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 several types of VADs that help the different chambers of the heart, but those used most often are left ventricular assist devices (LVADs) and right VADs (RVADs). They are implanted in patients with heart failure to improve blood flow and allow the heart to rest while recovering. VADs are either used as a bridge to transplant, which means as a temporary measure to keep patients alive until a donor heart can be found, or as a destination therapy for patients who are not candidates for a heart 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 5.3%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing cases of heart failure is fueling demand for ventricular assist devices. According to the American Heart Association, nearly 6 million adults in the US currently live with heart failure and the number is expected to rise 46% by 2030. The rising geriatric population also adds to the growing burden of heart failure as individuals aged 75 years and older have the highest heart failure risk. Moreover, increasing adoption of unhealthy lifestyle choices like smoking, obesity, and physical inactivity are major contributors to the spike in heart diseases. Additionally, technological advancements have led to development of more advanced ventricular assist devices with longer battery lives and smaller sizes for improved portability. For instance, the introduction of HeartMate 3 LVAD by Abbott has advanced patient management with features like real-time monitoring and remote troubleshooting. These factors will continue supporting growth of the ventricular assist devices market over the forecast period.

SWOT Analysis

Strength: The ventricular assist devices market is witnessing steady growth opportunities owing to the rising cases of heart failure across the globe. These devices help to pump blood throughout the body, which allows the heart to rest and improves blood circulation. Moreover, technological advancements in device design and functions have made them more effective.

Weakness: However, high costs associated with VAD implantation and maintenance may limiting the market growth to some extent. Additionally, there are risks of infections and blood clots associated with these devices.

Opportunity: Growing funding from private and public organizations for research on innovative VAD designs presents significant growth prospects. Moreover, rising awareness about cardiac disorders and available treatment options will further drive the demand.

Threats: Stringent regulatory approvals and reimbursement policies pose challenges for market players. Additionally, lack of skilled professionals for device operations can also threaten the market growth.

Key Takeaways

The global Ventricular Assist Devices Market Growth is expected to witness high growth. The market size for 2023 is estimated to reach US$ 1.37 billion , growing at a CAGR of 5.3%  during the forecast period of 2023 to 2030.

Regional analysis

North America represents the most lucrative market for ventricular assist devices. Factors such as rising prevalence of cardiovascular diseases, growing geriatric population, availability of reimbursement, and presence of key market players drive the regional market growth. The US accounts for the largest share and is expected to grow further during the forecast period. On the other hand, Asia Pacific is anticipated to witness the highest CAGR during the projected timeframe due to increasing healthcare spending, growing incidences of lifestyle disorders, and improving accessibility to advanced treatment solutions in emerging countries.

Key players

Key players operating in the ventricular assist devices market are Abbott Laboratories, Abiomed, Medtronic, SynCardia Systems, Teleflex Incorporated, CardiacAssist Inc, Berlin Heart, Jarvik Heart Inc, ReliantHeart Inc. Abbott Laboratories and Medtronic collectively hold over 50% of the total market share due to their diverse product portfolios and robust geographical presence.

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