Ventricular Assist Devices Market

Global Ventricular Assist Devices Market is valued at USD 1.28 Billion in 2022 and it is expected to reach USD 2.69 Billion by 2029 with a CAGR of 11.2% over the forecast period.

Global Ventricular Assist Devices Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029: The VAD market is predicted to expand further in response to the rising prevalence of CVDs, an aging global population, and the limited availability of donor’s hearts.

Scope of Global Ventricular Assist Devices Market Report:

A Ventricular Assist Device (VAD) is a mechanical heart-pumping machine implanted in a patient's chest to help their heart pump blood. It is used as a treatment option for patients with heart failure who are not responding to other treatments. VADs can be used as a temporary measure to support a patient's heart while they wait for a heart transplant or as a long-term treatment. They require careful monitoring and management by a multidisciplinary team of healthcare professionals.

The first successful implantation of a VAD took place in 1984. Since then, advancements in technology and surgical techniques have made VADs a viable option for patients with heart failure who are not responding to other treatments.

VADs are used as a temporary measure to support a patient's heart while they wait for a heart transplant. They can also be used as a long-term treatment for patients who are not eligible for a heart transplant, known as destination therapy. VADs can be used to treat a variety of heart conditions, including congestive heart failure, cardiogenic shock, and myocardial infarction.

VADs are implanted by cardiothoracic surgeons in hospitals and medical centers. The end users are the patients who require the device to support their heart function. VADs require careful monitoring and management by a multidisciplinary team of healthcare professionals, including cardiologists, cardiac surgeons, nurses, and other support staff.

Covid-19 Impact on the Global Ventricular Assist Devices Market:

In the early stages of the pandemic, the VAD market experienced a decline in demand as hospitals focused their resources on treating Covid-19 patients and postponed elective surgeries. Due to the pandemic, many hospitals and healthcare facilities had to redirect resources toward treating Covid-19 patients, leading to delayed or canceled surgeries for patients who required VADs. The pandemic also disrupted the supply chain for VADs, leading to shortages of certain components and delays in device manufacturing and distribution.

However, as the pandemic continued, the demand for VADs increased as more patients with severe heart failure required mechanical circulatory support. In addition, the use of telemedicine and remote monitoring technologies allowed for more efficient and safe management of VAD patients during the pandemic. Furthermore, the development of Covid-19 vaccines and the gradual easing of restrictions in healthcare systems have allowed for a return to more normal levels of VAD use.

While the pandemic created some negative effects, it also created some opportunities for the market , particularly in the area of providing mechanical circulatory support for COVID-19 patients.

Key Players of Global Ventricular Assist Devices Market Report:

Some of the major players in the market include 

• Abbott Laboratories
• Abiomed Inc.
• Berlin Heart GmbH
• CardiacAssist Inc.
• Jarvik Heart Inc.
• Medtronic plc
• ReliantHeart Inc.
• St. Jude Medical Inc.
• Terumo Corporation
• Thoratec Corporation
• Syncardia Systems LLC
• Sun Medical Technology Research Corp.
• Leviticus Cardio Ltd.
• BiVACOR Inc.
• Calon Cardio-Technology Ltd.
• CorWave SA
• Magenta Medical
• Carmat SA
• C-Tech Innovation
• Endotronix Inc.
• Evaheart Medical USA Inc.
• Foldax Inc.
• Procyrion Inc.
• BioVentrix Inc.
• Breethe Inc. and others.

Global Ventricular Assist Devices Market Segmentation:-

By Product:

• Left Ventricular Assist Devices (LVADs)
• Biventricular Assist Devices (Bi-VADs)
• Right Ventricular Assist Devices (RVADs)
• Total Artificial Heart (TAH)

By Flow Type:

• Pulsatile Flow VADs
• Continuous Flow VADs

By Design:

• Transcutaneous VADs
• Implantable VADs

By Durability:

• Short-term VADs
• Long-term VADs

By Disease:

• Cardiomyopathy
• Myocardial Infarction
• Congestive Heart Failure
• Cardiogenic Shock
• Other Diseases

By Age Group:

• Adults
• Pediatrics
• Geriatrics

By Application:

• Bridge-To-Transplant (BTT)
• Destination Therapy (DT)
• Bridge-To-Recovery (BTR)
• Bridge-To-Candidacy (BTC)

By End User:

• Hospitals & Clinics
• Cardiac Centers
• Ambulatory Surgical Centers

By Sales Channel:

• Online
• Offline

By Regional & Country Level:

• North America

  • US.
  • Canada

• Europe

  • UK.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa 

Market Revenue generation model:

The revenue generation model in the VAD market is primarily based on the sale of VAD devices and associated components, such as pumps, controllers, and power sources. Manufacturers of VAD devices typically generate revenue through direct sales to healthcare providers or through distribution networks, such as medical device distributors. In addition to device sales, manufacturers may also generate revenue through service contracts for device maintenance and repair, as well as through the sale of disposable components such as cannulas and tubing.

Supply Chain Analysis:

The supply chain model in the VAD market typically involves several key players, including manufacturers of VAD devices and associated components, distributors, healthcare providers, and patients. Manufacturers of VAD devices typically source raw materials and components from suppliers, assemble the devices, and then distribute them to healthcare providers through distribution networks or direct sales. Healthcare providers then implant the devices in patients and provide ongoing monitoring and care.

Value Chain Analysis:

The value chain model in the VAD market involves several key stages, including research and development, manufacturing, distribution, implantation, and ongoing patient care. Manufacturers of ventricular assist devices typically invest heavily in research and development to create new and innovative devices that meet the evolving needs of patients and healthcare providers. Once the devices are developed, they are manufactured and distributed to healthcare providers, who implant them in patients and provide ongoing monitoring and care.

Market Drivers:

Increasing incidences of heart failure: The growing incidences of heart failure is a major driver for the VAD market. According to the American Heart Association, over 6 million adults in the United States have heart failure, with the number expected to increase in the coming years.

The Growing Prevalence of CVDs is a Significant Driver of the Cardiac Device Market: Changing lifestyle patterns, including sedentary lifestyles, unhealthy diets, and tobacco use, can lead to obesity, high blood pressure, high cholesterol levels, and diabetes, all of which are risk factors for CVDs.

The aging population is a significant factor contributing to the growth of the cardiac assist devices market. As people age, the risk of developing cardiovascular diseases (CVDs) increases, and the heart and blood vessels undergo natural wear and tear, leading to heart failure. The elderly population is also more likely to have other comorbidities such as diabetes, hypertension, and kidney disease, which can exacerbate heart failure. As a result, the demand for VADs as a treatment option for heart failure in the elderly population is increasing.

The Shortage of Donor Hearts for Transplantation is Leading to an Increased Demand for Heart Assistance Devices: With the increasing prevalence of heart failure and other cardiovascular diseases, the demand for heart transplantation is rising. However, the number of available donor hearts is limited, resulting in a significant gap between the number of patients who need a heart transplant and the number of available hearts for transplantation. For instance; as per the Health Resources and Services Administration (HRSA), in January 2023, 3,365 patients were on the waiting list for a heart transplant.

This shortage of donor hearts has created a growing need for alternative treatments such as VADs as it serves as a bridge to transplant or a permanent treatment option for patients who are not eligible for transplantation. Furthermore, advancements in VAD technology have made them more efficient, durable, and reliable, leading to increased adoption and further driving market growth. The development of smaller and more portable VADs has also expanded the potential patient population, as they are suitable for use in both hospital and home settings.

Market Restraints:

The High Cost of Ventricular Devices is a Significant Restraining Factor for the Medical Device Industry Growth: VADs are expensive devices, and the high cost can be a significant barrier to adoption, particularly in low-income countries. The cost of the device and associated surgical procedures can be a significant financial burden for patients and healthcare systems.

Complications and adverse events: VADs are associated with various complications and adverse events, such as bleeding, infection, and thrombosis, which can result in readmissions and higher healthcare costs. Additionally, VADs require close monitoring and management, which can add to the overall cost of treatment.

Regulatory Challenges can Limit the Growth of the VAD Market by Increasing the Cost and time Required to Bring New Devices to the Market: VADs are classified as Class III medical devices, which means they require rigorous testing and clinical trials to ensure their safety and efficacy. The regulatory approval process for VADs typically involves several stages, including preclinical testing, clinical trials, and post-market surveillance.

Each stage of the process requires significant resources and expertise, including specialized knowledge of clinical trial design, data analysis, and regulatory requirements. The regulatory approval process can be time-consuming and costly, which can limit the ability of manufacturers to bring new VAD technologies to market.

Market Opportunities:

Technological Advancements: The ongoing development of new VAD technologies presents an opportunity for manufacturers to improve the performance and functionality of these devices. Advances in materials science, biocompatibility, and wireless communication technologies, for example, could enable the development of more durable and efficient VADs that are better integrated with patients' bodies.

Emerging Markets: Emerging markets, such as Asia-Pacific and Latin America, present significant opportunities for the ventricular assist device market share. These regions have large populations, high rates of cardiovascular disease, and improving healthcare infrastructure, which makes them attractive targets for VAD manufacturers seeking to expand their global reach.

Market Trends in the Ventricular Medical Device Industry:

Product and Technology Development Trends:

Miniaturization: Manufacturers are focusing on developing smaller and more compact VADs that can be implanted through minimally invasive procedures.

Wireless and Remote Monitoring: Newer VAD models are incorporating wireless and remote monitoring technologies, allowing doctors to monitor patients' heart functions and adjust device settings remotely.

Patient-Centered Design: Manufacturers are focusing on patient-centered design, with an emphasis on making devices that are more comfortable, less obtrusive, and more user-friendly.

Customer Trends:

Home-Based Care: There is a growing trend towards home-based care for patients with VADs, which requires the development of smaller and more portable devices that can be easily monitored remotely.

Customization: Patients and doctors are increasingly looking for customized VAD solutions that can be tailored to individual patient needs.

Market Competition Nature:

The global ventricular assist devices market is highly competitive, with several key players operating in the space. The competition is based on factors such as product innovation, technology advancement, pricing, quality, and brand reputation.

Past Strategies:

Product launches and approvals: Key market players have focused on launching new and innovative VAD products and obtaining regulatory approvals to expand their product offerings.

Acquisitions and mergers: Players have made strategic acquisitions and mergers to strengthen their market position and expand their product portfolio.

Future Strategies:

Investment in research and development: Key players could invest in developing next-generation VADs that incorporate artificial intelligence or other advanced technologies to improve patient outcomes. For instance; in 2020, Abbott Laboratories received approval from the US FDA for its HeartMate 3 left ventricular assist device (LVAD) for use in pediatric patients.

Strategic acquisitions and collaborations: Players could continue to form partnerships with hospitals and other healthcare providers to improve patient outcomes and reduce costs. For instance; 2020, Abiomed acquired Breethe, Inc., a privately held company developing an extracorporeal membrane oxygenation (ECMO) system. Abiomed can leverage this acquisition to innovate the conventional ECMO technology, with a specific emphasis on patient mobility and recuperation from acute respiratory failure.

Geographic expansion: Players could focus on expanding into emerging markets such as Asia and Latin America, where there is a growing demand for VADs due to an aging population and high prevalence of cardiovascular disease.

Geography Analysis:

North America:

The aging population of living in North America along with unhealthy standards contribute to the increasing growth in the  Cardiac Assist Devices Market. The aging population in North America is driving the demand for VADs, since, elderly individuals are more susceptible to heart failure and other cardiovascular diseases. According to the American Heart Association, 30-40% of those hospitalized with ACS are 75 or older. In addition, the aging population in North America is also leading to an increased demand for heart transplants, which are in short supply.

Lifestyle factors such as unhealthy diet, lack of physical activity, smoking, and alcohol consumption can increase the risk of cardiovascular diseases (CVDs) in North America, which boosts the demand for vad for the heart. Obesity is also linked to lifestyle factors, and high-stress levels associated with the fast-paced lifestyle can also contribute to the development of CVDs.

According to the Heart Failure Society of America (HFSA), heart failure affects almost 6.5 million Americans over the age of 20 and is predicted to increase from 6.5 million to more than 8 million by 2030. VADs can be used as a bridge to transplant, allowing patients to wait for a suitable donor heart, particularly as the demand for donor hearts continues to outstrip supply.

Europe:

The growing prevalence of cardiovascular diseases and the shortage of donor hearts are majorly leading to increased growth in the Heart Assist Devices Market across Europe. Europe has a high prevalence of cardiovascular diseases, which is a key driver for the growth of the medical vad market. According to the European Alliance for Cardiovascular Health 60 million people in the EU are living with CVDs. In addition, in the wider European Region, CVD accounted for 47% and 39% of all deaths in women and men, respectively.

The number of patients waiting for a heart transplant is increasing while the number of available donor hearts is decreasing. The shortage of donor hearts can have serious consequences for patients with advanced heart failure who are waiting for a heart transplant. This shortage of donor’s hearts is a major issue in Europe, as it is in other regions, and has led to an increasing demand for VADs as an alternative to heart transplantation for patients with end-stage heart failure. VADs can be used as a bridge to transplant, providing mechanical circulatory support while the patient waits for a suitable donor heart.

Key Benefits of Global Ventricular Assist Devices Market Report–

• Global Ventricular Assist Devices Market report covers in-depth historical and forecast analysis.
• Global Ventricular Assist Devices Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Global Ventricular Assist Devices Market report helps to identify opportunities in the marketplace.
• Global Ventricular Assist Devices Market report covers extensive analysis of emerging trends and competitive landscape.