Ventricular Assist Devices Market Size Analysis by Major Drivers 2021 - Business Growth Rate with Revenue, Leading Players Updates, Latest Developments
Global Ventricular Assist Devices Market is expected to spread by 2027 expanding at a significant CAGR during the forecast period (2021-2027). The increasing incidences of heart failure and strokes have stimulated the demand for technologically advanced ventricular assist devices. These devices are used in patients that have a weak heart or for patients which are suffering from heart failure. The devices are positioned in either left, right or both ventricles of the heart but most commonly it is used in the left ventricle.
Factors driving the ventricular assist devices market include the increasing prevalence of cardiac disorders, majorly among the elderly population and the long waiting times for heart transplant processes. According to WHO, in 2019, the top 10 causes of death accounted for 55% of the 55.4 million deaths worldwide. In 2019, Coronary Heart Disease was the leading cause (42.1%) of deaths for Cardiovascular diseases in the US, followed by stroke (17.0%), high blood pressure (11.0%), heart failure (9.6%), diseases of the arteries (2.9%), and other cardiovascular diseases (17.4%). Moreover, the increasing technological advancements in ventricular assist devices are also driving the growth of this market. For instance, in March 2020, “SynCardia Systems, LLC” announced that they have received U.S. Food and Drug Administration (FDA) approval For its 50cc temporary Total Artificial Heart System (50cc TAH-t) as a bridge to transplantation in cardiac transplant eligible patients at risk of imminent death from biventricular failure.
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COVID-19 outbreak has challenged the care of cardiovascular patients, resulting in serious consequences with increased mortality in pre-diseased heart failure patients. For instance, according to the Journal of the American College of Cardiology, there was an increase in deaths caused by ischemic heart disease and hypertensive diseases in some regions of the United States during the initial phase of the COVID-19 pandemic. There were about 397,042 cardiovascular deaths recorded from January 1, 2020, to June 2, 2020, due to ischemic heart disease.
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Based on products, the market is bifurcated into Left ventricular assist devices (LVADs), Right ventricular assist devices (RVADs), Biventricular assist devices (BIVADs), Percutaneous Ventricular Assist Devices (PVADs), and Total Artificial Heart (TAH). The Left ventricular assist devices (LVADs) segment dominated the market in 2020. It is implanted in patients with heart failure and helps the bottom left chamber of the heart (left ventricle) pump blood out of the ventricle to the aorta and the rest of the body. Based on application, the market is bifurcated into Destination therapy, Bridge-to-candidacy (BTC) therapy, Bridge-to-transplant (BTT) therapy, Bridge-to-recovery (BTR) therapy, and Others. The Destination therapy segment accounted for the major revenue portion in 2020, owing to the rising awareness of people about transplantation and the availability of ventricular assist devices for destination therapy.
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Based on flow, the market is bifurcated into the continuous flow and pulsatile flow. The continuous flow segment accounted for the major revenue portion in 2020, owing to its smaller size, longer durability, higher energy efficiency, less thrombogenicity, and less surgical trauma. Based on design, the market is bifurcated into transcutaneous and implantable. The implantable segment accounted for the major revenue portion in 2020. Based on end-user, the market is bifurcated into hospitals & cardiac centers, ambulatory surgical centers, and others. The hospitals & cardiac center segment is anticipated to observe lucrative growth.
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Additionally, the report provides detailed analysis for major regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Smartphone-connected pacemaker devices industry and generated maximum revenue in 2020 owing to the presence of major companies and healthcare infrastructure with the highest rate of cardiovascular diseases across the world. Some of the major players operating in the market include Medtronic PLC, Abbott Laboratories, Berlin Heart GmbH, Reliant Heart Inc., Abiomed Inc., Terumo Corporation, Angiodroid, SynCardia Systems, CardiacAssist, Inc., Getinge, etc. Several M&As along with partnerships have been undertaken by these players to develop smartphone-connected pacemaker devices in the market.
Global Ventricular Assist Devices Market Segmentation
Market Insight, by Product
- Left ventricular assist devices (LVADs)
- Right ventricular assist devices (RVADs)
- Biventricular assist devices (BIVADs)
- Percutaneous Ventricular Assist Devices (PVADs)
- Total Artificial Heart (TAH)
Market Insight, by Application
- Destination therapy
- Bridge-to-candidacy (BTC) therapy
- Bridge-to-transplant (BTT) therapy
- Bridge-to-recovery (BTR) therapy
Market Insight, by Flow
- Pulsatile Flow
- Continuous Flow
- Axial Continuous Flow
- Centrifugal Continuous Flow
Market Insight, by Design
Market Insight, by End-user
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
Market Insight, by Region
- North America Ventricular Assist Devices Market
- United States
- Rest of North America
- Europe Ventricular Assist Devices Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Ventricular Assist Devices Market
- Rest of Asia-Pacific
- Rest of World Ventricular Assist Devices Market
Top Company Profiles
- Medtronic PLC
- Abbott Laboratories
- Berlin Heart GmbH
- Reliant Heart Inc.
- Abiomed Inc.
- Terumo Corporation
- SynCardia Systems
- CardiacAssist, Inc.