people who have already had a heart attack.

Thus, an increase in the burden of heart diseases, and also increase in the advancements in the region, and the presence of major companies in the region are expected to drive market growth in the region.

COVID-19 Impact Analysis

The COVID-19 has impacted the ventricular assist devices market negatively. The reduction in the number of cardiovascular surgeries and the closure of hospitals during the period of lockdown has impacted the market growth. People refused to visit hospitals for treatment procedures because of the spread of the virus. Thus, COVID-19 has reduced the growth of the market.

Ventricular Assist Devices Market Companies

The leading companies with a significant market share include Abbott Laboratories, Abiomed Inc, Berlin Heart GmbH, Medtronic Plc, Jarvik Heart, Inc., EVAHEART, INC., Cirtec, CorWave SA, Calon Cardio-Technology Ltd, and Teleflex Incorporated.

Key Developments

• On June 20, 2023, CorWave declared that its Series C round has brought in a total of $64 million to fund entry into clinical trials and initial manufacturing of its wave membrane LVAD.
• On January 6, 2022, the IIT Kanpur has forayed into the field of medical technology with its ambition of creating the world's most advanced Left Ventricular Assist Device (LVAD).

Why Purchase the Report?

• To visualize the global ventricular assist devices market segmentation based on product type, design, application, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of ventricular assist devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global ventricular assist devices market report would provide approximately 69 tables, 68 figures, and 185 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies