Increasing prevalence of cardiovascular diseases, technological advancements and shortage of donor organs for transplantation drive the growth of the global ventricular assisted devices market.
PORTLAND, Ore., May 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Ventricular Assist Devices Market By Product (Left Ventricular Assist Devices (LVADs), Right Ventricular Assist Devices (RVADs), and Biventricular Assist Devices (BIVADs)), Application (Bridge-To-Transplant (BTT), Destination Therapy, Bridge-To-Recovery (BTR), and Bridge To Candidacy Therapy), Design (Transcutaneous Ventricular Assist Devices and Implantable Ventricular Assist Devices), and Age (Adults and Pediatrics): Global Opportunity Analysis And Industry Forecast, 2024-2035". According to the report, the global ventricular assisted devices market was valued at $1.6 billion in 2023 and is estimated to reach $4.1 billion by 2035, exhibiting a CAGR of 8.1% from 2023 to 2035.
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Prime determinants of growth
Rise in adoption of ventricular assisted devices, advancements in technologies, and presence of key players are factors that drive the growth of the global ventricular assisted devices market. However, high cost of devices and procedures is anticipated to hinder the market growth. Moreover, rise in healthcare expansion is expected to offer remunerative opportunities for the ventricular assisted devices market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2035 |
Base Year | 2023 |
Market Size in 2023 | $1.6 billion |
Market Size in 2035 | $4.1 billion |
CAGR | 0.081 |
No. of Pages in Report | 275 |
Segments covered | Product, Application, Design, Age, and Region |
Regional scope | North America, Europe, Asia Pacific, and LAMEA |
Drivers | Miniaturization and portability |
Advancements in technology | |
Improved clinical outcomes | |
Opportunities | Growth opportunity in emerging markets |
Restraints | High cost associated with devices and procedures |
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The left ventricular assist devices (LVADs) segment to maintain its lead position during the forecast period.
By product, the left ventricular assist devices segment registered the largest share in 2023, accounting for more than three-fourths of the global ventricular assisted devices market revenue and is projected to register the highest CAGR of 8.2% during the forecast period. This increase in adoption of LVADs is mainly attributed as it is used more commonly than RVADs for several reasons such as the left ventricle is the main pumping chamber of the heart and providing support to the left ventricle can have a significant impact on overall heart function. Furthermore, heart failure is typically caused by dysfunction in the left ventricle, so LVAD can address the root cause of the condition. In addition, the availability of LVADs and the preference over RVAD device owing to their safety and efficacy is further contributing to the segment growth.
The bridge-to-transplant (BTT) segment to maintain its lead position during the forecast period.
By application, the bridge-to-transplant (BTT) segment registered the largest share in 2023, accounting for nearly two-fifths of the global ventricular assisted devices market revenue, owing to rise in awareness among people regarding bridge-to-transplant therapy, which has significantly increased the success rate of transplant surgeries.
However, the destination therapy segment is projected to register the highest CAGR of 9.3% during the forecast period as VADs have become a prominent solution for people with heart failure and for those who are ineligible for heart transplantation.
The implantable ventricular assist devices segment to maintain its lead position during the forecast period.
By design, the implantable ventricular assist devices segment accounted for the largest share in 2023, accounting for more than 90% of the global ventricular assisted devices market revenue and is projected to register highest CAGR of 8.1% during the forecast period owing to the rising prevalence of epilepsy worldwide and increasing adoption of deep brain stimulation as an effective treatment option for drug-resistant epilepsy, contributing to the segment's accelerated growth trajectory.
The adults segment to maintain its lead position during the forecast period.
By age, the adults segment accounted for the largest share in 2023, accounting for more than 90% of the global ventricular assisted devices market revenue and is projected to register the highest CAGR of 8.2% during the forecast period owing to technological advancements in the field of VADs and development of pediatric VADs that are highly efficient in treating heart failure in pediatric patients.
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North America to maintain its dominance by 2035
Region-wise, North America held the highest market share in terms of revenue in 2023, accounting for nearly half of the global ventricular assisted devices market revenue. This is primarily attributed to rise in prevalence of heart failure, high adoption of technologically advanced ventricular assist devices, developed healthcare infrastructure, and increase in patient awareness about the availability of treatment options for heart failure.
However, the Asia-Pacific segment is projected to register the highest CAGR of 10.7% during the forecast period. This is attributed to the surge in demand for sophisticated ventricular assist devices, large number of healthcare reforms, high prevalence of cardiac disorders, and increase in focus of key players to develop technologically advanced & cost-effective devices.
Leading Market Players: -
- Evaheart Inc.
- Abiomed Inc.
- Abbott Laboratories
- CH Biomedical Inc.
- Carmat SA
- Bivacor Inc.
- LivaNova PLC
- Berlin Heart GmbH
- Fineheart
- AdjuCor GmbH
The report provides a detailed analysis of these key players of the global ventricular assisted devices market. These players have adopted different strategy such product launch, product development, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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