The increasing prevalence of heart failure, rising geriatric population, and the development of technologically advanced ventricular assist devices are some of the primary factors driving the growth of the global ventricular assist devices market.
This market research report identifies Medtronic plc, Abbott Laboratories, Reliant Heart, Inc., Jarvik Heart, Inc., and Berlin Heart GmbH as the major vendors operating in the global ventricular assist devices market. This report also provides a detailed analysis of the market by product (Left Ventricular Assist Devices [LVAD], Right Ventricular Assist Devices [RVAD], and Biventricular Assist Devices [BIVAD]), by design (Transcutaneous Ventricular Assist Devices and Implantable Ventricular Assist Devices), by application (Bridge-to-Transplant [BTT] Therapy, Destination Therapy, Bridge-to-Recovery [BTR] Therapy, and Bridge-to-Candidacy [BTC] Therapy), and by regions (North America, Europe, Asia Pacific and Rest of the World).
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Overview of the Global Ventricular Assist Devices Market Research
The market has witnessed steady growth in the past few years and development in technology with the introduction of innovative products have increased the acceptance of heart assist devices in the market. The market is fueled by increase in the incidence of heart failure, lack of heart donors for transplantation, and increasing elderly population.
The market continues to grow and is one of the most widely used devices for the functioning of heart in cardiac failure and weakened heart patients. The market is getting revolutionized with the advancement in technology. Vendors are focusing towards new product launches, product approvals, and targeting towards end-user’s perspective. The market generates the revenue from the key players operating in this field and some of vendors are Medtronic plc, Reliant Heart Inc., Abbott Laboratories, Berlin Heart GmbH, Jarvik Heart, Inc., and ABIOMED, Inc. Favorable reimbursement policies, availability of advanced technologies, and growing cardiovascular diseases will increase the adoption and demand of the devices in this region. The Asia Pacific is expected to grow during the forecast period, owing to factors such as high prevalence of cardiovascular diseases, increasing healthcare expenditure, and presence of huge population base.
Ventricular Assist Devices Market By Product
Left Ventricular Assist Devices (LVAD)
Right Ventricular Assist Devices (RVAD)
Biventricular Assist Devices (BIVAD)
In 2023, the left ventricular assist devices segment occupied the largest share and is expected to grow at high CAGR during the forecast period. Increasing number of patients suffering from last-stage heart failure, advancement in technology such as effectiveness, high survival rate, and decreased risk of the devices makes the segment the most common among other VAD devices.
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Ventricular Assist Devices Market By Design
Transcutaneous Ventricular Assist Devices
Implantable Ventricular Assist Devices
In 2023, the implantable ventricular assist devices segment occupied the largest share and is expected to grow at high CAGR during the forecast period.
Ventricular Assist Devices Market By Application
Bridge-to-Transplant (BTT) Therapy
Destination Therapy
Bridge-to-Recovery (BTR) Therapy
Bridge-to-Candidacy (BTC) Therapy
By application, the bridge-to-recovery (BTR) therapy generated the maximum revenue, thus accounting for more than 35% of the global ventricular assist devices market in 2023 and the segment is expected to grow at high CAGR during the forecast period. The destination therapy segment is expected to be the second highest growing segment during the forecast period.
Ventricular Assist Devices Market By Regions
North America
Europe
APAC
ROW
The market is dominated by North America, followed by Europe and Asia Pacific. US occupied the major share of the North American market due to the increasing disease prevalence and availability of advanced technologies.
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Ventricular Assist Devices Market Research Competitive Analysis
The global ventricular assist devices market has massive growth opportunities in both developed and developing regions. The advancement and upgradation of devices will increase the competition among vendors. Many vendors are focusing on product approvals and developing innovative products to strengthen their product portfolio that intensifies the market competition. In October 2023, FDA approved HeartMate 3 left ventricular assist device developed by Abbott, as a destination therapy for patients with advanced heart failure. The approval device supported by the Momentum 3 trial showed a survival rate of 82.8% at two years with rates of suspected pump thrombosis at only 1.1%. In addition, other leading players are focusing in huge investments on research and development activities to develop new products to attain maximum share in the market.
Key vendors
Medtronic plc
Abbott Laboratories
ReliantHeart Inc.
Berlin Heart GmbH
Jarvik Heart, Inc.
ABIOMED, Inc.
BiVACOR
Calon Cardio-Technology Ltd.
LivaNova PLC
Evaheart Medical USA, Inc. (Asahi Kasei Corp.)
Fresenius Medical Care AG & Co. KGaA (XENIOS AG)
Maquet GmbH (Getinge AB)
Key competitive facts
The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
Benefits
The report provides complete details about the usage and adoption rate of ventricular assist devices. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives towards the medical devices segment in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals, and to analyze before investing or expanding the business in this market.
Key Takeaways
Understanding the potential market opportunity with precise market size and forecast data
Detailed market analysis focusing on the growth of ventricular assist devices industry
Factors influencing the growth of ventricular assist devices market
In-depth competitive analysis of dominant and pureplay vendors
Prediction analysis of ventricular assist devices industry in both developed and developing regions
Key insights related to major segments of the ventricular assist devices market
Latest market trend analysis impacting the buying behavior of the consumers.
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