Ventricular Assist Device Market

The global Ventricular Assist Device Market is valued at USD 1.5 Billion in 2023 and is projected to reach a value of USD 3.2 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 7.5% between 2024 and 2032. The market is driven by the rising prevalence of chronic disorders such as diabetes, cardiovascular diseases, neurological disorders, stroke, and hypertension.

Key Highlights

• In 2023, North America dominated the market with a 46.20% market share
• By device type, the Left Ventricular Assist Device (LVAD) accounted for 76.20% of the market share
• Based on application, destination therapy dominated the market with a 45.20% market share
• Based on design, the implantable ventricular assist device held a market share of 73.40% in 2023
• By end user, hospitals and ambulatory surgical centers dominated the market with a significant market share

Device Type Overview

The device type segment is divided into Left Ventricular Assist Device, Right Ventricular Assist Device, Bi-Ventricular Assist Device, and Pediatric Ventricular Assist Device. The Left Ventricular Assist Device held the dominant share in 2023, accounting for a significant market share of 76.20%.

The Left Ventricular Assist Device segment is driven by the rising prevalence of end-stage heart failure, technological innovation in LVAD devices, increasing awareness among healthcare providers and patients, and a growing aging population. As the prevalence of advanced heart failure continues to rise, treatment strategies for select patients include heart transplantation or durable Left Ventricular Assist Device (LVAD) support, both of which improve quality of life and extend survival. For instance, in August 2024, Abbott announced that the U.S. Food and Drug Administration (FDA) approved a change to its label that will help patients who receive a HeartMate 3™ Left Ventricular Assist Device (LVAD, or heart pump) experience superior clinical outcomes by eliminating aspirin as part of routine patient management. The labeling update is exclusively for patients with an Abbott HeartMate 3 heart pump and has also been approved by regulatory agencies in Canada and the European Union.

Application Overview

The application segment is divided into Bridge to Recovery, Bridge to Transplant, Destination Therapy, and Other Applications. The Destination Therapy segment held a dominant share in 2023, accounting for a significant market share of 45.20%.

Destination Therapy is an end-stage therapy where VADs are implanted in severe heart failure patients who are not candidates for transplantation. The VADs remain in the patient’s body for the rest of their lifespan. With the increasing dearth of heart donors and heart failure patients, there is a growing need for this type of therapy. For instance, in November 2023, Abbott announced new late-breaking data that show advanced heart failure patients living with its HeartMate 3™ heart pump who did not receive aspirin as part of their blood-thinning medication regimen experienced fewer complications from bleeding and had reduced hospital visits compared to patients who took aspirin daily following their implant.

Regional Overview

In 2023, the North America captured 46.20% of the revenue share.

The North America Ventricular Assist Device market is experiencing rapid growth, driven by the high incidence of heart failure and advanced healthcare infrastructure. In this region, the availability of regulatory policies and increasing awareness of destination therapies, bridge-to-recovery, and bridge-to-transplant options are anticipated to drive the market during the forecast period. For instance, in October 2023, Medtronic plc, a global leader in healthcare technology, received U.S. Food and Drug Administration (FDA) approval for the Aurora EV-ICD™ MRI SureScan™ (Extravascular Implantable Cardioverter-Defibrillator) and Epsila EV™ MRI SureScan™ defibrillation lead to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest (SCA). The Aurora EV-ICD system is the first of its kind to provide the life-saving benefits of traditional transvenous ICDs with a lead (thin wire) placed under the breastbone, outside of the heart and veins.

The U.S. Ventricular Assist Device market, valued at USD 789.55 million in 2023, is anticipated to grow at a CAGR of 11.5% from 2024 to 2032. This strong growth is driven by the rising number of patients with end-stage heart failure, many of whom are ineligible for heart transplantation, thereby increasing the demand for VADs as both bridge-to-transplant and destination therapy options. Under Medicare and private insurers, the U.S. also benefits from favorable reimbursement policies, which have made these life-saving devices more accessible to a broader patient population. Additionally, leading medical institutions and research centers in the U.S. are at the forefront of clinical trials and innovation, contributing to technological advancements such as miniaturization and improved safety profiles of Ventricular Assist Devices.

The Asia Pacific Ventricular Assist Device market is experiencing notable growth, driven by increasing cardiovascular disease prevalence, advancing healthcare infrastructure, and rising awareness of heart failure management. The region, which includes rapidly developing economies like China and India, is seeing a growing demand for VADs due to the increasing incidence of heart failure and the limitations of traditional treatment options. Additionally, there is a growing focus on enhancing healthcare access and quality, leading to greater adoption of advanced medical technologies like VADs.

The China Ventricular Assist Device market is experiencing significant growth, driven by the country's rising prevalence of cardiovascular diseases and ongoing advancements in healthcare infrastructure. As one of the largest and fastest-growing healthcare markets in the Asia Pacific, China is witnessing an increasing demand for VADs due to a higher incidence of heart failure and the expanding capabilities of its medical facilities. Furthermore, the Chinese government's focus on improving healthcare quality and access, coupled with growing awareness of advanced heart failure treatments, is driving the adoption of VADs.

Based on the provided market data, Vantage Market Research offers customizations in the reports to meet the specific needs of clients.

Key Trends

• Rising Cardiovascular Disease Prevalence: There is a growing need for advanced cardiac support technologies as heart-related conditions increase. This trend is fueling demand for VADs as critical tools in managing severe heart failure
• Healthcare Infrastructure Improvements: Advancements in healthcare infrastructure support the adoption of VADs by enabling more hospitals to offer these complex procedures and improve patient outcomes through advanced diagnostics and post-operative care
• Technological Advancement: Technological advancements such as miniaturization, wireless energy transfer, and improved safety features, including enhanced thrombosis prevention and reduced risk of infections, are pivotal

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Market Dynamics

An increase in heart failure (HF) significantly boosts the growth of the Ventricular Assist Device market

The rising incidence of heart failure (HF) leads to a higher demand for Ventricular Assist Devices as these devices provide critical support for patients with severe heart conditions. As the prevalence of heart failure rises, more patients require advanced treatments to manage their condition, driving market growth. Ventricular Assist Devices are used to support heart function, either as a temporary measure while waiting for a transplant or as a long-term solution for those who cannot undergo surgery, thereby expanding the market for these life-saving devices.

High Costs of VAD Devices

The high costs of Ventricular Assist Device represent a significant challenge in the market. These advanced medical devices, along with the associated implantation procedures, incur substantial expenses. The cost includes not only the device itself but also surgical implantation, postoperative care, and long-term maintenance. These high financial costs can limit access to VADs, particularly in lower-income regions or for patients without adequate insurance coverage. Additionally, the high prices can strain healthcare systems and may lead to financial burdens for hospitals and healthcare providers, potentially impacting the general adoption and availability of these life-saving technologies.

Competitive Landscape

The Ventricular Assist Device market is characterized by dynamic and evolving environment with several key players and their ongoing advancement. Major Players like Abiomed, Medtronic, Abbott, Berlin Heart, Cardiac Assist Inc., Jarvik Heart Inc., ReliantHeart Inc., and Sun Medical Technology Research Corp. In major players competition is driven by continuous innovation in VAD technology, including improvements in device durability, miniaturization, and safety features. Companies invest heavily in R&D to introduce next-generation devices that offer better performance and patient outcomes.

The key players in the global Ventricular Assist Device market include - Abiomed, Medtronic, Abbott, Berlin Heart, Cardiac Assist Inc., Jarvik Heart Inc., ReliantHeart Inc., and Sun Medical Technology Research Corp among others.

Recent Market Developments

Medtronic Extravascular ICD global clinical trial results reinforce device safety and effectiveness

• In May 2023, Medtronic plc, a global leader in healthcare technology, announced longer-term follow-up results of its investigational EV ICD™ System, designed to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest. Findings from the Extravascular Implantable Cardioverter Defibrillator (EV ICD) Pivotal Study, including patients followed through an average of 17.1 months, were presented as late-breaking science at Heart Rhythm 2023 in New Orleans. The EV ICD system is investigational and not yet approved for sale or distribution in the United States

FDA Approves RECOVER IV Randomized Controlled Trial with Exception from Informed Consent (EFIC)

• In September 2022, Abiomed announces two approvals from the U.S. Food and Drug Administration (FDA) related to clinical research of Impella® heart pumps in acute myocardial infarction (AMI) cardiogenic shock patients. The FDA has approved the on-label RECOVER IV randomized controlled trial (RCT) for AMI cardiogenic shock patients. RECOVER IV is a two-arm trial that will assess whether percutaneous coronary intervention (PCI), with Impella support initiated prior to the PCI, is superior to PCI without Impella support

Medtronic completes acquisition of Affera

• In August 2022, Medtronic plc, a global leader in healthcare technology, today announced that it has completed the acquisition of Affera, Inc. This acquisition expands the company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field and radiofrequency ablation solution

The global Ventricular Assist Device market can be categorized as Device Type, Application, Design, End-User and Region.