Ventricular Assist Device Market Size to Surpass USD 2.56 Billion by 2030, With 10.8% CAGR
Fortune Business Insights
Updated 7 min read
According to Fortune Business Insights, The Global Ventricular Assist Device Market size is projected to reach USD 2.56 Billion by 2030, at a CAGR of 10.8% during the forecast period, 2023-2030
Pune, India, March 31, 2023 (GLOBE NEWSWIRE) -- The global Ventricular Assist Device Market size hit USD 1.15 billion in 2022. The market valuation is expected to grow from USD 1.25 billion in 2023 to USD 2.56 Billion by 2030 at a 10.8% CAGR during the forecast period.
Heart Failure (HF) prevalence has been rising noticeably all over the world. The prevalence of the disease is rising as a result of factors such as bad food and lifestyle changes, among others. According to a piece written by the AME Publishing Company, there were around 64.4 million cases of heart failure worldwide in 2020. 51% of the patients had severe heart failure, which represented the entire prevalence of heart failure. Ventricular Assist Devices (VAD) are a class of mechanical circulatory support devices that are implanted in heart failure patients with severe symptoms. VADs work by pumping blood from the heart's chambers to the body as a whole.
Key Industry Development:
February 2021: In the Early Feasibility Study, CARMAT has been permitted to employ a new version of its artificial heart.
Europe held the second-largest share in the market and is expected to grow at a significant CAGR owing to rising investments in the market coupled with newer product launches.
The market size in North America stood at USD 0.59 billion in 2022
The left ventricular assist device segment is set to lead the market by product.
The key factors driving the market are the increasing prevalence of heart failure and the rising penetration of ventricular assist devices.
Abbott and ABIOMED are the top players in the market.
Drivers and Restraints
Long Waiting Periods for Heart Transplants to Aid Growth
The need for heart transplants has grown dramatically as the prevalence of heart failure rises globally. Yet, a global shortage crisis has emerged due to lack of sufficient heart donors to match the demand. In March 2022, the Health Resources & Services Administration reported that there were around 105,800 individuals on the waiting list for heart transplants. These factors drive the Ventricular Assist Device Market growth.
LVAD Segment to Experience Maximum Demand During 2023-2030
The market is divided into bi-ventricular assist devices, right ventricular assist devices, and Left Ventricular Assist Devices (LVAD). Due to patients around the world undergoing the most LVAD implantation procedures, LVAD held the largest market share in 2022.
Continuous Segment to Capture Maximum Share during the Forecast Period
The market is divided into the pulsatile flow and continuous flow based on the type of flow. In 2022, the continuous flow segment had a sizable market share due to its advantages. Benefits of continuous flow devices include low maintenance requirements, low noise levels, infrequent replacement needs, and few moving parts.
DT Application Segment to Generate Monumental Market Demand
The market is divided into Bridge to Transplant (BTT), Bridge to Candidacy (BTC), Destination Therapy (DT), and Bridge to Recovery (BTR) according to application. Due to variables such as increase in the frequency of heart failure in its terminal stages, Destination Treatment (DT) held the largest market share in 2022.
Hospitals and ASCs to Experience Robust Demand Through 2030
The market is divided into hospitals & ASCs and specialty clinics & others depending on the end user. Due to increase in hospital stays for patients having cardiac surgeries, such as device insertion or implant procedures, the hospitals & ASCs segment is anticipated to hold the majority of market share during the forecast period.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
North America to Dominate as Heart Failure Rates Increase
In 2022, the North America market had a value of USD 0.59 billion. The rising incidence of cardiovascular disorders in the area led to the domination of this regional market. Moreover, the adoption of these devices in the region has been fueled by an increase in collaborations and agreements among the major players that emphasize the growth of this market.
Due to increased market investments and the introduction of newer products, Europe, which had the second-largest Ventricular Assist Device Market share, is predicted to witness rapid growth.
Competitive Landscape
Strong VAD Sales Help Top Players Sustain Dominance
Among the leading industry participants, Abbott and ABIOMED held a sizeable global market share in 2022. Abbott held a substantial market share for ventricular assist devices globally. This is due to the result of the company's robust device sales. Also, the business places a high priority on strategic efforts with the intention of diversifying its product offers internationally.
What is the ventricular assist device market growth?
The global ventricular assist device market size is projected to grow from USD 1.25 billion in 2023 to USD 2.56 billion by 2030, exhibiting a CAGR of 10.8% during the forecast period.
How many ventricular assist devices are there?
The two basic types of VADs are a left ventricular assist device (LVAD) and a right ventricular assist device (RVAD). If both types are used at the same time, they may be called a biventricular assist device (BIVAD)
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