New York, United States, May 26, 2022 (GLOBE NEWSWIRE) -- A ventricular assist device is also known as an electromechanical device that assists cardiac circulation to partially or completely reduce cardiac failure. It helps to pump the blood from the lower chambers of the heart (ventricles) to the rest of the body. The major factors propelling the growth of the Global Ventricular Assist Devices Market are the increase in rapid technological developments, continuous rising cases of cardiovascular diseases, & a surge in the geriatric population. In terms of Product, the Left ventricular assist devices (LVADs) segment held the maximum market share in 2020 of approximately 81.03 % & based on region, North America dominated the market with an overall share of nearly 55.12%. However, the Asia-Pacific region held the fastest growth rate with a robust CAGR value of around 19.62%.
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The report announced by Strategic Market Research on Ventricular Assist Devices Market is fragmented based on:
Product
- Suitable ventricular assist devices (VADs)
- Left ventricular assist devices (LVADs)
- Biventricular assist devices (BiVADs)
Design
- Implantable ventricular assist devices
- Transcutaneous ventricular assist devices
Application
- Destination Therapy
- Bridge to transplant therapy (BTT)
- Bridge to candidacy therapy (BTC)
- Bridge to recovery therapy (BTR)
Regions:
North America
- USA
- Mexico
- Canada
- Rest of North America
Europe
- Germany
- France
- Russia
- Switzerland
- U.K
- Finland
- Turkey
- Netherlands
- Belgium
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- India
- Indonesia
- Thailand
- Japan
- South Korea
- Singapore
- Malaysia
- Philippines
- Australia
- New Zealand
- Rest of APAC
LAMEA
- Brazil
- Saudi Arabia
- Uruguay
- Argentina
- Rest of LAMEA
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| Report Coverage | Details | |
| Forecast Period | 2021-2028 | |
| Forecast Period 2021 to 2028 CAGR | 7.13% | |
| 2028 Value Projection | USD 2.59 billion | |
| Base Year | 2020 | |
| Market Size in 2020 | USD 1.3 billion | |
| Historical Data for | 2017-2019 | |
| No. of Pages | 135 | |
| Companies | Abbott Laboratories, Abiomed, Medtronic, Teleflex Incorporated, SynCardia Systems, Fresenius Medical Care AG & Co. KGaA, Getinge, CardiacAssist Inc., Berlin Heart, Jarvik Heart Inc., SENKO MEDICAL INSTRUMENT Mfg. CO., LTD., CardioDyme, World Heart Corporation | |
| Leading Segment | Left ventricular Assist Devices (LVADs) | |
| Leading Region | North America | |
| Segments covered | Application, Design, Product, and Region | |
| Growth Drivers | Prevalent Cases of Cardiovascular Diseases | |
| Prevalent Cases of Organ Failure and Challenges in Organ Transplantation | ||
Vital factors fuelling the Market Growth:
- The continuous surge in demand for a heart transplant due to the increased cardiovascular diseases & paucity of cardiac assist devices is augmenting the market growth. However, this is accompanied by the shortage of decent hearts for transplantation to fulfill the worldwide demand. The American Heart Association has announced that there were more than 523.2 million cases of CVDs (cardiovascular diseases) in 2019, which was an increase of nearly 26.6% as compared to 2010. Analysts predict that the global burden of cardiovascular disease is poised to grow exponentially over the upcoming years.
- Apart from the rise of the CVDs, the rapid technological developments in mechanical circulatory support and the rise in the cases of LVADs have increased the demand for these devices immensely in heart patients. As per Michigan Health Lab, there are approximately 250,000 LVAD patients in the United States.
- Furthermore, the rising demand for the different ventricular assist devices such as ventricular assist device impella, ventricular assist device ACLS, ventricular assist device icd10, ventricular assist device anticoagulation, etc., are also fuelling the market growth extensively across the globe.
In terms of Product, the ‘Left ventricular assist devices (LVADs)’ segment dominated the market.
In terms of Product, the market is classified into Left ventricular assist devices (LVADs), Suitable ventricular assist devices, & (BiVAD) Biventricular assist devices. The ‘Left ventricular assist devices (LVADs)’ segment dominated the market comprehensively, with a total share of almost 81.03% in 2020. This is due to rapid technological advancements, a rise in the number of cardiac failures, & the scarcity of organ donors. As a result, the LVAD market share was valued at USD 357 million in 2020.
Based On Design, the Implantable Ventricular Assist Devices segment held the maximum share of the market in 2020
In terms of design, the market has been segmented into Transcutaneous Ventricular Assist Devices & Implantable Ventricular Assist Devices. The 'Implantable ventricular assist devices ' segment dominated the market with a share of around 72.17% due to the innovative product development by the leading market players & the increasing need for a revolutionary solution to manage heart failure. The European Journal of Heart Failure announced that around 64.3 million people are living with heart failure across the globe. In developed countries, the prevalence of cardiac failure is generally estimated at (1 to 2) % of the general adult population.
By Applications, the ‘Bridge to transplant (BTT)’ segment held the maximum proportion of the market share in 2020
In terms of Applications, the market has been ramified into Bridge to transplant therapy (BTT), Destination Therapy, Bridge to recovery therapy (BTR), & Bridge to candidacy therapy (BTC). The 'Bridge to transplant therapy (BTT)' segment held the largest market share in 2020. The increasing awareness about heart transplantation, along with the availability of VADs for BTT (Bridge to transplantation) are driving the segment growth widely throughout the estimated time frame of 2020-2030. Globally, around 3,500 heart transplants are performed each year. The vast majority of these transplantations are performed in the United States itself (2,000–2,300 per year).
North America continued to be the leading region in the Ventricular Assist Devices Market:-
Based on Region, North America continued its sheer dominance with a share of almost 51.22% throughout the anticipated frame of time. The availability of regulated reimbursement policies & coverage rise of awareness regarding VADs like destination therapies, bridge-to-recovery, & bridge-to-transplant is expected to drive the market of this region in the forthcoming years. The U.S. population accounts for the highest number of obese citizens, thus making them highly susceptible to cardiovascular diseases. As per Healthline, more than one-third of adults (around 36.5 percent) have obesity. Around 32.5 % of American adults are overweight. So, overall, more than two-thirds of adults in the USA are overweight or have obesity.
On the other hand, the APAC (Asia Pacific) region showed the fastest growth rate with a CAGR of 19.62 %, owing to the rapid advancement of the healthcare facilities & favourable government strategies such as the “Make in India” movement for enhancing the private and public partnerships in India.
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List of key players that are driving the growth rate of in the Ventricular Assist Devices Market worldwide:
- Abbott LaboratoriesMedtronic
- Abiomed
- Teleflex Incorporated
- SynCardia Systems
- Fresenius Medical Care AG & Co. KGaA
- CardiacAssist Inc.
- Berlin Heart
- Jarvik Heart Inc.
- Getinge
- SENKO MEDICAL INSTRUMENT Mfg. CO., LTD.
- CardioDyme
- World Heart Corporation
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Recent Developments:
- On June 3rd 2021, Abbott announced that it would provide all the financial support for the expanded usage of HeartMate 3 Heart Pump. Abbott worked collaboratively with other healthcare organisations' physicians and health systems to ensure the supply of left ventricular assist devices (LVADs). Besides that, Abbott also provided a proper level of training to its physicians to use the Abbott's HeartMate 3 devices on their patients adequately.
- On June 5th 2020, FDA successfully approved Abiomed’s First-in-Human Trial of Impella ECP, the smallest heart pump in the world. A unique design feature of the ventricular assist device, Impella ECP, is placed across the valve with a soft atraumatic polyurethane cannula that opens only during the pump flowing. If the pump stops working, this cannula shuts all the valve leaflets around it, thus maintaining the valve competency.
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