Report Overview

The global ventricular assist device market was pegged at US$ 1.21 billion in 2021 and is expected to witness a CAGR of 8.50% during the forecast period.

Market Fundamentals 

Ventricular assist devices, also known as the artificial circulatory support system, help control blood flow and pump blood from the heart's left ventricular. Ventricular assist devices are implanted by open heart surgery in the left ventricle or both ventricles according to physical condition to keep positive blood in the whole body. Ventricular assist devices are classified as continuous flow devices and pulsatile flow devices. Continuous flow devices are most used in congestive heart failure due to their high reliability and durability.

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Market Dynamics

The global ventricular assist device market is mainly driven by the increasing prevalence of cardiovascular diseases such as coronary artery diseases, congestive heart failure, and the growing geriatric population. Additionally, technological advancement and increasing adoption of novel devices contribute to the growth of the global ventricular assist device market. Moreover, favorable reimbursement policies, a shortage of transplant organs, and increasing research and development investment are fueling the global ventricular assist device market. However, expensive surgical procedures and the cost of the device are holding back the ventricular assist device market.

Market Ecosystem

The global ventricular assist device market has been analyzed from five perspectives: product, type, application, and region. 

Ventricular Assist Device Market by Product

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Based on products, the global ventricular assist device market has been segmented into right ventricular assist devices, bi-ventricular assist devices, left ventricular assist devices, and a total artificial heart. Left ventricular assist devices are usually used for the patient's last stage of heart failure. Left ventricular devices are battery-operated and have a mechanical pump that pumps blood to the rest of the body. Left ventricular assist devices lead the global market because it is lifesaving therapy as it is used in the last stage of heart failure. Additionally, technological advancement and the introduction of novel products boost the global left ventricular assist devices market. The total artificial heart segment is also expected to show exceptional growth in upcoming years owing to less chance of implant resignation by the body and no need for an immunosuppressive drug.

Ventricular Assist Device Market by Type

The global ventricular assist device market is segmented based on type into continuous and pulsatile flow. The continuous flow segment leads the global ventricular assist device market with low maintenance costs, increased heart attack patients' survival chances, and high demand for continuous flow segments.

Ventricular Assist Device Market by Application

Based on application, the global ventricular assist device market is segmented into destination therapy (DT), bridge to recovery (BTR), bridge to transplant (BTT), and bridge to candidacy (BTC). Bridge to transplant segment is leading the global ventricular assist device market owing to increasing heart failure cases and severe cardiovascular diseases. Additionally, increasing technological advancement, adoption of novel treatments, and shortage of organ transplants are increasing the demand for a bridge to transplant ventricular assist devices. Moreover, the increasing geriatric population more vulnerable to heart failure is fueling the global ventricular assist devices market. According to the Centers for Disease Control and Prevention, in 2020, the United States reported nearly 382,820 deaths due to heart disease. Coronary heart disease is the most common type and affects a large portion of the population.

Ventricular Assist Device Market by Region

Based on region, the global ventricular assist device market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global ventricular assist device market regarding revenue share. The large share of North America in the global market can be attributed to the high adoption of novel technology, the growing prevalence of cardiac disease, and the presence of the key player. Additionally, favorable reimbursement policies, developed infrastructure, and high healthcare expenditure are contributing to the growth of the ventricular assist device market. According to the Department of Health in New York State, nearly 805,000 people get heart attacks. Of these, 605,000 had experienced the first time, and nearly 18.9% of New Yorkers aged 65 and above also reported the highest cases of CVD in 2020.

Competitive Landscape

Some prominent players operating in the global ventricular assist device market are 

• Abiomed, Inc
• Berlin Heart GmbH
• Boston Scientific Corporation
• Calon Cardio, Jarvik Heart, Inc
• LivaNova PLC
• Medtronic Plc
• ReliantHeart Inc
• Abbott Laboratories
• Terumo Medical Corporation

Strategic Developments

• In June 2022, the Indian Institute of Technology Kanpur Launched a program to develop left ventricular assist device for a patient with last heart failure.
• In June 2022, Medtronic recalled the heart ventricular assist device HeartWare due to battery electrical faults and device failure. Medtronic received nearly 1,159 complaints and one death related to this issue.

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