May 29, 2024
Ventricular Assist Devices Market

The Growing Prevalence Of Heart Diseases Is Driving The Demand For Ventricular Assist Devices

Ventricular assist devices are mechanical pumps that help support the failing heart and improve blood circulation. These devices are utilized when a patient’s weakened heart muscle cannot pump enough blood to meet the body’s needs. Left ventricular assist devices (LVADs) are implanted to support the left ventricle, while right ventricular assist devices (RVADs) support the right ventricle. Some ventricular assist devices are implantable and can function for many years, thereby providing an alternative to heart transplantation for patients awaiting donor hearts or not eligible for transplantation. The devices help reduce heart failure symptoms and improve quality of life. As the prevalence of heart diseases like congestive heart failure rises globally due to increasing risk factors like sedentary lifestyle, obesity and stress, more patients are requiring ventricular assist devices either as a permanent treatment or as temporary assistance until transplantation.

The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 billion  in 2023 and is expected to exhibit a CAGR of 5.3%  over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The increasing demand for long-term ventricular assist devices is a major trend in the market. Traditionally, ventricular assist devices were primarily utilized as a temporary solution or bridge to transplantation. However, long-term durable ventricular assist devices are now being utilized more often either as destination therapy for patients ineligible for transplantation or as an alternative to recurrent heart transplants. Improvements in device technology have made long-term support more viable with enhancements in design, durability and reduction in device thrombosis and stroke risk. This shift towards utilizing ventricular assist devices for long-term support is expected to drive market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital requirements for R&D and manufacturing. Also, the ventricular assist devices market is dominated by some key players.

Bargaining power of buyers: The bargaining power of buyers is moderate as the devices require physician prescription and they have limited options in terms of products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the specialized components and materials required to produce ventricular assist devices.

Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives for end-stage heart failure currently.

Competitive rivalry: The competitive rivalry is high among the key players such as Abbott Laboratories, Medtronic, etc. to gain more market share.

Key Takeaways

The global Ventricular Assist Devices Market Growth is expected to witness high growth. The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 billion  in 2023 and is expected to exhibit a CAGR of 5.3%  over the forecast period 2023-2030.

North America dominates the global market due to the growing burden of cardiovascular diseases, favorable reimbursement policies, and the presence of key players. The Asia Pacific region is poised to grow at the fastest CAGR during the forecast period owing to rising healthcare expenditures and increasing awareness about heart failure treatment options.

Key players operating in the ventricular assist devices market are Abbott Laboratories, Medtronic, Abiomed, Berlin Heart, Jarvik Heart, Inc., and ReliantHeart Inc. Abbott Laboratories holds the largest market share in the global ventricular assist devices market owing to its diverse product portfolio and strong geographical presence across markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it