Ventricular Assist Device Market Report by Geriatric Population Suffering From The Disorders Till 20
Ventricular Assist Device Industry Overview
The global ventricular assist device market size was valued at USD 1.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2021 to 2028.
Some of the major factors anticipated to drive the demand for Ventricular Assist Devices (VADs) include the growing global geriatric population suffering from the rising prevalence of chronic disorders like diabetes, neurological disorders, cardiovascular diseases, hypertension, and stroke. Rapid globalization coupled with the pursual of unhealthy lifestyles in both developed and developing nations are contributing to the growing risk of chronic ailments. The growing prevalence of cardiovascular diseases is, in turn, expected to drive the demand for ventricular assist devices. Moreover, these diseases increase the risk of organ failure and due to the deficiency of organ donors and delay in organ transplantations, the demand for VADs is expected to rise over the forthcoming years.
The surge in the prevalence of chronic conditions and decline in organ transplantations is one of the key factors responsible for the growth of the market for VAD. In addition, the rapid growth in the geriatric population and increasing natality are key impact-rendering drivers for the market over the forecast period. The market for VAD is constantly evolving, and the key players are investing in product innovation and development. Technological advancements coupled with timely regulatory approvals, in the form of small-size devices with features like infection control are expected to drive the market for VAD. In June 2020 Berlin Heart announced the completion of the requirement for the Post Market Approval (PMA) by the U.S. FDA in June 2017 for EXCOR Pediatric VAD. In addition, benefits associated with the adoption of VADs include improved abidance rate, functionality, and durability enhance the product adoption rate and thereby, support market growth.
Gather more insights about the market drivers, restrains and growth of the Global Ventricular Assist Device Market
The rising prevalence of cardiovascular diseases and increasing risks of organ failures is supporting the growth in organ transplant demand. The shortage of organ donors delays the organ transplantation procedure. As per United Network for Organ Sharing, nearly 121,016 people need organ transplantation and approximately 77,725 people are on the active waiting list. According to Organ Procurement and Transplantation Network, 3,582 candidates are registered on the waiting list for heart transplants as of June 2020. The rapidly growing patient pool suffering from irreversible end-stage heart failure and waiting for heart transplantation have led to an increase in demand for ventricular assist devices due to a shortage of donor organs. As per estimates, 20 million Americans and Europeans suffer from degenerative cardiac illnesses and most of them are on the waiting list for a heart transplant. The abovementioned factors are accelerating the growth of the market for VAD. Furthermore, VAD procedures have proven improved results and have increased applicability and durability associated with left ventricular assist devices (LVAD) have enhanced treatment options for end-stage heart failure.
Advancements in the novel VADs for surgical interventions, especially in the pediatric patient population suffering from cardiac disorders are expected to boost the demand for these. For instance, the U.S. FDA graded the continuous-flow LVADs, Micromed HeartAssist 5TM Pediatric VAD, and the Berlin HeartTM EXCOR pediatric VAD for pediatric patients. Berlin HeartTM EXCOR is approved for use as a bridge-to-transplantation device since 2011.
Treatment options available for bi-ventricle failure due to end-stage heart failure are bi-ventricular assist devices or total artificial heart. The total artificial heart (TAH) is an automatic device replacing the ventricles, is recommended in end-stage heart failure patients. The benefits associated with total artificial heart are blood flow restoration, increased survival, and improved quality of life. The growing VAD market is receiving recognition in the form of investments by private equity firms and venture capitalists to promote product development. For instance, in January 2021, CorWave raised USD 40.0 million in a Series C funding round led by three new investors and returning investors, including Novo Holdings, Bpifrance, Sofinnova Partners, Seventure, Ysios Capital, European Commission, the Singaporean family office M&L Healthcare, and Financière Arbevel for its implantable heart pump based on a novel technology, the wave membrane pump.
The ongoing Covid-19 pandemic has negatively impacted the market for VAD with the temporary lockdowns and travel restrictions imposed by the government which led to a decline in the number of surgical procedures. For instance, ABIOMED Impella heart pump's global revenue was impacted in Q4 of FY2020 owing to lower patient utilization and the significant impact of the COVID-19 pandemic on surgeries, elective medical procedures, and fewer patients seeking treatment at hospitals. The continuous strain of the pandemic caused deferrals of elective surgical interventions and negatively impacted the growth of the market for VAD by decreasing the product demand.
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Ventricular Assist Device Market Segmentation
Grand View Research, Inc. has segmented the global ventricular assist device market report on the basis of product, type of flow, design, application, and region:
Ventricular Assist Device Product Outlook (Revenue, USD Million, 2016 - 2028)
Left Ventricular Assist Device
Right Ventricular Assist Device
Bi-Ventricular Assist Device
Total Artificial Heart
Ventricular Assist Device Type Of Flow Outlook (Revenue, USD Million, 2016 - 2028)
Pulsatile Flow
Continuous Flow
Ventricular Assist Device Application Outlook (Revenue, USD Million, 2016 - 2028)
Bridge to Transplant
Destination Therapy
Others (Bridge to Recovery, Bridge to Candidacy, and Others)
Ventricular Assist Device Design Outlook (Revenue, USD Million, 2016 - 2028)
Implantable Ventricular Assist Device
Transcutaneous Ventricular Assist Device
Ventricular Assist Device Regional Outlook (Revenue, USD Million, 2016 - 2028)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Market Share Insights
January 2021: CorWave raised USD 40.0 million in a Series C funding round led by three new investors and returning investors, including Novo Holdings, Bpifrance, Sofinnova Partners, Seventure, Ysios Capital, European Commission, the Singaporean family office M&L Healthcare, and Financière Arbevel for its implantable heart pump based on a novel technology, the wave membrane pump.
June 2020: Company received the FDA approval for its First-in-Human Trial of Impella ECP, which will be studied in high-risk percutaneous coronary intervention patients.
Key Companies profiled:
Some of the prominent players in the ventricular assist device (VAD) market include:
Abiomed
Medtronic
Abbott
Berlin Heart
Cardiac Assist, Inc.
Jarvik Heart, Inc.
ReliantHeart, Inc.
Sun Medical Technology Research Corp
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