Ventricular Assist Device Market Worth $1.8Bn, Globally, by 2028 at 5.1% CAGR | The Insight Partners

NEW YORK, Oct. 28, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Left Ventricular Assist Device Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type of Flow, Design, Application, and Geography," the global left ventricular assist device market size is expected to reach USD 1.80 billion by 2028 from USD 1.27 billion in 2021; it is estimated to grow at a CAGR of 5.1% from 2022 to 2028. The significant increase in the prevalence of target diseases and a rise in the global geriatric population drive the market growth. However, a surge in product recalls and complications associated with left ventricular assist devices hamper the market growth.

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Global Left Ventricular Assist Device Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 159 pages with 82 list of tables & 70 list of figures from the report, "Left Ventricular Assist Device Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type of Flow (Pulsatile and Non-Pulsatile), Design (Implantable Ventricular Assist Devices and Transcutaneous Ventricular Assist Devices), and Application (Bridge-to-Transplantation, Destination Therapy, Bridge-to-Recovery, and Bridge-to-Candidacy)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/left-ventricular-assist-device-market

Global Left Ventricular Assist Device Market: Competitive Landscape and Key Developments

ABIOMED Inc, Abbott Laboratories, Medtronic Plc, LivaNova Plc, Jarvik Heart Inc, Terumo Corp, Berlin Heart GmbH, BiVACOR Inc, Evaheart Inc, and BioVentrix Inc. are among the leading companies operating in the global left ventricular assist device market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.

In June 2020, Abiomed announced the US Food and Drug Administration (FDA) approval for its investigational device exemption application for starting an early feasibility study with a first-in-human trial for the Impella ECP heart pump.

In 2021, North America dominated the global left ventricular assist device market. The US holds the largest share of the market in this region. The market growth in the country is attributed to various factors such as increase in geriatric population and rise in the cardiovascular diseases prevalence. An increase in the cases of heart failure and the introduction of LVAD-associated costs under insurance fuel the growth of the left ventricular assist devices market in North America. Left ventricular assist devices are inserted in the heart of a person suffering from heart failure. According to the Centers for Disease Control and Prevention (CDC), ~6.2 million adults in the US suffer from heart failure, and it was the cause of death of ~697,000 people in 2018.

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According to the data provided by the American Heart Association Inc., ~1 million new heart failure cases are registered annually in the US, and more than 8 million people are estimated to suffer from heart failure by 2030. According to the Health Research Funding Organization, ~555,000 people were diagnosed with the beginning stages of heart failure in the US in 2021, and ~300,000 patients in the US qualify for a left ventricular assist device (LVAD) because of their terminal heart conditions. Cardiovascular diseases (CVDs) generally lead to heart failure or terminal heart disease, which bolsters the demand for LVADs that ensure proper heart functioning.

Increasing Incidence of Target Diseases and Procedures:

According to the World Health Organization (WHO), cardiovascular disease (CVD) is one of the leading causes of death across the world. A few main contributors that are increasing the prevalence of CVD and stroke are family history, ethnicity, and age. The prevalence of CVD is also growing due to tobacco use; high blood pressure (hypertension); high cholesterol; exercise lack; unhealthy diet; excessive alcohol consumption; and diseases such as dyslipidemia, obesity, and diabetes. As per the American Heart Association, ~41.4% of adults in the US will have hypertension by 2030 (an 8.4% increase from 2012). The organization also estimates that the global cost burden of CVD will reach US$ 1,044 billion by 2030, which was US$ 863 billion in 2010. Moreover, according to the WHO estimates, deaths due to CVD across the world will rise from ~17.9 million in 2016 to 23.6 million by 2030. Emory Healthcare report states that the US recorded ~5 million cases of congestive failure in 2022, and ~550,000 new cases were diagnosed every year in the country. Also, the country reports ~287,000 deaths due to heart failure every year.

As per Temple Health, 70.9% of patients received heart transplants within a year, and the shortest waitlist average was 55.2% in the US in 2021. The increasing the heart transplant waiting list globally has propelled the use of left ventricular assist devices (LVADs) for end-stage heart failure patients to increase the ejection fraction and prevent organ failure. Therefore, the rising prevalence of CVD and heart failure and the long waiting list for a heart transplant propel the adoption of LVADs, which drives the growth of the left ventricular assist devices market.

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Global Left Ventricular Assist Device Market: Segmental Overview

Based on type of flow, the left ventricular assist device market is segmented into the non-pulsatile and pulsatile. The non-pulsatile segment held a larger market share in 2021 and is anticipated to register a higher CAGR during the forecast period.

Based on design, the left ventricular assist device market is bifurcated into implantable ventricular assist devices and transcutaneous ventricular assist devices. The implantable ventricular assist devices segment held a larger share of the market in 2021 and is anticipated to register a higher CAGR during the forecast period.

Based on application, the left ventricular assist device market is segmented into destination therapy, bridge to transplantation, bridge to candidacy, and bridge to recovery. The destination therapy segment held the largest share of the market in 2021 and is expected to register the highest CAGR in the market during the forecast period.

COVID-19 pandemic placed a tremendous strain on healthcare systems across the world. Healthcare providers postponed elective and preventive visits, such as annual physicals, and converted in-person visits to telemedicine visits whenever possible to decrease the risk of transmitting the novel coronavirus infection to patients or healthcare workers within their practice. Many patients also started avoiding visits because they were unwilling to leave their homes due to infection risk. However, the left ventricular assist device market will remain attractive in the long run. Moreover, the demand for left ventricular assist devices has seen a V shape recovery. With the successful rollout of vaccines in all regions, the volume of left ventricular assist devices is beginning to recover to its pre-pandemic levels. In 2021, the market witnessed high demand due to the backlog of 2020 and increasing prevalence of heart failure and cardiovascular disorders, which would propel the demand for left ventricular assist devices in the coming years.

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