Ventricular Assist Devices Market : Industry Sales, Revenue, Gross Margin, Market Share by Top Companies (2017-2023)

The global ventricular assist devices market was valued at $809 million in 2016, and is estimated to reach $1,773 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023.

Ventricular assist devices are mechanical pumps used to support cardiac circulation in patients who have weakened hearts. The major factors that drive the growth of the global ventricular assist devices market include increase in incidence of patients with heart failure and shortage of heart donors. Furthermore, the advent of technically advanced VAD (DuraHeart, HeartMate III) propels the market growth. However, certain limitations of these devices such as high cost and serious risks involved with a VAD implantation procedure such as blood clots and bleeding restrict the market growth.

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By product, LVADs accounted for the major share of the global ventricular assist devices market in 2016. By application segment, bridge-to-transplant generated the maximum revenue, thus accounting for more than 49% of the global ventricular assist devices market in 2016. In addition, destination therapy segment is expected to witness the highest CAGR of 13.4% during the forecast period. By design, implantable ventricular assist device dominated the market with three-fourths share in the global ventricular assist devices market in 2016.

Increase in Incidence of Patients with Heart Failure

In accordance with the estimates of the American Heart Association, approximately 5.5 million individuals are affected by heart failure in the U.S. In addition, in the U.S., approximately 670,000 new cases of heart failure are diagnosed each year. Moreover, it is estimated that in the U.S., approximately 5.7 million patients of age 20 are affected with heart failure, while 30% of patients are below the age of 60.

Technological Development in VADs

Earlier the devices used had certain shortcomings, which include high risk of infection, thrombus formation, and blood trauma. Therefore, to address such complications, modifications in VADs were done so as to improve efficiency and durability. For instance, the second generation device HeartMate II displayed increased functional capacity and performance. In addition, further advanced devices were developed also known as third-generation devices for example DuraHeart, HeartMate III which incorporated features such as smaller size, lower rotational speeds, higher efficiency, and further enhanced anatomic design. Thus, with the development of more effective VAD, the market is expected to witness growth in future.

The Asia-Pacific market is projected to grow at the highest CAGR of 14.9% during the forecast period, owing to increase in awareness about the benefits of digital wound measurement devices in healthcare industry and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.

Key Findings of the Ventricular Assist Devices Market:

• The left ventricular assist devices (LVADs) segment is projected to grow at a significant CAGR of 11.7%, during the forecast period (2017-2023).
• Transcutaneous ventricular assist device is projected to grow at a significant CAGR, during the forecast period.
• Destination therapy accounted for more than one-fourth share of the global market in 2016.
• Germany and France are the major shareholders, and together accounted for more than one-third share of the European market in 2016.
• Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific market in 2016.

The major companies profiled in the report are Abiomed, Inc., Asahi Kasei Corporation (Evaheart Medical U.S.A., Inc.), Abbott Laboratories (St. Jude Medical, Inc.), Berlin Heart GmbH, Calon Cardio-Technology Ltd., CardiacAssist Technologies, Jarvik Heart, Inc., Medtronic plc, ReliantHeart, Inc., and Terumo Medical Corporation.

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