Ventricular assist devices are mechanical implantable devices to support heart function and blood flow. The global ventricular assist devices market was valued at $1.39 billion in 2021. It will grow to reach $2.58 billion at a CAGR of 7.13% during the forecast period 2021-2030.
Global ventricular assist devices market trends and opportunities
- The market is experiencing positive growth in the market. This is due to the increasing incidence of heart failure and other cardiovascular diseases. Also, aging population is likely to be develop to chronic diseases such as diabetes, neurological disease, and other cardiovascular diseases. It will boost the demand of market. Additionally, local product introductions and continuous government support will fuel product demand in the market.
- The demand for ventricular assist devices has increased due to the decline in organ donors, which will boost the ventricular assist devices market.
- The LVAD Devices will grow in the coming years. Due to increased investments in research and development to develop products of higher quality for the pharmaceutical and healthcare industries.
- The bridge to transplant application segment will have maximum contribution to the overall market growth. The growth is due to the variables such as an increase in the number of heart diseases and heart failures among patients.
- North America to dominate the industry during the forecast period. The growth factor for North American region is due to the rising incidence of heart diseases. Additionally, high per capita healthcare costs will contribute to the market growth in North America.
Ventricular assist devices market restraints
- The device’s high cost and side effects, such as bleeding complications and ischemic and hemorrhagic stroke, may hinder the growth of the Ventricular Assist Devices market.
- Many people utilize LVADs as a temporary solution to seeking a heart transplant.
- LVAD-related problems often arise in 60% of patients within six months of implantation and 80% within a year, incurring a much greater cost.
- A single left ventricular assist device’s battery will last 4 to 5 hours. When the battery gets low, it needs replacement continuously, hindering the market’s expansion as a whole.
Ventricular assist devices market segmentation
The market segmentation based on product, application, design, and region.
- Based on the product, the market segmentation analysis into left ventricular assist devices, suitable ventricular assist devices, and biventricular assist devices.
- Based on application, the market segmentation analysis into a bridge to transplant therapy, destination therapy, bridge to recovery therapy, and bridge to candidacy therapy.
- The market segmentation analysis into design into transcutaneous and implantable assist devices.
- The market analysis across North America, Europe, Asia Pacific, and LAMEA.
Key companies and development
Key players active in the global industry are Abiomed, Boston Scientific Corporation, Abbott Laboratories, Medtronic, Getinge, Berlin Heart, and Terumo Medical Corporation.
- Medtronic introduced a new HVAD Systems product in 2018, which has proven beneficial for healthcare personnel in recent years due to its minimally invasive nature.
- Following Medtronic’s decision to stop selling the HeartWave Assist device, Abbott stated in June 2021 that they had sufficient supply and capability to meet the increased demand for mechanical circulatory support (MCS) devices to ensure the appropriate treatment of heart-related disorders.
The primary drivers of the growth of the ventricular assist device market are the development of equipment for managing cardiac diseases, increased initiatives and public awareness of cardiovascular diseases, and increased incidence of heart failure and cardiac diseases. The World Health Organization estimates that 17.9 million individuals worldwide die each year due to cardiovascular illnesses. It accounts for 35% of all deaths worldwide. Additionally, heart attacks and strokes account for 85% of these cardiovascular disease deaths.