Ventricular Assist Device Market Forecasts to 2030 – Global Analysis By Product Type (Right Ventricular Assist Device, Left Ventricular Assist Device, Bi-Ventricular Assist Device and Total Artificial Heart), Type Of Flow, Design, Application, End User an

Ventricular Assist Device Market Forecasts to 2030 – Global Analysis By Product Type (Right Ventricular Assist Device, Left Ventricular Assist Device, Bi-Ventricular Assist Device and Total Artificial Heart), Type Of Flow, Design, Application, End User and By Geography

According to Stratistics MRC, the Global Ventricular Assist Device Market is accounted for $1.29 billion in 2023 and is expected to reach $3.01 billion by 2030 growing at a CAGR of 12.8% during the forecast period. A mechanical pump called a Ventricular Assist Device (VAD) is inserted either within or outside the body to help a weak or failing heart pump blood throughout the body. These devices are mostly used as a bridge to heart transplantation, destination treatment for patients not suitable for transplantation, or, in certain circumstances, as a bridge to recovery in patients with severe heart failure.

According to the World Health Organization 2021, an estimated 17.9 million people die due to cardiovascular diseases worldwide, each year. This represents 35% of global deaths. Additionally, 85% of these cardiovascular disease deaths are due to heart attack and stroke.

Market Dynamics:

Driver:

Surge in the prevalence of chronic conditions

An increase in long-term illnesses that lead to advanced heart failure is one factor driving up demand for ventricular assist device. Heart failure can be caused by a number of chronic illnesses, including diabetes, hypertension, and coronary artery disease. As a result, more individuals will need sophisticated cardiac care. Heart failure care may need to be longer and more intensive if chronic diseases that contribute to heart failure are more common. This may mean that more patients may need this therapy indefinitely, or that more patients who are not candidates for heart transplantation will need thus driving the growth of the market

Restraint:

High cost

Patients' access may be restricted by the high cost of ventricular assist device therapy, which includes follow-up therapies, surgical procedures, post-implantation care, and device fees. Financial limitations may impede certain persons from accessing this life-saving therapy because of its exorbitant expenses. Variations in healthcare systems and economic situations among various areas or nations may give rise to disparities in the accessibility of this treatment. Moreover, this treatment may be difficult to get to those in need in areas with a poor healthcare infrastructure or low financial resources which hamper the market growth.

Opportunity:

Increasing risks of organ failures

Ventricular Assist Device and other advanced cardiac support therapies are in greater demand as the chances of organ failures, particularly cardiac failure, and rise owing to aging populations, changing lifestyles, and the frequency of chronic illnesses. An increasing number of people are at risk for serious cardiac disorders due to the rising risks of organ failure, particularly heart failure. The number of people who would need this treatment to treat advanced heart failure rises as a result of this patient pool expansion.

Threat:

Compromised device reliability and durability

Patients' and doctors' confidence in selecting ventricular assist device therapy may be impacted by worries regarding the longevity and dependability of the device. Fear of device failure or malfunction may cause patients to hesitate or be reluctant to choose this treatment, which may have an adverse effect on patient acceptability. Furthermore, investment in R&D projects targeted at advancing VAD technology may be impacted by enduring worries about the dependability and durability of the devices. Innovation in the industry may be hampered by a lack of funding or a decline in enthusiasm in creating new gadgets impeding the market growth.

Covid-19 Impact

Many hospitals and healthcare institutions encountered difficulties in allocating resources, giving priority to urgent cases, and curtailing non-essential treatments during the peak times of the epidemic. It's possible that elective procedures, such as certain ventricular assist device implantations or regular follow-ups, were postponed or delayed, which momentarily affected the market. Disruptions in the worldwide supply chain, including production and delivery, may have affected the accessibility and conveyance of these parts, apparatus, or associated machinery. These hiccups can have an impact on when ventricular assist device are purchased and installed.

The right ventricular assist device segment is expected to be the largest during the forecast period

The right ventricular assist device segment is estimated to have a lucrative growth, as it one kind of Ventricular Assist Device (VAD) made expressly to support the right ventricle of the heart is the Right Ventricular Assist Device (RVAD). The RVAD is generally focused on helping the right side of the heart, while other VADs are designed to support the left ventricle (Left Ventricular support Device, or LVAD) or both ventricles (BiVAD). The goal of ongoing research and technological developments in VADs is to improve patient outcomes, decrease problems, and strengthen the endurance of RVADs while addressing issues unique to sustaining the right ventricle.

The implantable ventricular assist device segment is expected to have the highest CAGR during the forecast period

The implantable ventricular assist device segment is anticipated to witness the highest CAGR growth during the forecast period. Mechanical pumps called Implantable Ventricular Assist Devices (VADs) are surgically inserted within the body to help the heart pump blood. These devices, which provide assistance to those with severe heart failure or that awaiting heart transplantation, are an essential part of the market for ventricular assist devices. The quality of life is enhanced, exercise capacity is boosted, heart failure symptoms are relieved, and patients with severe heart failure have a longer chance of survival due to these devices.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period as heart failure is becoming more common in the Asia Pacific area as a result of aging populations, changes in lifestyle, and an increase in cardiovascular disorders. The increased need for ventricular assist device as a therapy option is a result of the rise in heart failure cases. Every nation in the Asia-Pacific area is making investments in the expansion of its healthcare infrastructure, including modernizing its facilities for cutting-edge cardiac treatment. A number of major medical device companies have been concentrating on joining and growing in the Asia Pacific this market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, because heart failure is becoming more common in Europe, as it is in many other parts of the world. The need for ventricular assist device as a therapy option for individuals with advanced heart failure has increased as a result of the growth in heart failure cases. Moreover, this technology has been improving and is now available in the European market. Constant innovation aims to improve patient outcomes, lower problems related to VAD therapy, and create more compact, robust, and effective devices driving the growth of the market.

Key players in the market

Some of the key players profiled in the Ventricular Assist Device Market include Corewave SA, SynCardia Systems, AdjuCor GmbH, Bivacor Inc, LivaNova PLC, Windmill Cardiovascular Systems, Calon Cardio-Technology Ltd, Abiomed, Inc., Fineheart, Abbott Laboratories, Evaheart, Inc.,Berlin Heart GmbH, Carmat SA, Medtronic, Jarvik Heart, Inc., ReliantHeart, Sun Medical Technology Research Corp, Thoratec Corporation and CardiacAssist, Inc

Key Developments:

In November 2023, Sun Medical Technology Research Corp. announced that it has received ¥2 billion in funding from Hi-Lex Corporation. The investor will hold 66.7% stake in the company through this transaction.

In September 2023, CorWave announces the grand opening of its manufacturing facility on the banks of the Seine, next to Paris. The company occupies over 2,400m² of production, laboratory, and office space, bringing together its headquarters, R&D center and its first manufacturing facility of almost 1,000m².

Product Types Covered:
• Right Ventricular Assist Device
• Left Ventricular Assist Device
• Bi-Ventricular Assist Device
• Total Artificial Heart

Type Of Flows Covered:
• Pulsatile Flow
• Continuous Flow

Designs Covered:
• Implantable Ventricular Assist Device
• Transcutaneous Ventricular Assist Device

Applications Covered:
• Bridge-To-Recovery (BTR)
• Destination Therapy
• Bridge-To-Transplant (BTT)
• Bridge To Candidacy Therapy

End Users Covered:
• Hospitals
• Home Care Setups
• Ambulatory Care Center
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements