Ventricular Assist Devices Market Size, Share, Growth Analysis, By Design(Implantable Ventricular Assist Device, and Transcutaneous Ventricular Assist Device), By Product(Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart), By Flow Type(Pulsatile Flow, and Continuous Flow), By Application(Bridge to Transplant, Destination Therapy, Others (Bridge to Recovery, Bridge to Candidacy), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2935 |
Region:
Global |
Published Date: October, 2024
Pages:
212
|Tables:
118
|Figures:
68
Ventricular Assist Devices Market Insights
Global Ventricular Assist Devices Market was valued at USD 1.13 Billion in 2022 and is expected to rise from USD 1.25 Billion in 2023 to USD 2.66 Billion by 2031, at a CAGR of 9.9% during the forecast period (2024–2031).
The surging prevalence of cardiovascular disorders and growing demand for heart transplants are estimated to primarily augment the sales of ventricular assist devices across the study period. Rapidly increasing aging population will also be a major contributor to the rising demand for ventricular assist devices around the world. Advancements in the development of novel ventricular assist devices and increasing investments in the R&D of novel technologies are also expected to create new opportunities for ventricular assist device companies in the future. Increasing healthcare expenditure around the world is also anticipated to boost revenue generation for ventricular assist device companies. Rising availability of total artificial hearts and growing acceptance of the same will also promote market growth across the forecast period and beyond. However, high costs of ventricular assist devices, risk of complications, and stringent regulatory framework are slated to slow down ventricular assist device demand outlook in the long run.
Market Snapshot - (2024–2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Ventricular Assist Devices Market Segmental Analysis
The global ventricular assist devices market is segmented based on the flow type, application, product, design, and Region. Based on the flow type, the ventricular assist devices market is segmented into Pulsatile Flow, and Continuous Flow. Based on application, the market is divided into Bridge to Transplant, Destination Therapy, Others (Bridge to Recovery, Bridge to Candidacy, and Others). Based on product, the market is segmented into Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Total Artificial Heart. Based on design, the market is segmented into Implantable Ventricular Assist Device, and Transcutaneous Ventricular Assist Device. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Type
Left ventricular assist devices are projected to account for a substantial share of the global market. Increasing number of procedures being performed for left ventricular complications around the world are contributing to the dominance of this segment. Patients with heart failure around the world are increasing and the use of left ventricular assist devices for the treatment of the same is also expected to help this segment maintain its high market share going forward.
Demand for bi-ventricular assistance devices is estimated to increase at a rapid pace over the coming years. Rising cases of patients with biventricular failure and advancements in development of bi-ventricular assist devices are expected to create new opportunities for market players in this segment. Growing popularity of pneumatically driven bi-ventricular assist devices is also anticipated to bolster market growth over the coming years.
Analysis by Flow Type
Continuous flow ventricular assist devices are estimated to account for a major chunk of the global market share. Apart from the obvious benefits of continuous flow, these devices have fewer moving parts and minimal moving parts, which make them more reliable as compared to other types of devices. Increasing preference for these devices by medical professionals for the successful treatment of cardiovascular disorders is also expected to help this segment maintain its dominance.
Meanwhile, the demand for pulsatile flow ventricular assist devices is forecasted to increase at a rapid pace across the study period. Reduced risk of complications and improved microcirculation are some key benefits of pulsatile flow ventricular assist devices that have made it a standard treatment for multiple cardiovascular diseases. Ventricular assist devices with pulsatile flow also help in decreasing systemic vascular resistance (SVR), which is also expected to benefit market growth in the future.
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Ventricular Assist Devices Market Regional Insights
North America is expected to spearhead the global demand for ventricular assist devices across the study period. High healthcare expenditure and availability of advanced ventricular assist devices are primarily helping this region maintain its dominant stance in the global landscape. High availability of favorable reimbursement policies, growing incidence of cardiovascular disorders, rising obesity rates, and expanding geriatric population are other factors that could uplift sales of ventricular assist devices in this region. Canada and the United States are anticipated to be the most opportune markets for ventricular assist device companies in the North American region going forward.
Rapidly increasing senescent population and growing investments in healthcare infrastructure development are helping the Asia Pacific region become the fastest-growing market for ventricular assist device providers over the coming years. India, China, and Japan are slated to witness a robust hike in the demand for ventricular assist devices across the study period and beyond. Low costs of manufacturing and supportive government initiatives to promote medical device manufacturing are also expected to support ventricular assist devices market development in this region.
- Largest
- Fastest
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Ventricular Assist Devices Market Dynamics
Drivers
Increasing Acceptance of Ventricular assist devices
- Ventricular assist devices have gained substantial attention and popularity in recent years, and this is estimated to favor market growth over the coming years. As patients become more aware of the benefits associated with ventricular assist devices, they are more likely to opt for them to improve their chances of treatment going forward.
High Prevalence of Cardiovascular Disorders
- Cardiovascular diseases have increased in incidence in recent years and continually rising resulting in growing number of surgeries for treatment of the same. This has also resulted in an increased risk of heart failure, thereby promoting the demand for ventricular assist devices as well.
Restraints
Limited Access in Developing Regions
- Ventricular assist devices are advanced medical devices and often used in complex procedures such as heart transplant or heart replacement with an artificial heart. Most developing countries do not provide such advanced treatment, which limits the sales of ventricular assist devices going forward.
High Costs of Ventricular assist devices
- The complex nature and use of advanced technologies involved in the making of ventricular assist devices makes them highly expensive. These high costs eventually increase the cost of the overall procedure, and this coupled with limited reimbursement, could slow down ventricular assist devices demand outlook in the future.
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Ventricular Assist Devices Market Competitive Landscape
Investing in the development of affordable and easy to use ventricular assist devices will be the prime focus of all ventricular assist device companies. Use of advanced technologies and growing emphasis on increasing awareness regarding the benefits of the use of ventricular assist devices will also create new opportunities for market players. Collaborations and partnerships will also play a crucial role in augmenting the future of all ventricular assist device suppliers.
Top Player’s Company Profiles
- Boston Scientific Corporation
- ABIOMED
- Cardiovascular Systems Inc.
- Medtronic
- Avinger
- Koninklijke Philips N.V.
- BD
- Abbott
- Cordis
- Terumo Medical Corporation
- Berlin Heart
Recent Developments
- National Medical Products Administration in China announced the approval of an artificial heart to enter the market back in 2022. The implantable artificial heart called HeartCon was developed by a company called Rocor Medical Technology Co.
- Another new artificial heart was launched in China much recently in March 2024 by Chongqing Evaheart Medical Equipment Ltd. Weighing just 262 grams the EVA-Pulsar™ Ventricular Assist Device can achieve a pulse pressure difference of 20-30mmHg.
- Heartmate LVAD communication system was recalled by Abbott in March 2024. The system was made to monitor heart failure in patients fitted with a Heartmate 3 left ventricular assist device but was recalled as it was at risk of starting or stopping the heart pump unexpectedly.
Ventricular Assist Devices Key Market Trends
- Miniaturization of Ventricular Assist Devices: Companies of ventricular assist devices should focus on making their offerings smaller to improve their scope of implantation and thereby boost sales as well. Use of miniaturized components coupled with innovations in design could very well help ventricular assist devices market players achieve this and stand out in the global landscape.
- Total Artificial Hearts: While the concept of a completely artificial heart is not new, it is not yet as popular or accepted as it should be. Part of it can be traced to the lack of good artificial heart products and this is why companies should invest in the development of novel artificial hearts to boost their business scope in the long run.
Ventricular Assist Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high incidence of cardiovascular disorders around the world and rising acceptance of ventricular assist devices are slated to drive market development. However, high costs and risks of complications are slated to slow down sales of ventricular assist devices going forward. North America is estimated to lead the demand for ventricular assist devices owing to growing geriatric population and high healthcare expenditure. Developing totally artificial hearts will be a key trend that almost all ventricular assist devices companies should focus on in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.13 Billion |
| Market size value in 2031 | USD 2.66 Billion |
| Growth Rate | 9.9% |
| Base year | 2023 |
| Forecast period | (2024–2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ventricular Assist Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ventricular Assist Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ventricular Assist Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ventricular Assist Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ventricular Assist Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ventricular Assist Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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