Ventricular assist devices (VADs) are mechanical pumps that are used to support heart function and blood flow in people who have weakened hearts. There are various types of ventricular assist devices including left ventricular assist devices (LVADs), right ventricular assist devices (RVADs), and biventricular assist devices (BIVADs). LVADs are the most commonly used ventricular assist devices and are implanted in patients with advanced heart failure to increase blood flow from the heart to the rest of the body. VAD therapy is used either as a permanent mid to long term solution known as destination therapy for patients who are not candidates for heart transplant or as a bridge to cardiac transplant.
The global ventricular assist devices market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The ventricular assist devices market is primarily driven by rising incidences of heart failure across the globe. According to the American Heart Association, around 6.2 million adults in the United States suffer from heart failure. Heart failure impairs the ability of the ventricles to fill with or pump out blood efficiently, thus reducing blood flow to the body. Rapid adoption of sedentary lifestyle coupled with increasing consumption of junk food has led to rise in obesity, diabetes and high blood pressure which are key risk factors for heart failure. This has significantly contributed to the growing patient pool requiring advanced cardiac therapies such as ventricular assist devices. Furthermore, technological advancements in ventricular assist devices with compact sizes, durable designs and longer battery lives have improved patient mobility and quality of life. Miniaturized devices such as HeartMate 3 HeartWear and HeartMate PHP offer wearable solutions, encouraging greater acceptance of the technology among patients.
Segment Analysis
Ventricular Assist Devices market is dominated by the Left Ventricular Assist Devices (LVAD) segment holding around 60% share in 2023. LVAD is preferred over other types of VAD as it supports the left side of the heart which is responsible for pumping oxygenated blood to the entire body. It is considered a viable option for patients awaiting heart transplants or not eligible for transplants.
PEST Analysis
Political: Governments across regions are undertaking various initiatives and programs to boost awareness about heart diseases. They are also providing reimbursements for VAD procedures which is increasing the adoption rate.
Economic: Rising healthcare expenditures, growing per capita incomes are enabling more patients to afford expensive VAD therapy. Developed markets remain primary revenue generators currently.
Social: Increasing incidence of heart failure cases due to changing lifestyles and growing elder population is driving the need for ventricular assist devices. Patients are also more aware about life-saving VAD therapies.
Technological: Manufacturers are innovating new devices with advanced features like portable pumps, wireless capabilities and longer battery lives. Miniaturization of devices is helping improve patient comfort levels.
Key Takeaways
The Global Ventricular Assist Devices Market Growth is expected to witness high growth over the forecast period driven by rising cardiovascular disease burden globally. The global Ventricular Assist Devices Market is estimated to be valued at US$ 1.37 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is poised to be the fastest growing market for Ventricular Assist Devices propelled by large populations, increasing healthcare expenditures and growing medical tourism in the region. Countries like China, India and Japan are expected to majorly contribute to the large market opportunity.
Key players
Key players operating in the Ventricular Assist Devices market are Graincorp, Rahr Corporation, Soufflet Group, Malt Products Corporation, Barmalt, Muntons plc, Viking Malt PureMalt, Imperial Malt Ltd, Malteurope, BOORTMALT, Maltexco S.A., Holland Malt, IREKS GmbH, and Simpsons Malt.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.