Congestive heart failure is a potential life-threatening condition that weakens the heart muscles and reduces the ability to pump blood through the body. Patients’ life can be extended and improved with the use of ventricular assist devices as it is an effective alternative for heart transplant. Ventricular assist devices are mechanical instruments that improves the pumping of blood and maintain efficient flow throughout the body. Rising number of geriatric population with cardiac complication, lifestyle change with increasing consumption of junk food, binge drinking and drug abuse are responsible for the rise in lifestyle diseases like cardiovascular, diabetes and stroke. Increasing number cardiovascular surgical procedures will result into deep market penetration of the ventricular assist devices.

For the purpose of this study, the various types studied include left ventricular assist device, right ventricular assist device and bi-ventricular assist device. The ventricular assist devices applications are further categorized as bridge to transplant, bridge to destination and bridge to recovery. 

This report also includes qualitative assessment factors such as market dynamics (drivers, restraints and opportunities) to have a good understanding of the current and anticipated trends in the global ventricular assist devices market. Competition assessment tools such as Porter’s five forces analysis, market attractiveness assessment and competitive landscape analysis by key players are also presented in the study. Furthermore, this report concludes with profiling of key market players currently enjoying prominent position in the global ventricular assist devices market. The key players profiled in this report are Abiomed, Berlin Heart GmbH, Cardiac Assist, Inc., HeartWare International, Inc., Jarvik Heart, Inc., Reliant Heart, Inc., St. Jude Medical, LLC., Sun Medical Technology Research Corp., Syncardia System Inc. and Thoratec Corporation.

Ventricular assist device is a mechanical pump which takes blood from a lower chamber of heart and pumps it to the body and vital organs. They are used for short duration in patients recovering from myocardial infarction or cardiac surgery, whereas long term use is for patients suffering from total heart failure and patients suffering class III & class IV heart failure waiting for a heart transplant. Rise in lifestyle diseases like cardiomyopathy, diabetes and stroke, higher efficacy, better patient suitability and easy availability at low cost is fuelling the ventricular assist devices market growth.

In 2021, left ventricular assist devices held the largest market share due to rising number of patients suffering with left ventricular damage i.e. cardiomyopathy, and reduction in the number of heart donors. Right ventricular assist devices segment is anticipated to register faster growth throughout the forecast period 2023-2030, majorly due to increasing number of patients suffering with congestive heart failure and pulmonary hypertension. Overall, the global ventricular assist devices market is highly competitive with presence of multiple players like Thoratec, Abiomed, St. Jude Medical, LLC., Reliant Heart Inc., HeartWare International, Inc., SynCardia System Inc., etc. specializing in respective fields. Technological advancement in the device design, raw material and manufacturing has been significant from the first generation devices containing pulsatile volume displacement pumps powered by pneumatic or electrical drive system, which were later replaced with the second generation continuous flow pumps.

According to the European Society of Cardiology (ESC), 17%-45% of heart failure patients admitted in hospitals worldwide die within 1 year of admission. The British Heart Foundation (BHF) claims that the causative agent for heart failure are heart valve problems, abuse of alcohol or recreational drugs, arrhythmia, congenital heart disease, viral infection of the heart muscles etc. In 2021, bridge to transplant segment dominated the application market significantly due to factors such as rising prevalence of congestive heart failure and increasing number of patients which showed failure in optimal medical management and are at risk of imminent death and require immediate heart transplantation. Bridge to destination segment will be the fastest growing segment in the application market throughout the forecast period 2023-2030, majorly due to factors such as large number of patients are deemed too old for a heart transplant, compromised immunity, left ventricular ejection fraction less than 25% and can survive with a LVAD throughout their lifespan. Bridge to recovery offers a lucrative market opportunity as it is finding huge application in patients with temporary heart failure, patients recovering from heart surgery get VAD implanted until the heart is strong enough to pump blood.

North America was observed to be the largest market for ventricular assist devices in the base year 2021. According to the Centers for Disease Control and Prevention about 610,000 Americans die each year due to heart disease, which represents 1 in every 4 deaths. The dominance of North America is mainly attributed to rise in lifestyle diseases such as cardiovascular disease, stroke, and chronic pulmonary hypertension, shift in lifestyle with increased drug abuse, binge drinking, and consumption of fast food and evolved reimbursement scenario favoring ventricular assist devices use. According to the European Cardiovascular Disease Statistics - 2023, each year CVD causes 3.9 million deaths in Europe and 1.8 million deaths in the European Union. The market growth in Europe is chiefly attributed to increasing number of patients suffering with cardiovascular complications, and supportive regulatory approval for ventricular assist devices market.

Asia Pacific will be the fastest-growing regional segment throughout the forecast period 2023-2030. Factors that propel the market growth are rising prevalence of geriatric population suffering from cardiac complication, increasing healthcare expenditure in these regions, and increasing disposable incomes. Factors such as developing health infrastructure, increasing awareness, and increasing demand for ventricular assist devices are going to fuel the rapid growth of ventricular assist devices market in Latin America, and Middle East and Africa region in the near future.   

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Ventricular Assist Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Ventricular Assist Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Ventricular Assist Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Ventricular Assist Devices market?
• Which is the largest regional market for Ventricular Assist Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Ventricular Assist Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Ventricular Assist Devices market worldwide?