Ventricular Assist Devices Market size is anticipated to reach USD 5.5 Billion by the end of 2033, growing at a CAGR of 9% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of ventricular assist devices was around USD 2.3 Billion.The growth of the market can primarily be attributed to the growing prevalence of cardiovascular diseases, rapid globalization, and the increasing adoption of unhealthy lifestyles in developing countries. Based on the data provided by the World Health Organization (WHO), cardiovascular diseases were stated to be accounting for nearly 17.9 death in 2019 across the globe.
Global ventricular assist devices market trends such as the mounting prevalence of congenital heart disease and ongoing technological advancement in medical equipment along with a significant increment in global healthcare expenditure are projected to influence the growth of the market positively over the forecast period. It has been observed that congenital heart disease (CHDs) affects approximately 38,000 births every year solely in the USA. Moreover, ventricular assist devices (VAD) are mechanical circulatory support devices that provide assistance to pump blood from the lower chamber of the heart to the rest of the body. The demand for these devices is up surged by the rising awareness of the early diagnosis of heart diseases. Hence, all these factors are estimated to propel the growth of the market over the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 2.3 Billion |
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Forecast Year Market Size (2033) |
~ USD 5.5 Billion |
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Regional Scope |
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End-user (Specialty Clinics, Hospitals, ASCs)
The global ventricular assist devices market is segmented and analyzed for demand and supply by end-user into specialty clinics, hospitals, ASCs, and others, out of which, the hospitals segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted for by the mounting patient pool in hospitals over the recent decades, the increasing number of hospitalization days, and the growing number of physicians in developing and low-income countries. As of 2018, it was observed that approximately 100 million people visited the emergency department.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Design |
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By Application |
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By End-User |
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The North America region ventricular assist devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the increasing cases of cardiac arrests in the region, the rising adoption of new technological devices, and growing agreements for collaborations and development by the key players. Cardiac arrest is one of the leading causes of death. For instance, the annual rate of the occurrence of out-of-hospital cardiac arrests in the United States is projected to be nearly 0.03 million, while every 40 seconds, one person dies on account of a heart attack in the same region. Hence, such factors are anticipated to hike the growth of the market over the forecast period.
Abiomed, Inc. to unload with Impella CP for 30 minutes before percutaneous coronary intervention. Impella CP is associated with the patients having decreased Infarct size.
Abbott Laboratories to unveil its Amplatzer “Talisman”, a PFO Occlusion System. The system is developed to close the holes in the heart preventing the risk of heart stroke. The system is very beneficial for people living with patent foramen ovale (PFO).
Author Credits: Radhika Gupta, Shivam Bhutani
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