The size of the global ventricular assist device market is predicted to grow to USD 5.84 billion by 2028 from USD 2.75 billion in 2023, growing at a CAGR of 16.23% from 2023 to 2028.
A ventricular assist device is a mechanical pump that helps people with weakening hearts and cardiac issues maintain heart function and blood flow. A ventricular assist device (VAD) takes blood from the heart's lower chamber and assists in pumping it into the body and essential organs, just like a healthy heart would. A ventricular assist device is a long-term option for individuals who are not eligible for a heart transplant. It supports hearts during or after the operation until they recover or while a patient is waiting for a heart transplant. Cardiovascular diseases have surpassed cancer as the leading cause of mortality worldwide due to their increasing prevalence.
Impact of COVID-19 on the global ventricular assist device market:
The ongoing Covid-19 pandemic has had a detrimental influence on the global VAD market. The government imposed temporary lockdowns and travel restrictions, resulting in a decrease in surgical procedures. For instance, lower patient utilization and the considerable impact of the COVID-19 pandemic on surgeries, elective medical operations, and fewer patients seeking treatment at hospitals impacted ABIOMED Impella heart pump's global revenue in Q4 of FY2020. In addition, the pandemic's ongoing stress prompted elective surgical interventions to be postponed, which impacted the growth of the VAD market by lowering product demand.
Following the global outbreak of COVID-19, there have been considerable changes in the healthcare system. Several countries have agreed to postpone elective surgery in the cardiac care industry to reduce the risk of infection. For example, elective cardiac procedures have been delayed in the UK because of the impact of COVID19 on healthcare systems. This is due to a redistribution of intensive care resources and the unquantifiable risk of contracting COVID19. The outbreak of COVID-19 has also resulted in a drop in revenue for market players; however, the growth is expected to accelerate during the forecast period.
The growing worldwide elderly population and the increased prevalence of chronic conditions such as diabetes, neurological disorders, hypertension, and stroke are expected to boost demand for Ventricular Assist Devices (VADs).
Rapid globalization, combined with the adoption of unhealthy lifestyles in both industrialized and developing countries, increases the risk of chronic diseases. One of the other important factors driving the growth of the VAD market is the rise in the frequency of chronic diseases and the drop in organ transplantation. The VAD market is continually changing, and the major companies are investing in product development and innovation. Technology advancements and prompt regulatory approvals in the form of small-size devices with features such as infection management are expected to fuel the market for VAD.
As the prevalence of cardiovascular diseases rises, increasing investments, funds, and grants for heart failure treatment research, demand for ventricular assist devices is likely to rise. Furthermore, these disorders raise the risk of organ failure, and the need for VADs is predicted to grow in the coming years due to a scarcity of organ donors and delays in organ transplantation. As a result, more advanced devices were created. Third-generation devices, such as DuraHeart and HeartMate III, included smaller size, lower rotating speeds, increased efficiency, and improved anatomic design. As a result of the advancement of more effective VAD, the market is likely to rise in the future. The development of technically advanced products, aided by government initiatives to support medical device producers, is expected to propel the market for ventricular assist devices forward. In addition, a significant number of clinical studies are being developed for VADs, and these clinical trials are being conducted by a variety of research organizations, firms, and universities, bolstering worldwide innovation.
Certain limitations of these devices, including their expensive cost and the substantial dangers associated with Ventricular Assist Devices implantation, such as blood clots and bleeding, are expected to limit the market expansion. In addition, complications connected with LVAD implantations and a lack of funding for destination therapy are among the key challenges that block market expansion and are estimated to pose a further barrier to the growth of the ventricular assist device market during the forecast period.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Design, Application, & Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global ventricular assist device market has been segmented and sub-segmented based on product, design, application, & region.
Ventricular Assist Device Market – By Product:
Based on the product, the Left Ventricular Assist Device (LVAD) is expected to dominate the global ventricular assist device market during the forecast period. LVADs are surgically implanted devices that accept blood from the left ventricle and send it to the aorta. It works in combination with the patient's own heart. It is most commonly used to treat people with end-stage heart failure. Since the last two decades, several worldwide hospitals and research centers have widely used VAD programs, particularly in developed markets, and for assistance in developing novel investigational devices.
Ventricular Assist Device Market – By Application:
The destination therapy segment dominated the global VAD market in 2022. This increase is due to a rise in the incidence of end-stage heart failure and cardiovascular diseases. In addition, for cardiac patients who are not eligible for heart transplant surgery, LVADs are used in destination treatment applications.
Ventricular Assist Device Market – By Design:
In 2022, the implanted ventricular assist devices segment led the global VAD market. This growth is due to ineligible patients for heart transplants increasingly preferring long-term therapeutic options, and this segment is expected to grow at a lucrative rate in the coming years. In addition, the VAD market is seeing the arrival of new players with innovative technologies.
Ventricular Assist Device Market – By Region:
Geographically, the North American region dominated the global ventricular assist devices market, owing to the region's world-class healthcare infrastructure, technologically advanced practices, increased citizen spending on healthcare, an aging population, and cardiac patient pool, favorable government policies, and the presence of key industry players.
The Asia Pacific ventricular assist devices market is expected to grow significantly due to rising healthcare spending, a rise in the number of collaborations and strategic agreements among significant market players, and a rise in collaborations and strategic agreements among significant market players. Furthermore, an increase in medical travel for cardiac surgeries in countries such as Malaysia, India, and Singapore, among others, is a major factor boosting the ventricular assist devices market in this area.
KEY MARKET PARTICIPANTS:
Abbott (US), ReliantHeart Inc. (US), Abiomed Inc. (US), Cardiac Assist Inc. (US), Medtronic plc (Ireland), Fineheart (France), Cirtec (US), CorWave SA (France), and Berlin Heart GmbH (Germany) are some of the noteworthy companies operating in the global ventricular assist device market profiled in this report.
RECENT HAPPENINGS IN THIS MARKET:
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]