Ventricular Assist Devices Market Size & Share, by Product Type {Biventricular, Right, Left}; Design (Implantable, Transcutaneous); Application {Bridge-to-Transplant, Bridge-to-Candidacy, Bridge-to-Transplant, Destination Therapy}; End-user (Specialty Clinics, Hospitals, ASCs) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Ventricular Assist Devices Market Definition

Ventricular assist devices are the devices that help the body in the circulation of blood. Also called Mechanical circulatory support devices are of various types including left ventricular assist devices, right ventricular assist devices, etc. The rising prices and time of recovery of heart surgeries are increasing the demand for these devices. These devices work as permanent solutions for patients suffering from minor chances of improvement of cardiac muscles.

Global Ventricular Assist Devices Market: Key Insights

Global Ventricular Assist Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global ventricular assist devices market is estimated to garner a revenue of ~USD 5.5 Billion by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2.3 Billion in the year 2022. 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.

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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.

Global Ventricular Assist Devices Market: Growth Drivers and Challenges

Growth Drivers

• Growing Cases of Heart Attacks to Boost the Market Growth- For instance, approximately 0.08 million die every year in the United States alone.

A heart attack or a myocardial infarction is a condition when the blood flow gets disrupted in a certain heart muscle. Such blockage of blood results in severe damage to the heart that can cause death or the lifetime functionality of the heart. Since ventricular assist devices are helpful to pump blood conveniently to the body, cardiologists prefer them more often. Hence, such a requirement is projected to propel the growth of the market over the forecast period.

• Rising Penetration of Stroke Owing to Increasing Obesity Issues- It is observed that in every 5 adults, 1 of them dies on account of a stroke under the age of 25.

• Increasing Prevalence of Coronary Artery Disease with Growing Changes in Food Habits- As of 2020, coronary heart disease was projected to account for approximately 0.35 million deaths across the globe.

• Significant Utilization in the Treatment of Cardiac Arrhythmia Owing to Rising Disposable Income- In 2021, cardiac arrhythmia was estimated to be affecting between 5-12 million individuals globally.

• Long Waiting Periods Associated with Heart Surgeries or Transplants - As per the Health Resources and Administration of the U.S. in 2018, 3980 candidates were included on the waiting list for heart surgeries.

Challenges

• High Cost Associated with Requisite Equipment

The equipment used is very expensive which a small clinic cannot afford. The high cost of maintenance and increasing hospitalization cost for these devices is more than any conventional therapy. The implantation of these devices is also costly that is estimated to limit the adoption and eventually hamper the market growth.

• Lack of Skilled Medical Professionals

• Disrupted Supply-Chain due to COVID-19

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.

Global Ventricular Assist Devices Market Regional Synopsis

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.

Market Segmentation

Our in-depth analysis of the global ventricular assist devices market includes the following segments:

Top Featured Companies Dominating the Global Ventricular Assist Devices Market

• Abbott Laboratories

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  • Regional Presence
  • SWOT Analysis

• Sun Medical Technology Research Corp．
• Berlin Heart GmbH
• Abiomed, Inc.
• ReliantHeart, Inc.
• Jarvik Heart, Inc
• LivaNova, Inc.
• Boston Scientific Corporation
• Calon cardio-Technology Ltd.
• Medtronic plc