Ventricular Assist Devices Market Analysis- – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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.

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Global Ventricular Assist Devices Market: Key Insights

Base Year	2022
Forecast Year	2023-2033
CAGR	~9%
Base Year Market Size (2022)	~ USD 2.3 Billion
Forecast Year Market Size (2033)	~ USD 5.5Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

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:

By Product Type	Biventricular Assist Devices (BIVADs) Right Ventricular Assist Devices (RVADs) Left Ventricular (LVADs)
By Design	Implantable Transcutaneous Ventricular Assist Devices
By Application	Bridge-to-Transplant (BTT) Bridge-to-Candidacy (BTC) Bridge-to-Transplant (BTT) Destination Therapy
By End-User	Specialty Clinics Hospitals ASCs Others

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Top Featured Companies Dominating the Global Ventricular Assist Devices Market

Abbott Laboratories
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- 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

In The News

April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the ventricular assist devices market?

Ans: Rising penetration of stroke and increasing prevalence of coronary artery disease are estimated to majorly boost the market growth.

2) What would be the CAGR of ventricular assist devices market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the ventricular assist devices market growth?

Ans: High costs associated with the requisite equipment and lack of skilled medical professionals are estimated to challenge the market growth.

4) Which region will provide more business opportunities for growth of ventricular assist devices market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the ventricular assist devices market?

Ans: The major players in the market are 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, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the ventricular assist devices market?

Ans: The market is segmented by product type, design, application, end-user, and by region.

8) Which segment captures the largest market size in end-user in the ventricular assist devices market?

Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Ventricular Assist Devices Market