Ventricular Assist Devices Market to Record Significant Incremental Dollar Opportunity Forecast to 2027

Global Ventricular Assist Devices Market accounted for USD 1.72 billion in 2019 and it is slated to grow at a CAGR of 11.2% over the review period from 2020 to 2027. Due to a scarcity of heart donors, ventricular assist devices play a critical role in the management of patients with cardiac strokes and heart failure. As a result, there has been a huge demand for VAD, and the market is expected to expand at an exponential rate in the coming years.

The global ventricular assist devices market is driven by rising demand for VADs due to a scarcity of heart donors. In addition, the recent COVID-19 outbreak, as well as a growing number of manufacturers in different regions, are driving the demand for ventricular assist devices.

Competitive Analysis

The notable players of the market are Medtronic plc (Ireland), Abbott (US), Berlin Heart GmbH (Germany), ReliantHeart Inc. (US), Abiomed Inc. (US), Cardiac Assist Inc. (US), Cirtec (US), CorWave SA (France), and Fineheart (France) among others.

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Analytical Segmentation

The market is dominated by the Left Ventricular Assist Device in terms of product form (LVAD). This industry segment had the largest share of the global market. A LVAD is a cardiac pump that is used to help patients with end-stage heart failure. The left ventricle is assisted in pumping blood to the rest of the body by an LVAD, which is surgically inserted. Since the number of LVAD implantations for heart failure patients is much higher than that of RVAD, this segment is the main revenue contributor in this industry. As a result, a variety of businesses have created cutting-edge products to enhance patient outcomes.

The Continuous Flow category dominates the market by Type of Flow. The most common form of VAD is a continuous flow left ventricular assist system (CFVAD). Smaller scale, increased reliability and longevity, and improved survival are all advantages of CFVADs. It has the highest market share and is the fastest-growing segment in the world market.

The Implantable Ventricular Assist Device segment leads the market by design. In 2019, this segment had the largest market share. An implantable VAD has a pump that is inserted within the body and a power source that is external to the body. Via a small hole in the abdomen, a wire connects the pump to the power source. Implantable VADs are used as a long-term alternative for patients who are waiting for a heart transplant or who are not suitable for a transplant due to other medical complications.

The Destination Therapy category dominates the industry in terms of application. It is an end-stage treatment in which VADs are inserted in patients with serious heart failure and others who are not transplant candidates. The VADs are implanted in the patient's body and stay there for the rest of their lives. This segment accounts for the largest share of the global market, owing to the growing shortage of heart honors and heart failure patients. Furthermore, the field of bridging therapy is rapidly expanding. This therapy is divided into three categories. The VADs are inserted as a bridge to transplantation before the patient is ready for the transplant procedure.

Regional Overview

Because of the high number of patients suffering from cardiovascular disorders and the scarcity of heart donors, the Americas dominated the ventricular assist devices market in 2019.

The demand for ventricular assist devices is expected to expand at an exponential rate in Europe. The high prevalence of cardiovascular disease is a major driver of the market's expansion in the region.

Due to an increase in chronic cardiovascular diseases, growing healthcare expenditure, and a rise in the number of partnerships and strategic agreements among major market players, Asia Pacific is expected to develop at a significant rate over the forecast period. Furthermore, rising medical tourism for cardiac surgeries in countries such as India, Malaysia, and Singapore, among others, is a major driver of market growth in this area. Additionally, government initiatives such as "Make in India" are encouraging local players to join the medical device manufacturing industry and boosting market growth.

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One of the major drivers of VAD market growth in the area is the rising prevalence of cardiovascular diseases. In the Middle East, the number of people dying from CVD is very high. Furthermore, the increasing creative product options for the aging population with heart problems, as well as the expanding healthcare infrastructure, are boosting market growth in this region.

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