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Ventricular Assist Device Market Size Worth $4.1 Billion By 2027: Grand View Research, Inc.

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Ventricular Assist Device Market Size Worth $4.1 Billion By 2027: Grand View Research, Inc.

April 07
15:51 2020
Ventricular Assist Device Market Size Worth $4.1 Billion By 2027: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global ventricular assist device market size was valued at USD 1.7 billion in 2019 and is projected to register a CAGR of 11.7% over the forecast period.

The global ventricular assist device market size is expected to reach USD 4.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 11.7% over the forecast period. Increase in prevalence of cardiovascular diseases such as congenital heart diseases, heart failure, hypertension, ventricular septal defect, and stroke due to rise in adoption of unhealthy lifestyle habits such as physical inactivity, smoking, and alcohol consumption drives the demand for ventricular assist devices (VADs). Increase in global geriatric population, along with their susceptibility to cardiovascular diseases, is a major factor driving the market growth. According to estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to witness a twofold increase by 2050 with an estimated population of over 2,000 million. Geriatric population has a high risk of various cardiovascular diseases and a majority of them are expected to suffer from heart failure or stroke.

U.S. ventricular assist device market size, by product, 2016 - 2027 (USD Million)

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Moreover, the use of VADs as a bridge to transplant is gaining immense popularity due to improvements in device technology and reduction of VAD-associated complications. For instance, the United Kingdom National Health Service (UK NHS) financed a bridge-to-transplant (BTT) program in which left ventricular assist devices (LVADs) such as HeartMate II and HeartWare are used for treating patients.

According to data published by the CDC in 2015, nearly 1.0% newborns have congenital heart defect (CHD) in U.S. and of those 25.0% of the infants have critical CHD. Furthermore, it is estimated that approximately 1,755 infants with critical CHDs remain undiagnosed. The demand for VADs is primarily driven by the increasing prevalence of CHD, especially cyanotic CHD in adult population. The increasing patient pool for cardiovascular disorders, coupled with growing demand for mechanical assist devices, is expected to drive the demand for VADs over the forecast period. However, high costs of these products, limited insurance coverage, and strict regulatory framework for their approval are some of the barriers limiting market growth.

Key suggestions from the report:

  • Left ventricular assist devices emerged as the largest product segment in 2019 with a share of 76.9% in the global ventricular assist device market. This is attributed to the increasing demand for LVADs in bridge-to-transplantation for patients suffering from end-stage heart failure
  • On the basis of type of flow, continuous flow accounted for the largest share in 2019, and is further projected to register the highest CAGR over the forecast period as these devices require low maintenance and replacement
  • Implantable VAD emerged as the leading design type segment in 2019 owing to the increasing preference for long-term treatment methods
  • Destination therapy is expected to register a significant growth rate over the forecast period owing to the increasing instances of cardiovascular diseases
  • North America dominated the global VAD market in 2019 owing to the presence of majority of the global obese population, which is one of the key factors leading to the rise in cardiovascular diseases
  • Key operating players such as Abiomed; Abbott; Medtronic; Cardiac Assist, Inc.; Berlin Heart; and ReliantHeart focus on developing advanced VADs. For instance, in October 2018, Abbott received U.S. FDA approval for Heartmate 3 – LVAD. This pump would help heart failure patients to avoid open heart surgery.

Global ventricular assist device market share, by application, 2019 (%)

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Grand View Research has segmented the global ventricular assist device market on the basis of product, type of flow, design, application, and region:

Ventricular Assist Devices Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Left Ventricular Assist Device (LVAD)
  • Right Ventricular Assist Device (RVAD)
  • Biventricular Assist Device (BiVAD)
  • Total Artificial Heart (TAH)

Ventricular Assist Devices Type of Flow Outlook (Revenue, USD Million, 2016 – 2027)

  • Pulsatile Flow
  • Non-pulsatile or Continuous Flow

Ventricular Assist Devices Design Outlook (Revenue, USD Million, 2016 – 2027)

  • Implantable
  • Transcutaneous

Ventricular Assist Devices Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Bridge to Transplant
  • Destination Therapy
  • Bridge to recovery & bridge to candidacy

Ventricular Assist Devices Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

Find more research reports on Medical Devices Industry, by Grand View Research:

Ambulance Stretchers Market – The global ambulance stretchers market size was valued at USD 634.2 million in 2018 and is expected to grow at a CAGR of 3.3% over the forecast period.

U.S. Transdermal Drug Delivery System Market – The U.S. transdermal drug delivery system market size was valued at USD 14.7 billion in 2018 and is expected to expand at a CAGR of 9.5% over the forecast period.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/ventricular-assist-devices-market

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