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 rising prevalence of chronic disorders like diabetes, cardiovascular diseases, neurological disorders, stroke, and hypertension.

Key Highlights

• In 2023, North America dominated the market with 46.20% market share
• By Device Type, Left Ventricular Assist Device (LVAD) is accounted 76.20% market share.
• Based on Application, the destination therapy segment is dominated the market with 45.20% market share
• Based on Design, the implantable ventricular assist device segment is dominated the market share with 73.40% market share in 2023
• By End User, hospitals and ambulatory surgical centers segment dominated the market with significant market share
• Technological advancement in VAD technologies, including miniaturization, wireless energy transfer, and improved battery life are drives the Ventricular Assist Device market growth

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 significant market share of 76.20%.

The Left Ventricular Assist Device segment is driven by rising prevalence of end-stage heart failure, technological innovation in LVAD device, increasing awareness among healthcare providers and patients, and 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 Aug 2024, Abbott announced that the U.S. Food and Drug Administration (FDA) has 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 Application. The Destination Therapy held the dominant share in 2023, accounting for significant market share of 45.20%.

Destination Therapy is an end-stage therapy where the VADs are implanted in severe heart failure patients, and in 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 honors and heart failure patients. 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 didn't receive aspirin as part of their blood-thinning medication regimen experienced fewer complications from bleeding and were associated with 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.

• North America Ventricular Assist Device market is experiencing rapid growth, driven by the high incidence of heart failure, advanced healthcare infrastructure, and increasing adoption of cutting-edge medical technologies. In region, the availability of regulated compensate policies and coverages, increasing awareness regarding Ventricular Assist Device such as destination therapies, bridge-to-recovery, and bridge-to-transplant are anticipated to drive the market in the forecast period. For Instance, in october 2023, Medtronic plc, a global leader in healthcare technology, has 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.
• 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. The Strong growth is driven by the rising number of patients with end-stage heart failure, many of whom are ineligible for heart transplantation, increasing the demand for VADs as both bridge-to-transplant and destination therapy options. Under the Medicare and Private insurers U.S. is also benefits from favorable reimbursement policies, which have made these life-saving devices more accessible to a broader patient population. Additionally, U.S. leading medical institutions and research centers are at the forefront of clinical trials and innovation, contributing to technological advancements such as miniaturization and improved safety profiles of Ventricular Assist Device.
• 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.
• China Ventricular Assist Device market is experiencing significant growth, drives 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 Asia Pacific, China is seeing 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. This trend is fueling demand for VADs as critical tools in managing severe heart failure.
• Healthcare Infrastructure Improvements: Advancement in healthcare infrastructure support the adoption of VADs by enabling more hospitals to offer these complex procedures and by improving patient outcomes through advanced diagnostics and post-operative care.
• Technological Advancement: Technological advancements such as miniaturization, wireless energy transfer and improved safety features, such as enhanced thrombosis prevention and reduced risk of infections.

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Market Dynamics

An increase in heart failure (HF) significantly boosts the growth of the VAD market

An increase in heart failure (HF) leads to a higher demand for Ventricular Assist Device as these devices provide critical support for patients with severe heart conditions. As the prevalence of Heart Failure rises in more patients requires advanced treatments to manage their condition, is driving the growth of the market. Ventricular Assist Device 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, thus expanding the market for these life-saving devices.

High Costs of VADs 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 expenses can limit access to VADs, particularly in lower-income regions or for patients without tolerable insurance coverage. Additionally, the high prices can exertions healthcare systems and may lead to financial limits 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.